Acquisitions and Expansion MariMed’s Q4 Revenue Increases Sequentially 6%, Drives 2022 Sales to $134M – MariMed (OTC:MRMD)

MariMed, Inc. MRMD The company announced its financial results on Wednesday afternoon for the fourth quarter and full year ended December 31, 2022. Net income nearly doubles to $13.5 million in 2022 from $7.2 million last year.

“I’m pleased to report that our fourth quarter revenue grew sequentially and year-over-year as we continue to outperform the industry in all of our key states,” said John Levin, CEO of MariMed, who will speak on 11-12 April Benzinga Cannabis Capital Conference in miami.

Levine continued, “While resistance continued to challenge the industry, and the economy impacted consumer spending, MariMed delivered strong financial results, including positive cash flow from operations for the third year in a row.” “The strength of our balance sheet, our outstanding retail and wholesale operations, high-quality and innovative product portfolio and exceptional customer service should drive rapid growth through 2023 and beyond.

With sales up 15% year-over-year for Q4 to $35.8 million, MariMed reported net income of $4.8 million in the period, compared to a net loss of $6.4 million last year.

Company forecasts revenue of more than $150 million for 2023, partially released acquisition activity ongoing this year. mermaid mentioned in a News release It expects to open four new dispensaries by the end of 2023, one each in Illinois and Ohio, and one in Massachusetts, with bulk facilities in Illinois and Missouri.

Revenue and Adjusted EBITDA This is projected to increase during the year as these new facilities become operational. Unlike many companies that are laying off employees, MariMed expects to significantly increase its workforce in 2023 before these new and expanded properties come online.

In January 2023, MariMed raised $35 million Through a secured credit facility with Chicago Atlantic as lead lender. The funding is critical to supporting MariMed’s continued expansion and growth plans, as it had only $9.7 million in cash and cash equivalents at the end of year one that began with $29.7 million.

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