MariMed, a U.S. cannabis company with operations and distribution across several states, has ambitions to grow its footprint in 2025.
The company this week reported fourth-quarter and 2024 earnings featuring a slight uptick in revenue, improved adjusted EBITDA, and what it’s calling “one of the strongest balance sheets in the cannabis industry.” CEO Jon Levine told investors that it puts MariMed in a position to pursue further M&A.
“There are many good deals to be made out there and we hope to complete accretive transactions this year,” he said.
High on the list of markets for potential M&A targets are Missouri and Ohio, where the company hopes to become vertically integrated. In terms of new states for MariMed, Levine said the company’s extremely interested in New York and New Jersey.
“Pennsylvania is also on that list because it looks like they’ll be the next state to go adult-use,” he said.
MariMed’s continued focus on incremental M&A comes after the company just closed its deal for First State Compassion Center in Delaware. That deal includes FSCC’s cultivation and processing facilities, and two dispensaries, and it deepens the relationship between MariMed and its first managed business.
Levine said FSCC is the largest current operator in Delaware, a state his company expects to become a $215 million annual adult-use cannabis market.
