[PRESS RELEASE] – NORWOOD, Mass., March 5, 2025 – MariMed Inc., a leading multistate cannabis operator focused on improving lives every day, announced its financial results for the fourth quarter and year ended Dec. 31, 2024.
Jon Levine, CEO of MariMed said: “We are pleased to announce record revenue and an improved adjusted EBITDA at MariMed. We have one of the most powerful portfolios of brands of cannabis in the market, and this has helped drive our annual wholesale revenue increase of 29 percent. Betty’s Eddies Fruit Chews are currently the most popular edibles in Massachusetts and Maryland.
“Looking ahead to 2025, we have a number of levers to fuel our growth, including: a full year of financial contribution after completing the build-out or expansion of 10 revenue-generating assets over the past two years; continued wholesale gains in Illinois, Missouri, and Maryland; the consolidation of Delaware’s First State Compassion Center into MariMed as the state prepares for adult-use sales; and accretive M&A activity that will support expanded market penetration for our brands in new and existing states.”
Mario Pinho, MariMed’s Chief Financial Officer, said: “MariMed maintains one of the most solid balance sheets within the cannabis industry. We are happy to announce that we have achieved the revised financial guidance 2024 for revenue growth as well as adjusted EBITDA. In the future, MariMed is well-positioned with its brands and talents to continue top-line expansion and enhance profitability by 2025. We will continue to execute our strategy to deliver the best brands to customers, and to provide long-term value for our shareholders as we navigate an evolving industry.
Financial Highlights1
This table summarises the financial highlights of a company (in millions except for percentages):
1 You can find a reconciliation of non-GAAP to GAAP and more information on non-GAAP in the “Discussions of Non-GAAP Measures” section below, as well as in the Financials Information included with this document.
Fourth Quarter Operational Highlights 2024
The company has announced that it will be implementing its growth strategy in the fourth quarter.
- Oct. 14The company has begun growing in its Mt. Vernon, Ill. The new facility allows the company to grow its award-winning, high-quality Nature’s Heritage flower for distribution throughout the state. This company is expecting the first harvest on store shelves by this month.
- Oct. 30Announced that manufacturing operations will begin in Missouri. Ende December 2024 the wholesale distribution of their branded products began throughout Missouri.
Additional Developments
The company has announced that the following developments have occurred since the end of its fourth quarter:
- March 3.First State Compassion Center is the largest vertical operator of cannabis in Delaware. MariMed has been managing FSCC’s facilities since 2014, before the consolidation.
The discussion of non-GAAP financial measurements
MariMed management utilizes a variety of financial measures, including both GAAP-compliant and nonGAAP-compliant, to analyze and assess the performance of their business. They also use these metrics when making decisions and planning for future periods. This release contains several nonGAAP financial metrics: nonGAAP Gross Margin (loss), nonGAAP Net Income (Loss), nonGAAP AEDDA (adjusted EBITDA) and nonGAAP EBITDA Margin. These measures are supplements to Revenues, Gross Margins, Net Losses and other measures that comply with GAAP.
The management believes that these non-GAAP measures can be useful for reviewing, assessing, and planning future periods. They provide meaningful results, by eliminating expenses which are not indicative of operating performance. The company’s managers also use these non-GAAP measures for making financial and operational decisions, as well as understanding and comparing operating results between accounting periods. This non-GAAP information is not to be used in place of financial data prepared under GAAP.
Investors and analysts are able to make meaningful comparisons when analyzing the financial performance of a company and their ongoing business. Investors and analysts alike use non-GAAP EBITDA along with other metrics in order to compare results between accounting periods as well as to peer companies.
Due to the lack of standardization in calculating non GAAP measures, the calculations used by the company could differ from the methods used by other analysts, companies and investors.
The management defines non-GAAP EBITDA Adjusted as income from operation, calculated in accordance to GAAP and excluding these items:
- Fixed assets are depreciated.
- Amortisation of intangible assets acquired
- The impairment or writing-down of intangibles;
- Inventory revaluation
- stock-based compensation;
- severance;
- Legal settlements
- Purchase-related costs and related expenses.
If you would like to know more, please visit the MariMed Investor Relations Website, which contains all the public financial filings filed either with the U.S. Securities and Exchange Commission (SEC) or with Canadian securities regulators on SEDAR.