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.
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