Staff
Multistate cannabis operator MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) lowered its revenue guidance for 2022 after third-quarter revenue missed analysts’ estimates.
Revenue for the quarter ended Sept. 30 was $33.9 million, up 2% over the same period a year ago. Analysts had estimated quarterly revenue of $34.2 million-$35 million.
The company now anticipates full-year revenue of $132 million-$135 million, down from its previous guidance of $135 million-$140 million – which also was a downgrade from the previous quarter.
Year over year, quarterly net income increased 28.6% to $2.7 million, even as the gross profit margin declined from 55% to 48%.
Despite missing analysts’ estimates, MariMed was able to grow revenue “despite continued headwinds facing the entire industry,” CEO Bob Fireman said in a news release.
MariMed also threw a spotlight on some developments it said were helping in its long-term growth plan, which included:
- Regulatory approval of a new edibles kitchen in Maryland.
- The launch of a new cannabis-infused ice cream product line in Massachusetts.
- The acquisition of the company’s fifth dispensary license in Illinois.
- A deal to run an infused products kitchen and manufacturing facility in Missouri.
- A manufacturing and distribution deal in Michigan with 42 Degrees, a local cannabis grower and wholesaler.
MariMed projected optimism by noting that in October it opened a new Maryland dispensary, and company president Jon Levine said he’s “bullish” due to the business’s expected entrance or further expansion in Ohio, Missouri, and Michigan in 2023.
