While the dog days of summer are certainly upon us, and the fate of the cannabis industry remains shrouded in political and legal uncertainty, deals are still being made, state regulators are doing their work, and new growth opportunities are being exploited throughout the country. Case in point, Massachusetts-based MariMed recently announced new growth in three states – Massachusetts, Ohio, and Maryland – most of which had not been included in the company’s earnings report and guidance in May.
In its press release announcing 2024 Q1 earnings, MariMed offered the following financial guidance for 2024:
MariMed’s full year 2024 financial targets are based on organic growth of its existing operating assets and do not include new revenue-generating projects requiring regulatory approvals. The Company believes this conservative approach to offering financial targets allows investors and analysts to focus on key operating milestones versus discussions around issues outside the Company’s control. As such, the Company’s full year 2024 financial targets remain at:
Revenue growth of 5% to 7%. Non-GAAP Adjusted EBITDA growth of 0% to 2%. Capital expenditures of $10 million.
Jon Levine, CEO
While the company has not updated those number, it did announce significant movement in the three states. “Today, we got our adult-use license in Quincy, Mass., and we’re opening for the Fourth of July weekend,” said MariMed CEO Jon Levine in a video posted to social media. “This is such an exciting time here at MariMed. We’ve waited a long time to get this adult-use license, which will be our third adult-use in the state of Massachusetts, which is the maximum you can have for that state.
“In Ohio,” he added, “we received our provisional license to be able to start adult use sales as soon as the state finishes reviewing everything that we’ve done, to be able to open and show them that we’re ready to go as a dual-use facility.
“In Maryland,” he continued, “we’re very excited that after a long wait, we finished the construction, and not only did we get our CO to move forward, but we also got the state inspection by the cannabis commission authorizing us to start growing. So, now we’re going to start growing at double the capacity where we were already.
“Also in Maryland, we have Prince George’s County, where we’re opening up our second dispensary. Today we have our certificate of occupancy review, and hopefully when we pass that in short order, we’ll be able to get approval to start selling within the state.”
MariMed, like most cannabis stocks, has seen better days, but for Levine, the opening of stores and approval of licenses can only be seen as a sign of better days to come. “This is all very exciting news,” he concluded in his video. “We are so happy with all the regulatory approvals. Only Hagerstown was in our…numbers that we gave guidance on. I really hope that you all have a wonderful Fourth of July with all this great growth that we are bringing forward from MariMed.”
The company also announced that its 2024 Q2 earnings date is August 7, 2024 after the markets close. “Management will host a conference call on August 8, 2024, at 8:00 a.m. EST to discuss financial results,” it added.
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