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Massachusetts-based marijuana multistate operator MariMed reported a record year for revenue growth and a net loss in its full-year and fourth-quarter earnings report.

MariMed’s 2023 revenue grew by nearly 11% to $148.6 million, up from $134 million the previous year, driven in large part by wholesale growth, according to CEO Jon Levine.

“We had a record year with respect to revenue generation, particularly in wholesale, new asset openings, and leveraging our balance sheet strength to secure capital,” Levine said in a statement.

The company turned a profit of $13.6 million in 2022 and reported a net loss of $16 million for 2023.

For the fourth quarter ending Dec. 31, MariMed reported a net loss of $10.1 million and revenue of $38.9 million.

Revenue growth was offset by increased competition in Illinois, where marijuana store numbers more than doubled in the state over the course of the year, Levine said on the company’s Thursday earnings call.

Construction delays at its processing facility in Norwood, Massachusetts, and regulatory issues in MariMed’s home state also impacted the company’s bottom line.

“Who would have thought that an electrical panel would take six months to get?” Levine said during the call.

Those kinds of circumstances contributed to why the company is taking a conservative approach to projections for 2024, omitting potential growth catalysts such as adult-use sales in Ohio, a new processing facility in Missouri and its new store in Maryland.

In 2024, the company projects revenue growth of 5%-7% and capital expenditures of $10 million.

Levine touted the company’s low cost of capital, potential for more M&A in 2024 and celebrated the company’s sixth consecutive year of double-digit revenue growth.

“I believe MariMed stands alone among cannabis companies for the longevity of delivering these strong financial results,” Levine said.

“We anticipate continuing this track record as the commencement of wholesale operations in Illinois is contributing to a solid start in 2024, positioning us for outsized, long-term growth.”

Kate Robertson can be reached at