Marimed Inc (OTCMKTS:MRMD) reported an impressive growth of 292% YoY to $20.4 million in Q4 2020. Its gross profit increased by a whopping 377% YoY to $13.4 million in Q4 2020.
The stellar growth in Q4 is on the backdrop of consolidating the Illinois and Massachusetts businesses and realizing higher revenues from licensed businesses.
Core cannabis alone helped Marimed to report revenues of $50.9 million (up 207% YoY) in 2020. Its gross profits also surged to $33.1 million (up 216%) in 2020.
The company restructured some of its payable notes and lowered interest expenses to improve capital resources and liquidity in 2020. As a result, its negative working capital has improved to $2.2 million towards the end of 2020 from $29.3 million a year ago.
In 2021, Marimed repaid its long-term and short-term debt using the cash raised from Hadron financing. This does not include convertible notes and mortgage-based bank loans.
Inaugurates 3rd dispensary
Marimed inaugurated its 3rd dispensary for adult-use cannabis in Mt. Vernon, Illinois. It expects to open the 4th dispensary soon in Metropolis, Illinois. The company commenced the sales of adult-use cannabis from its medical cannabis dispensaries located in Harrisburg and Anna, Illinois in early 2020.
In September 2020, Marimed inaugurated a dispensary for adult-use cannabis in Middleborough, Massachusetts. It is also developing additional two dispensaries in Massachusetts.
The monthly production of 1,000 pounds of the premium quality flower is realized at its New Bedford, Massachusetts facility (70,000 sq. Ft. manufacturing and cultivation site) from mid-2020.
The licensed businesses of Marimed are performing well in Nevada, Maryland, and Delaware under the leadership of Robert N. Fireman. Wilmington, Delaware-based facility added additional cultivation capacity in 2020. The company is also developing an additional production facility in Milford, Delaware.
Marimed also expanded its cultivation capacity at its Clarks County, Nevada-based facility. It will also expand and upgrade the cultivation facility in Maryland.
Its cannabis branded products like Nature’s Heritage™ branded concentrates and flower and Betty’s Eddies edibles are performing well in Maryland and Massachusetts.
The company’s Betty’s eddies are licensed for distribution in Maine, Puerto Rico, Rhode Island, and Nevada. It is negotiating for licenses for distribution in other cannabis markets nationwide.