MariMed (OTCQX:MRMD), a leading multi-state cannabis operator, announced its financial and operating results for the fourth quarter and full year ended December 31, 2021.
"We are very pleased to deliver another strong year of financial performance for our shareholders, more than doubling our revenue and Adjusted EBITDA," said Bob Fireman, MariMed president and CEO. "Our validated management team continued to grind it out, staying focused on the financial discipline and operational excellence that has defined our approach. We strengthened an already solid balance sheet through our operating cash flow generation and made great progress across all four pillars of our strategic growth plan."
FOURTH QUARTER AND FULL YEAR FINANCIAL HIGHLIGHTS
Fourth quarter revenue of $31.0 million and full year revenue of $121.5 million, an increase of 52% and 139%, respectively, compared to the same periods from the prior year.
Fourth quarter gross profit of $15.5 million and full year gross profit of $66.3 million, an increase of 33% and 112%, respectively, compared to the same periods from the prior year.
Fourth quarter Adjusted EBITDA of $8.3 million and full year Adjusted EBITDA of $43.1 million, a change of –7% and 144%, respectively, compared to the same periods from the prior year.
Working capital at December 31, 2021 of $17.4 million compared to a working capital deficit of $2.2 million at December 31, 2020.
Fourth quarter cash flow provided by operations of $7.9 million and full year cash flow provided by operations of $35.9 million, an increase of 347% and 961%, respectively, compared to the same periods from the prior year.
FOURTH QUARTER AND FULL YEAR OPERATIONAL HIGHLIGHTS
The continued strong financial performance in the fourth quarter of 2021 was driven by:
Revenue from retail dispensary operations grew 89% during the fourth quarter, and 177% for the full year 2021, compared to the same periods from the prior year. Revenue growth was driven by a new dispensary in Metropolis, IL, and higher customer visits in both Illinois and Massachusetts.
Revenue from wholesale sales of cannabis flower, concentrates, and infused products grew 5% during the fourth quarter, and 151% for the full year 2021, compared to the same periods from the prior year.
World's Largest Cannabis Brownie
The Company launched Bubby's Baked, its new line of THC-infused baked goods, in December 2021 in Massachusetts. The launch was supported by robust sales and marketing plan, which included baking the world's largest THC-infused brownie. Weighing 850 pounds and infused with 20,000 milligrams of THC, the brownie garnered the Company and the product line global attention, generating nearly five billion consumer impressions.
MariMed's Bob Fireman along with CNBC's Tim Seymour and a truly amazing list of speakers will be on a panel together at the Benzinga Cannabis Capital Conference April 20-21 at Miami's Fontainebleue Hotel and tickets are still available.
