MariMed Reports Record Fourth Quarter and Full Year 2020 Financial Results and Provides Full Year 2021 Guidance Achieves Record Results Driven by Continued Consolidation of Cannabis Operations Core Cannabis Revenue Increased 292% in Q4 2020 ($20.4m) and 207% in FY 2020 ($50.9 m) Reports Q4 2020 EBITDA of $7.7 Million and $16.3 Million for FY 2020 Secures Long Term Capital Partner – Company Generating Positive Operating Cash Flow Provides Full Year 2021 Revenue Guidance of $100 million and EBITDA of $30 million
NORWOOD, Mass., March 23, 2021 /CNW/ – MariMed, Inc. (OTCQX: MRMD) (the “Company” or “MariMed”), a leading multi-state cannabis operator focused on health and wellness, today reported financial and operating results for the three and twelve-month periods ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
Core Cannabis revenues increased 292% to $20.4 million compared to $5.2 million in Q4 2019. Gross profit on core cannabis revenues was $13.4 million in Q4 2020, an increase of 377% compared to $2.8 million in Q4 2019. Q4 EBITDA improved to $7.7 million, an increase of $23.7 million from an EBITDA Loss of $16.0 million in Q4 2019. The quarterly improvements in 2020 reflect the successful consolidation of Massachusetts and Illinois cannabis business units as well as strong revenue growth in all MariMed managed state licensed businesses.
Full Year 2020 Financial Highlights
Core Cannabis revenues increased 207% to $50.9 million compared to $16.6 million in FY 2019. Gross profit on core cannabis revenues was $33.1 million an increase of 216% compared to $10.5 million in FY 2019. EBITDA improved to $16.3 million in FY 2020, an increase of $33.6 million from an EBITDA Loss of $17.3 million in FY 2019. The Company significantly improved its liquidity and capital resources during 2020 through the restructuring of terms of certain of its notes payable, reducing the total amount outstanding and related interest expense. As