MariMed, Inc. MRMD disclosed Monday its core revenue spiked 230% year-over-year, reaching $24.6 million in the first quarter of 2021, marking it the company's highest-ever quarter of core cannabis revenue and profitability.
Bob Fireman, CEO of the Norwood, Massachusetts-based company, said he was "thrilled" with MariMed's first-quarter performance.
"Our previously announced consolidation plan is working – we are building a strong, consolidated platform of great assets and brands that consumers love, led by deeply experienced corporate and local state-level management," Fireman said.
Here's a breakdown of what the first-quarter earnings report showed:
- Positive EBITDA of $7.6 million, representing a 764% year-over-year growth.
- EBITDA margin was 31%, compared to 12% in the corresponding quarter of 2020.
- Gross profit on core cannabis revenue amounted to $13.2 million, versus $4.9 million in the same period of last year.
- Net income was $4.3 million or $0.01 per share, compared to a $2.3 million net loss in the same quarter of 2020, or $0.01 loss per share.
- Working capital rose by $19.3 million over the same period, to $17.1 million from negative working capital of $2.2 million.
- Cash flow from operations was $6.8 million, up by $7.2 million from $0.4 million in the first quarter of the prior year.
- Retired $16.6 million of debt.
Jon Levine, CFO of MariMed, emphasized that he expects that in 2021 the company will generate revenue and EBITDA of $100 million and $30 million, respectively.
"As our balance sheet continues to strengthen, and we realize increasing revenue as our manufacturing facility ramps up production and customer and patient counts increase in our dispensaries due to robust recreational markets in Illinois and Massachusetts, we remain highly confident in our guidance," Levine added.
Recent Moves
The company recently opened its fourth recreational dispensary in Metropolis, Illinois under its retail brand dubbed "Thrive."
In March, MariMed secured some $46 million in financing to pay off long-term debt as well as expand its cannabis facilities.
Photo Source: CNW Group/MariMed Inc.
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