The Scoop on MariMed Q1 Earnings from CFO Susan Villare

It’s earnings season, and investors may want to tune in to this cannabis exclusive podcast, because today, Susan Villare joins us from MariMed, Inc. For the past year, she has been the Chief Financial Officer of the Massachusetts-based cannabis company, and she’s a familiar face on TDR. We caught up with Susan at Benzinga, and last had her interview on TDR back in November. Today she’ll be talking more about what everyone wants to hear: how is MariMed doing?

MariMed will be reporting their earnings this week from Q1. CEO Jon Levine described the quarter as ‘solid’ and stated that MariMed has 13 consecutive quarters of positive adjusted EBITDA. This past quarter saw a revenue of $34.4m for MariMed, which is an increase from last year at this time ($31.3m). They have a balance sheet, Susan says, that they were ‘thrilled’ by, and so the company’s currently keeping with guidance.  

Currently, MariMed is operating in several states – Maine, Massachusetts, Rhode Island, Maryland, Delaware, Ohio, Illinois and Missouri. Missouri has unlimited dispensary, Susan says, which is why MariMed elected to go into wholesale in that state. They’ve seen a 71% increase in wholesale, and much of what attributed to this, Susan believes, is their sales force and brand ambassadors. Susan provides additional information the additional positive ‘lifts’ that have boosted MariMed’s sales in the last while.

MariMed is choosy about which states to operate in and locations in which to open dispensaries, but growth is steady and, as she describes it, ‘tremendous.’ In Massachusetts, there are currently three dispensaries operating, two of which opened this quarter. Susan goes on to explain more as to what they carry and what goes into setting up a location, and the many current ongoing projects that will be occupying the company as they head into Q2.

In all, Susan is cautiously optimistic about retail space, despite industry-wide headwinds. Cautious spending, not overhiring, and careful expansion is clearly contributing to their success. MariMed is keeping their eyes on the prize, Susan says, citing that one can count on one hand the number of MSOs that are cash positive four years in a row.

Check out the full interview with Susan above, and find CEO Jon Levine’s statement here. You can also find MariMed as one of the subjects of our recent Trade to Black podcast.


* 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.

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