MariMed Lowers 2022 Guidance on Missed Revenue

President "bullish" due to the business's expected entrance or further expansion in Ohio, Missouri, and Michigan in 2023.

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.

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