Massachusetts-based MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) posted a $900,000 loss for its second quarter of the year, despite increasing revenues year-over-year by $3.5 million, the company reported Wednesday.
MariMed pulled in $36.5 million for the three months ended June 30, the company reported, up from $33 million the same period a year prior, but Q2 2023 saw the company turn a $1.9 million profit.
In 2022, MariMed was one of just a few profitable multistate operators.
For the first six months, MariMed reported $70.9 million in revenue, up from $64.3 million from the same period last year. But the company is in the red to the tune of $1.6 million, compared to posting a $6.1 million profit for the first half of 2022.
CEO Jon Levine remained bullish, particularly given the company’s Maryland footprint, where recreational marijuana sales just began July 1, a market that just sold $87 million last month alone.
“Our balance sheet remains one of the strongest in the industry, and we were particularly pleased with the exponential growth of our Maryland operations that executed flawlessly to support the increased demand of adult-use sales,” Levine said in a press release.
In updated financial guidance, MariMed informed investors it expects this year to break $150 million in revenue, keep the company’s gross margin at about last year’s level of 48%, and have capital expenditures of $30 million.
During the most recent quarter, MariMed also:
- Won reapproval from Maryland medical marijuana regulators to continue manufacturing high-dose edibles
- Opened a new recreational dispensary in Beverly, Massachusetts
- Opened its first Ohio medical dispensary in Tiffin
- Launched a new edibles line in Massachusetts, Maryland, and Delaware.