MariMed CEO Levine: Earnings Aid Challenging Market
We’re back with another TDR Cannabis Exclusive, and today we touch base once again with one of the most exciting MSOs in the cannabis space: MariMed (CSE: MRMD). CEO John Levine recaps MariMed earnings at the table with host Shadd Dales and lead financial writer Benjamin A. Smith.
MariMed’s overall revenue clocked $36.5 million for Q2 2023. In the corresponding quarter of 2022, revenues were $33m, equating to a 10.5 rise YOY for Q2 2023. Adjusted EBITDA came in at $6.3 million. Despite being a decline from the corresponding 2022 quarter, it was still MariMed’s 14th consecutive quarter of positive adjusted EBITDA.
Levine says is important to dispel any misconceptions surrounding MariMed’s performance. He had previously expressed his satisfaction with the quarter’s growth, and in response to viewers’ concerns, he wants to assure everyone that MariMed is still on the right track. Compared to industry peers, their earnings report was quite positive.
Levine also emphasized that the entire financial market for cannabis has experienced a decrease, and their company was one of the last to go through an adjustment. MariMed is on par with competitors in the industry in terms of the reduction, he states. And on the positive side, revenue and gross margins are increasing.
Why is it important to be patient and make the right move? Levine explains the strategy going forward for the company in this podcast, and why their growth numbers stand out.
Incidentally, last month we made an in-person visit to their Panacea Wellness dispensary in Middleborough, MA. While we were there, we had a chance to see firsthand the service culture and setup that was helping this dispensary dominate. Chief Revenue Officer, Ryan Crandall also walked us through their online ordering and delivery experience. It’s a great podcast with lots of details that might be interesting to prospective investors.
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* In accordance with an executed agreement between The Dales Report and MariMed, The Dales Report is engaged with the aforementioned on a 12-month contract for $7,500 per month, with the purpose of publicly disseminating information pertaining to MariMed via The Dales Report’s media assets, encompassing its website, diverse social media platforms, and YouTube channel. Compensation for The Dales Report services involves the receipt of a predefined monetary consideration, which may, on certain occasions, encompass ordinary shares in instances where monetary compensation was not obtained. In such instances where share compensation was received, The Dales Report hereby asserts the right to engage in the acquisition or disposition of such shares subsequent to the conclusion of the aforementioned contractual period, in compliance with provincial, state, and federal securities regulations. Please refer to the “Disclosures” section below, which is to be interpreted in conjunction with this disclaimer.
