MariMed Inc., a multi-state cannabis operator based in Norwood, Massachusetts, reported a total revenue of $157.96 million for the fiscal year ending December 31, 2024, marking a 6.3% increase from $148.60 million in 2023. The growth was primarily driven by a 28.9% rise in wholesale product sales, which reached $62.90 million, while retail sales decreased by 4.2% to $91.53 million. The company's gross profit for 2024 was $62.87 million, down from $65.92 million in the previous year, resulting in a gross margin of 39.8%, compared to 44.4% in 2023. This decline in gross margin was attributed to increased costs of materials and a higher proportion of lower-margin wholesale sales.
In terms of operational changes, MariMed completed two significant acquisitions in 2024: Allgreens Dispensary in Illinois and Our Community Wellness & Compassionate Care Center in Maryland, enhancing its retail footprint. The company also finalized the acquisition of First State Compassion Center (FSCC) in Delaware on February 28, 2025, as part of its strategic growth plan to consolidate its original advisory clients. As of December 31, 2024, MariMed operated 33 cannabis licenses across six states, with a total employee headcount of 832, reflecting an increase in personnel to support its expanded operations.
The company’s financial performance was impacted by rising costs, with total operating expenses increasing by 16.3% to $59.96 million, driven by higher personnel costs associated with recent acquisitions and expanded operations. Interest expenses decreased significantly to $6.94 million from $9.19 million in 2023, primarily due to lower rates on the new Construction to Permanent Commercial Real Estate Mortgage Loan (CREM Loan) obtained in November 2023. Despite these efforts, MariMed reported a net loss of $12.16 million for 2024, an improvement from a loss of $16.03 million in 2023.
Looking ahead, MariMed aims to enhance its product brand revenue by strengthening cultivation and processing capabilities, launching innovative products, and expanding its distribution network. The company is also focused on increasing retail store revenue through improved customer experiences and expanding its dispensary footprint in existing and new markets. The recent refinancing of its debt is expected to provide more flexibility for future financing opportunities, which could support its growth initiatives. However, the company remains cautious about the regulatory landscape and market conditions that could impact its operations and financial performance.
About MARIMED INC.
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