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After markets closed on Wednesday, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) announced its financial results for the third quarter ended Sept. 30.

MariMed reported that its revenue increased to $40 million in the quarter versus last year’s $38.8 million. This missed the Yahoo Finance average analyst estimate for revenue of $43 million.

The company trimmed its net loss to $995,000 from last year’s $4.2 million. Operating expenses grew to $15.4 million over last year’s $13.5 million for the same period.

The company’s cash and cash equivalents fell to $9.7 million from $14.6 million at the end of December. The company’s total liabilities grew to $125 million from $107 million at the end of 2023.

“Our wholesale business continues to outpace the industry with another quarter of at least 20% year-over-year growth,” CEO Jon Levine said. “Despite continued pressure on U.S. consumers, our retail business transactions grew year-over-year, driven by both same-store sales growth and the new dispensaries opened in the past 12 months.”

Levine also noted that the company’s “heavy investment phase is complete, as are the significant pre-opening expenses we incurred the past several years. We remain highly confident in our ability to grow revenue and profits long-term as our new assets ramp to their potential.”

The company had a busy quarter with new locations. MariMed began adult-use sales in Quincy, Massachusetts. It opened the Thrive Wellness dispensary in Upper Marlboro, Maryland, its second adult-use dispensary in the state. It began adult-use cannabis sales at its Thrive Wellness dispensary in Tiffin, Ohio. The company was also issued a license to open a second non-medical cannabis dispensary in Ohio, which will be located in the greater Columbus area, the state’s largest metro area.

“With 2024 nearly behind us, we continue to see margin improvements at our recently opened locations. This sets up 2025 as another year of strong financial results,” CFO Mario Pinho said. “We have several organic catalysts to drive continued momentum for the foreseeable future. Additionally, we maintain one of the strongest balance sheets in the industry, enabling us to capitalize on attractive M&A opportunities in a market with depressed valuations.”

Increased guidance

MariMed said its initial full-year 2024 financial targets reflected the organic growth of its existing operational assets, excluding any new revenue-generating projects that require regulatory approvals. However, it noted that delays in getting regulatory approvals for these new assets led to higher-than-anticipated pre-opening costs and a longer ramp-up period than initially forecasted.

The company increased its revenue growth targets to 6%-8%, from the previous target of 5%-7%. Its capital expenditures are also expected to rise to $11 million from the originally planned $10 million.