reports
- Jesse Redmond
Poised for Growth in 2024
MariMed reported 4Q revenue of $38.9 million, which was exactly in line with our estimate. This represents a 0.26% increase Q/Q and an 8.66% improvement Y/Y. Gross margins were 44.47%, a gain of 1.80% sequentially and 0.34% Y/Y. Revenue was helped by a full contribution from the Thrive Dispensary in Casey, Illinois and beginning operations at the Mt. Vernon, Illinois manufacturing facility. These gains were offset by increased competition in Illinois and smaller basket sizes due to lower consume...
- Jesse Redmond
Building Strong Brands with COO Tim Shaw
On February 7, we hosted a fireside chat with COO Tim Shaw. This report contains a transcript of the conversation, which can be accessed on-demand in our full report. MariMed is a leading multi-state operator (MSO) in the US cannabis industry. It has a national footprint spanning six states: Illinois, Massachusetts, Maryland, Delaware, Ohio, and Missouri. MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible. MariMed has strong brands and products p...
- Jesse Redmond
Begins Manufacturing and Processing in Illinois
MariMed has begun manufacturing and processing cannabis products in its new kitchen in Mount Vernon, Illinois. As often happens in cannabis, there were construction and regulatory delays, but the company expects to have its award-winning edibles in Illinois stores in time for the holidays. Illinois is the sixth-most populated state with 12.7 million residents. It is among the oldest medical markets and began adult-use cannabis sales on January 1, 2020. The state had $1.5 billion in sales in 202...
- Jesse Redmond
Closes $58.7 Million Debt Refinancing
MariMed closed a $58.7 million secured credit facility with a US chartered bank on November 17, 2023. The refinancing will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the next four years. MariMed estimates its new weighted average cost of debt is now about 8%, down from more than 11% previously. The terms of the transaction do not include warrants, equity, or other dilutive instruments. The financing is a 10-year, cons...
- Jesse Redmond
3Q23 Revenue Exceeds Estimates; Adjusted EBITDA In Line
MariMed report 3Q revenue of $38.8 million, which was slightly ahead of our estimate of $38.5 million. This represents a 6.3% increase Q/Q and a 14.4% improvement Y/Y. The revenue increase was driven primarily by Maryland. MariMed has a dispensary in Annapolis that converted to adult-use on July 1 and sales grew 88% Q/Q. It has a cultivation and processing facility in Hagerstown and its wholesale business grew 161% Y/Y. The company also produces edibles in Maryland using its GMP-certified kitche...
- Jesse Redmond
3Q Earnings Preview
MariMed reports 3Q earnings on November 8 after the close. We are hosting an earnings review on X (Twitter) with CEO, Interim CFO, and President Jon Levine on November 9 at 11:00 am ET. Those interested can listen live using this link and it will also be recorded. Q/Q, we are expecting 5.4% revenue growth and a slight contraction in AEBITDA. Maryland should be the most significant driver of the top-line improvement. The state began allowing adult-use sales on July 1. According to BDSA, statewid...
- Jesse Redmond
MariMed Opens Fifth Illinois Dispensary
MariMed opened a new Thrive dispensary in Casey, Illinois. This is its fifth dispensary in Illinois and 12th nationwide. Casey is in Eastern Illinois and just 30 minutes from the Indiana border. Thrive Casey is the closest dispensary to Indiana, a state that does not have a medical or adult-use cannabis program, which may drive residents to cross the border to Casey to find high-quality products that are legal and tested. “We have high hopes for the Thrive dispensary location in Casey,” said Ros...
- Jesse Redmond
2Q Revenue Expands While Adjusted EBITDA Declines; Growth Expected to ...
MariMed reported second-quarter revenue of $36.5 million, which was modestly ahead of our estimate of $36.0 million. This is a 10.6% Y/Y increase in revenue and a 6.2% improvement Q/Q. Higher revenue was driven by the opening of the adult-use Panacea Wellness Store in Beverly Massachusetts on April 25 and the Thrive Wellness medical dispensary in Tiffin, Ohio that opened on June 12. During 2Q, MariMed also benefited from its recent approval to begin manufacturing and selling high-dose edibles in...
- Jesse Redmond
MariMed Revolts Against 280E
On July 12th, MariMed stormed Boston Harbor to protest the unfair tax treatment of US cannabis companies. The Boston Tea Party was a protest in 1773 where American colonists dumped British tea into the harbor to protest unfair taxation. It fueled the push for independence and played a crucial role in the lead-up to the American Revolution. Section 280E of the IRS tax code was created in 1982 to prevent illegal drug dealers from deducting ordinary expenses (such as rent, advertising, and salaries...
- Jesse Redmond
A Leading MSO with an Experienced Team, Strong Brands, and Expanding R...
MariMed is a multi-state operator (MSO) in the US cannabis industry. It has a national footprint spanning six states: Illinois, Massachusetts, Maryland, Delaware, Ohio, and Missouri. MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible. Jon Levine joined for a fireside chat on June 20. We discussed his decade of experience in the space, why MariMed recently added debt, and how it will be investing these proceeds. We also covered new assets turning ...
- Jesse Redmond
Exceeds 1Q Revenue and Adjusted EBITDA Estimates; More Growth Ahead
MariMed reported first-quarter revenue of $34.4 million, which exceeded our estimate of $32.5 million and consensus of $32.9 million. This is a 9.90% Y/Y increase and a 3.91% decline Q/Q. 1Q is typically a seasonally softer quarter for cannabis companies. With new stores opening in Massachusetts, Illinois, and Ohio, plus Maryland moving to adult-use sales in July, revenue should ramp up through 2023. 1Q adjusted EBITDA of $7.1 million beat our estimate of $7.0 million and consensus of $6.9 milli...
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