NORWOOD, Mass., Jan. 19, 2021 (GLOBE NEWSWIRE) — MariMed, Inc. (MRMD: OTCQX) (the “Company” or “MariMed”), a leading multi-state cannabis operator focused on health and wellness, today released a letter commenting on the Company’s 2020 accomplishments, 2021 outlook, and other key product and facility updates to shareholders from CEO Robert Fireman. The letter follows.
Dear Friends and Shareholders:Although 2020 was a challenging year in many respects, it was a transformative year for MariMed. The execution of the Company’s strategy was evident with record revenue and earnings. This letter will provide some of those details and explain how our cannabis platform is well positioned for continued corporate growth and success in 2021 and beyond.It was also a good year for the cannabis industry in general. Notwithstanding the backdrop of the COVID-19 pandemic, where millions of people and small businesses faced many challenges, the cannabis industry thrived in 2020. The industry was deemed essential during this difficult time and flourished in an environment where many people were forced to remain at home and have limited social interaction.To help meet the challenges of this pandemic, our Company took actions to enhance the efficiencies and workflow of our operating business units. With limited staff and cautious customers, we implemented curbside and home delivery services. It has been remarkable to see the team develop and execute protocols to protect the safety of our employees and customers while expanding operations and increasing sales. I am incredibly proud of these teams and thank them all for their dedication and commitment to the success of our Company.During 2020, MariMed worked diligently to focus on its core cannabis business and the valuable licenses we developed in multiple states. With our foray into the hemp industry behind us, it was our goal to implement our consolidation strategy and re-establish the Company’s image as a vertically integrated seed-to-sale profitable MSO (Multi-State Operator). I am pleased to report that we are well on our way to achieving those goals.The consolidation of the Massachusetts and Illinois businesses were important first steps in the execution of our strategy. The revenue and earnings from these top industry states, with both adult-use and medical cannabis programs, is now reflected in our 2020 public financial reporting. We continue to work to consolidate our managed clients and their businesses we organically developed in other states. In the interim, under our management, these businesses continue to have sustained revenue growth which in turn increases MariMed’s revenue from management fees, percentage rents, supplies, and brand license fees.For the nine months ended September 30, 2020, we reported cannabis revenues of $30.5 million, which is nearly double the $16.6 million we reported for all of calendar year 2019. EBITDA totaled $8.6 million during the same period, compared to an EBITDA loss of $1.3 million for the first nine months of 2019. We carried this momentum of increasing revenue and earnings quarter by quarter into Q4 and will be reporting the full year 2020 results in our 10-K filing this March.On the strength of our increasing revenues and earnings, we successfully restructured and retired some of our short-term debt, and renegotiated short-term debt to long term. These actions significantly strengthened our liquidity and balance sheet. This is truly exceptional performance, accomplished during very challenging times.During the year, MariMed opened three new adult-use cannabis dispensaries in Illinois with a fourth under development. In Massachusetts, our Middleborough Panacea Wellness dispensary opened under the medical cannabis program and added adult-use in September, with two additional licensed dispensaries under development. These stores are generating significant revenue that will continue to increase into 2021.In addition, we commenced the expansion of capacity across our cannabis facilities in Massachusetts, Maryland, Illinois, and Delaware. We have plans to add more canopy, new GMP compliant kitchens, additional testing equipment, and new automated machines to increase volume and quality while lowering costs.MariMed proprietary brands of cannabis products continued to be leaders in their respective markets during 2020. Betty’s Eddies
MariMed Inc., a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units, keeping it at the forefront of cannabis science and innovation. Proprietary formulations created by the Company’s technicians are embedded in its industry-leading products and brands, including Betty’s Eddies
Jon Levine, CFO
MariMed Inc.
jlevine@marimedinc.comMedia Contact
Beth Waterfall
MariMed Inc.
781-619-8539
bwaterfall@marimedinc.com
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow