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MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) reported its revenue rose to $38.9 million for the fourth quarter ended Dec. 31, 2023. That’s up from MariMed‘s reported revenue of $35.8 million for the same time period a year ago.
Net loss in the quarter rose to $10.1 million over last year’s fourth-quarter income of $4.7 million. The company had a $10 million loss on the extinguishment of debt in the quarter leading to the change. The loss per share was $0.03 versus last year’s earnings per share of $0.01.
In November 2023, MariMed refinanced $58.7 million in debt refinancing. Highlights of the deal include a 10-year term with a fixed 8.4% interest rate for the first five years and interest-only payments for the initial 12 months. The company said there are no prepayment penalties.
“The deal resulted in ZERO dilution to shareholders – no new equity was issued,” the company said.
For the full year, MariMed reported revenue of $148 million over 2022’s revenue of $134 million. Net loss for the year also rose to $16 million over 2022’s net income of $13 million. The net loss per share for the year was $0.04 versus 2022’s net income per share of $0.04.
“We had a record year with respect to revenue generation, particularly in wholesale, new asset openings, and leveraging our balance sheet strength to secure capital,” said Jon Levine, chief executive officer. “We reported double-digit revenue growth for the sixth consecutive year and positive adjusted EBITDA for the fourth consecutive year.
“I believe MariMed stands alone among cannabis companies for the longevity of delivering these strong financial results. We anticipate continuing this track record as the commencement of wholesale operations in Illinois is contributing to a solid start in 2024, positioning us for outsized, long-term growth.”
Total liabilities jumped in 2023 to $107 million from 2022’s $57 million.
MariMed said it received a Certificate of Occupancy from the Illinois Cannabis Control Commission to start operations in its permanent brick-and-mortar facility for its Casey, Illinois, adult-use dispensary. The company said it expects to transition from its temporary facility at the same location and begin operations in the new facility during the first quarter of 2024.
In addition, MariMed entered into a $5.25 million deal to buy the operating assets of medical operator Our Community Wellness & Compassionate Care Center Inc. in Upper Marlboro, Maryland. This will be the company’s second dispensary in Maryland. Upon MCA approval of the license transfer, MariMed said it will apply for an adult-use dispensary license as well.
MariMed gave a full-year 2024 financial target for revenue growth of 5% to 7%. The company said the estimate was based on the organic growth of its existing operating assets and did not include new revenue-generating projects, such as:
Commencing adult-use sales in Ohio
Opening the new processing facility in Missouri
Opening the new dispensary in Maryland
Acquiring other operating assets or licenses.
The company also forecast non-GAAP adjusted EBITDA growth of 0% to 2% and capital expenditures of $10 million.
MariMed said that it believes this more conservative approach to offering financial targets will allow investors and analysts to focus on key operating milestones versus discussions about issues outside the company’s control such as construction or regulatory delays.
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