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Multi-state cannabis operator MariMed (CSE:MRMD) (OTCQX:MRMD) disclosed its financial results for the second quarter ended June 30, 2024, revealing revenue of $40.4 million, compared to $36.5 million in the same period last year.
"With the first half of the year in the books, I'm pleased to say we remain on track to deliver our 2024 financial targets," stated CEO Jon Levine. "Revenue growth in the second quarter of 2024 was very strong both year-over-year and sequentially, led by another tremendous quarter for our wholesale business. Our retail business also turned the corner, with a 24% increase in transactions year-over-year. While we continue to navigate the growth phase of our life cycle, and our results reflect a corresponding drag on margins and cash flow, we are pleased that we are already seeing margin improvements, particularly in our Illinois dispensaries. We are highly confident we will realize margin expansion and increased cash flow long-term as our new assets deliver their full revenue potential."
During the second quarter, the company closed the acquisition of Allgreens Dispensary, its fifth dispensary in Illinois. The Massachusetts-based company said that the green light from the Illinois Department of Financial & Professional Regulation for the acquisition allows MariMed to fully consolidate the financial results of the company’s Thrive-branded dispensary in Casey, Illinois. The dispensary had previously operated under a managed services agreement.
MariMed’s full-year 2024 financial targets are based on the 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:
MariMed also announced the appointment of Mario Pinho to chief financial officer, effective August 9, 2024. Pinho is a certified public accountant and senior finance executive with nearly 25 years of experience leading global organizations through various stages of dynamic growth.
Before joining MariMed, Pinho worked at Rakuten USA since 2012 where he held several executive finance roles, the most recent as CFO since 2016. His previous roles include vice president and controller of global merchant services for American Express (NYSE:AXP), senior manager, department of professional practice, for KPMG and manager of internal audit at AGF Management Limited (OTCPK:AGFMF).
"I am thrilled to welcome Mario to the MariMed executive leadership team," said Levine. "His extensive experience in financial reporting, mergers and acquisitions, SOX reporting, and investor relations will be invaluable as we continue to implement our strategic growth plan."
MariMed shares closed Wednesday's market session 5.63% higher at $0.169 per share.
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