MariMed Cannabis Revenue Jumps 220%, CEO Touts Edibles As ‘Top Sellers’

Wellness-promoting cannabis company MariMed Inc. (OTCQX:MRMD) has disclosed third-quarter 2020 financial results.

Core cannabis revenues hovered $13.5 million. That's up by 220% from the same quarter of 2019.

Gross profit for the quarter jumped 221% to $8.7 million when compared to $2.7 million achieved in the third quarter of the prior year.

The multi-state cannabis operator also reported EBITDA for the period of $4.4 million versus an EBITDA loss of $733,000 for the corresponding period in 2019.

MariMed said it will further take initiative to advance its financial flexibility and enhance liquidity by reorganizing its debt-related exercises.

The company behind famous cannabis products and brands, such as Nature’s Heritage, Kalm Fusion, Betty’s Eddies, and Bourne Baking Co., also revealed its operating expenses for the quarter that reached $13.2 million, versus $9.8 million in the same period last year.

“These strong quarterly results reflect the tremendous growth of our cannabis business units coupled with the consolidation of our Massachusetts and Illinois business units into our company,” said MariMed CEO Bob Fireman. “Our reported financial results now include the revenue from these two states where we generate revenue from both adult-use and medical cannabis programs."

MariMed's "top sellers" include Betty’s Eddies edibles and Nature’s Heritage flower brands, Fireman added.

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