MariMed Revenue Grows 10.7% QoQ, Hires New CFO And Remains On Track To Deliver 2024 Financial Targets
Multi-state cannabis operator MariMed (CSE:MRMD) (OTCQX:MRMD) disclosed its financial results for the second quarter ended June 30, 2024, revealing revenue of $40.4 million, compared to $36.5 million in the same period last year.
“With the first half of the year in the books, I’m pleased to say we remain on track to deliver our 2024 financial targets,” stated CEO Jon Levine. “Revenue growth in the second quarter of 2024 was very strong both year-over-year and sequentially, led by another tremendous quarter for our wholesale business. Our retail business also turned the corner, with a 24% increase in transactions year-over-year. While we continue to navigate the growth phase of our life cycle, and our results reflect a corresponding drag on margins and cash flow, we are pleased that we are already seeing margin improvements, particularly in our Illinois dispensaries. We are highly confident we will realize margin expansion and increased cash flow long-term as our new assets deliver their full revenue potential.”
During the second quarter, the company closed the acquisition of Allgreens Dispensary, its fifth dispensary in Illinois. The Massachusetts-based company said that the green light …