MariMed CEO Bob Fireman: 2021 Revenue And EBITDA On Track For Another Double
It has been a great couple of quarters for MariMed Inc., which has been seen increased recognition in both brand and stock price performance over the past couple of quarters. The vertically integrated multi-state cannabis operator (MSO) with seventeen license across six states (Delaware, Illinois, Maryland, Massachusetts, Nevada and Rhode Island) manages over 300,000 square feet of regulatory-compliant cultivation, production, distribution, and retail facilities across its ecosystem.
Based on financial performance, last year was a transformational one for MariMed Inc. as they refocused their core cannabis business. The recent consolidation of two of MariMed’s business units has helped reported income flow to the top line. Aggregate revenues increased over 3-fold, going from $16.6 million in 2019 to $50.9 million in fiscal year (FY) 2020. The company also made significant headway on the EBITDA front, improving to $16.3 million in FY 2020 from an EBITDA loss of $17.3 million in FY 2019.
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization and is seen as a proxy for cash flow from the entire company’s operations.
MariMed also issued strong guidance for fiscal year 2021, thus signaling earnings momentum will remain strong for the foreseeable future. The company calls for $100 million and EBITDA of $30 million, which would amount to a near doubling on both counts on a year-over-year basis. And it could be even better.
As MariMed CEO Bob Fireman puts it, the company was taking a realistic approach when coming up with their estimate:
We put out guidance for $100 million for 2021 and EBITDA of $30 million for 2021. Now, we put that out as our first guidance to be real conservative. It doesn’t include adding two more dispensaries in Massachusetts, it doesn’t include the fourth. And in 2020, we didn’t have a full ramp-up for all the assets we put into place. So just if things continue to trend (the way) we are, we will double our revenue to over $100 million this year.Bob Fireman, CEO of MariMed Inc.
Catch the full interview in the embedded video above.