The cannabis company’s stock has increased around 36% in the past week
A smaller, yet successful, cannabis venture operating in multiple states revealed yesterday that its total revenue spiked 163% compared to the same period in 2019.
MariMed Inc. confirmed that the company’s core cannabis revenue came in at $9.6 million during the second quarter, while, in Q2 of 2019, the total revenue was $3.7 million. These positive results for the quarter were mainly driven by MariMed’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,” added Fireman. Among the significant aspects to highlight, there was a spike in the gross profit of 133% – reported at $6.2 million. For the six-month period that ended on June 30, the total gross profit was $11 million, which represents a year-over-year increase of 125%.
This multi-state-operator (MSO) reported a positive adjusted EBITDA of $3.3 million, which is impressive when considering that in the same period in 2019 the company reported a negative EBITDA of $250,000. The operational expenses also increased a little from $3.6 million in the second quarter of 2019, to $4.1 million recorded for this past second quarter.
According to Fireman, the plan is to continue expanding across US legal markets, starting with a new dispensary that will be open in the booming Illinois market in the following months, giving a total count in the state of three locations. By the new year, MariMed expects to have four new dispensaries operating. Besides the increasing revenue, the company said last month that it restructured its debt and closed a mortgage-back refinancing deal worth $13 million, so the company is in a great position to continue growing and competing with the current market leaders in the country.