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MariMed Inc (MRMD+2.44%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a multi-state cannabis operator in the United States, focusing on the cultivation, production, and dispensing of medicinal and adult-use cannabis. MariMed owns and manages seed-to-sale facilities and develops proprietary cannabis brands.
The company reported total revenue of $157.9 million for 2024, an increase from $148.6 million in 2023. This growth was driven by a $14.1 million increase in wholesale revenue, offset by a $4.0 million decrease in retail revenue.
Cost of revenue increased to $95.1 million from $82.7 million, attributed to higher materials costs and employee expenses. Gross profit decreased to $62.9 million, with a gross margin of 39.8%, down from 44.4% in the previous year.
Operating expenses rose to $60.0 million from $51.5 million, primarily due to increased personnel costs, marketing, and general administrative expenses.
The company reported a net loss of $12.1 million, compared to a net loss of $16.0 million in the previous year. The loss was impacted by interest expenses and a $10.4 million loss on the extinguishment of debt.
MariMed completed the acquisition of First State Compassion Center in Delaware on February 28, 2025, as part of its strategic growth plan. The company also expanded its operations in Illinois and Maryland through acquisitions and facility expansions.
The filing outlines various risk factors, including the regulatory environment, competition, and the impact of federal laws on cannabis operations. The company also disclosed cybersecurity risks and measures taken to address them.
MariMed's strategic focus includes increasing product brand revenue, expanding retail store revenue, and completing acquisitions and consolidations of its original advisory clients.
The filing includes detailed financial statements and notes, providing insights into the company's financial position, operations, and future plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MariMed Inc annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.