+ 0.60
+ 0.4%

MariMed Touts 163% Revenue Spike For Q2

August 11, 2020 4:01 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
MariMed Touts 163% Revenue Spike For Q2

Multi-state cannabis operator MariMed Inc. (OTCQX:MRMD) revealed Tuesday a revenue spike of 163% from the past year.

The company's core cannabis revenues were about $9.6 million in the second quarter, compared with $3.7 million from the same three-month period in 2019.

For 2020, as of June 30, revenues totaled $17.1 million. That's a 138% increase compared to $7.2 million for the first six months of 2019.

The positive second-quarter results are mainly driven by the company's "renewed focus on our core cannabis business and the consolidation of our managed assets," explained CEO Bob Fireman.

"I am confident that this momentum will continue for the balance of 2020 and into 2021 as we continue to implement our consolidation strategy and enhance stockholder value," continued Fireman.

Here's a breakdown of what the latest earnings report showed:

  • Gross profit from the core cannabis business amounted to $6.2 million — up 133% compared to the same quarter last year
  • Gross profit of $11 million for the six months ended June 30, a year-over-year increase of 125%
  • Adjusted EBITDA of $3.3 million versus a loss of $250,000 in the corresponding quarter of 2019
  • Operating expenses of $4.1 million, compared to $3.6 million in the second quarter of last year

Fireman noted they are planning to launch their third dispensary in Illinois in the months to come, and fourth by the new year.

In July, the company announced it had taken some actions to restructure its debt, including the closing of a mortgage-back refinancing worth $13.0 million, secured by its Massachusetts real estate.

The five-year loan carries an interest rate of 6.5%, per the press release.

Subsequent to the quarter, eMariMed struck a licensing deal with the cannabis brand Binske.

Courtesy photo


Cannabis Earnings News

Related Articles

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales

Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020. read more

Cantor Analyst Raises Aphria And Tilray Price Targets Amid Merger

Cantor Fitzgerald analyst Pablo Zuanic expressed disappointment by Aphria Inc. (TSX: APHA) (NASDAQ: APHA) quarterly results in an analyst note published Friday. read more

Cannabis Movers & Shakers: Next Green, Cannabis Control Commission, Willow, TruTrace, HEXO, Bengal Capital, MediPharm Labs, NIHC

Here is a summary of the latest leadership changes within the cannabis industry. read more

French Energy Firm Backs Hemp-Fueled Gas Plant With $23M

French energy company Qairos Energies is financing a project that will use locally grown hemp for the production of hydrogen and methane, according to HempToday. read more

Jay-Z Touts 'End Of Cannabis Prohibition' As Roc Nation Finalizes SPAC Deal With Caliva, Left Coast Ventures

A consortium made up of CMG Partners Inc., Left Coast Ventures Inc. and Shawn Carter (Jay-Z) —with his company Roc Nation — has finalized its previously announced transaction with Subversive Capital Acquisition Corp. (OTCQX: SBVCF). read more