COMPANY INTERVIEW
MariMed More US growth in the works for this consistently profitable cannabis company By Sean Mason
C
onsumer demand for legal cannabis continues to grow in the US despite stalled legalization efforts at the federal level. Analytics company New Frontier Data, for example, projects US cannabis sales will hit US$57 billion annually by 2030, with that number possibly reaching $72 billion if 18 additional states permit adult recreational use. MariMed (CSE:MRMD) has developed into a premier seed-to-consumer multi-state operator with expertise in cultivation, production and dispensary operations. The company has a track record of sustainable revenue growth along with one of the strongest EBITDA margins in the industry, projecting $135 million to $140 million in revenue for 2022, as well as $35 million to $40 million in adjusted EBITDA. Canadian Securities Exchange Magazine recently spoke with MariMed President Jon Levine, who discussed the company’s growth prospects, how it plans to increase shareholder value and the ways in which US federal legalization efforts influence MariMed’s business.
What distinguishes MariMed from other US multi-state operators?
MariMed is a company that prides itself on its history and a leadership team with a strong track record of winning licences. We built this company over several years – first as advisors helping businesses win their applications and building out their facilities, and now as acquirers working to consolidate those businesses under the MariMed footprint. Today, we have a lot of team members and facilities with deep industry knowledge, including several members of our executive leadership team. Our CEO Bob Fireman, COO Tim Shaw and I have been working together in this industry for more than a decade. Why did you choose the states in which you operate, and do you have plans to expand to other states?
In the beginning, MariMed submitted applications in multiple states that were available for licensing and focused on getting those states up and running.
“We built this company over several years – first as advisors helping businesses win their applications and building out their facilities, and now as acquirers working to consolidate those businesses under the MariMed footprint. — LEVINE
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THE CANNABIS ISSUE