Q3 2024 MariMed Inc Earnings Call Transcript
Key Points
- MariMed Inc (MRMD) reported both year-over-year and sequential revenue growth, with a notable improvement in EBITDA and net income.
- The company's wholesale business experienced double-digit growth, marking the ninth consecutive quarter of at least 20% year-over-year growth.
- Betty's edibles brand achieved significant success, becoming the number 7 ranked edible brand in Illinois within 10 months.
- MariMed Inc (MRMD) expanded its brand into new and existing markets, contributing to revenue growth and early signs of improved profitability.
- The company has a strong balance sheet and access to low-cost capital, positioning it well for strategic acquisitions and growth opportunities.
- MariMed Inc (MRMD) faced macroeconomic and industry headwinds, impacting retail revenue and consumer spending.
- The company's non-GAAP adjusted gross margin declined year-over-year due to inflation on input costs, labor, and startup costs.
- Adjusted EBITDA decreased compared to the previous year, primarily due to lower gross margins and increased spending on growth initiatives.
- Pre-opening costs for new assets were higher than expected due to regulatory and construction delays, affecting gross and EBITDA margins.
- The cannabis sector's depressed stock valuations present challenges, although they also offer potential M&A opportunities.
Good morning. My name is Nicole, and I will be your lead operator for today. At this time. I would like to welcome everyone to the MariMed Inc, third quarter, 2024 Financial Results Conference Call.
All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.
(Operator Instructions)
Thank you. I will now turn the line over to Mr. Steve West, Vice President of Investor Relations to begin the conference.
Good morning, everyone and welcome to MariMed, third quarter, 2024 Earnings Call.
Joining me today are Jon Levine, our Chief Executive Officer; Mario Pinho, Chief Financial Officer; Timothy Shaw, Chief Operating Officer and Ryan Crandall, our Chief Revenue Officer.
This call will be archived on our investor relations website and contains forward-looking statements, actual events or results may differ materially from these forward-looking statements and are
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