Earnings call transcript Q2 2023

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Operator

Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the MariMed Inc.

Second Quarter 2023 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers’ the will question-and-answer be After [Operator Instructions]

the like I of conference begin ahead. to over now Investor Please to to President the Vice turn will go West, Mr. Relations conference. Steve

Steve West

morning, call. earnings Good quarter And MariMed’s welcome second everyone. XXXX to

Shaw, on our Tim forward-looking Chief archived This will Chief me Financial Executive today Levine, on Chief and be Relations contains call Officer. statements. the Joining Operating website our Jon Officer; are our Officer; our Villare, and Investor Susan call

forward-looking events to uncertainties. from XX-K these are of of Actual is as may and forward-looking these we no materially today expectations of our factor factors assume our and website. or differ of various available law. to required results section contained statements and by risk in Any unless risks reflect update statements some A subject and other and them the risks obligation which management’s release, are earnings on our discussion

refer page financial release and certain will earnings slides on located Additionally, non-GAAP supplemental our our this investor's website. the measures call, are in our we to of which reconcile on

on Finally, analyst X, November XXXX our is closes release scheduled XXXX, be at X the XXXX third X, issued to market the and earnings to our be schedule call after of is tentatively held quarter November morning a.m.

I will now Jon. call over turn the to

Jon Levine

everyone. to Massachusetts, the was that and report of pleased I'm two Maryland, MariMed strong good core Thank continued of state result was in you expansion quarter, and which another morning which and in Ohio. Steve, Illinois new states had our

year we our remain we cash reported quarter generate adjusted of on consecutive positive to track operating XXth and EBITDA flow. fourth the consecutive For positive

very I of to second busy highlight achievements. would We four like and a had our key briefly quarter,

in well again, edibles we selling as received approval our we and produce high-dose which certification well. Maryland, as once to sell production kits are GMP of First extremely

begin adults-use levels at Eddies before that Maryland and are was on Betty’s in July selling fact, record Xst. In

third finally in in we state. regulatory long-awaited open adult-use operating dispensary received to our dispensary approval our this the Second, marking Massachusetts, Beverly,

limited called we tube chew a Betty's. launched Third, edition Eddies Betty’s Beachtime

introduced Massachusetts, Maryland been dispensaries This and fruit summer. a select Delaware, has seller hot all chew was and throughout into

to Tiffin, Maryland marking first opened I'm the owns it our XXth MariMed quarter, report, before Ohio, Subsequent in end but on expected than adult-use. July we across more strong, as or its times, have dispensary in our of second excited been sales began adult-use Annapolis dispensary was medical dispensary we fourth, And Xst, to with the the very trending sales footprint. two manages

new we sales Additionally, business high-dose working for long-term our It setting every could wholesale is edibles and are monthly bigger day, always we potential, which could believed virtually adult-use growing more have meet the Massachusetts. and be increased adult-use Maryland's demand. to records, not than be feverishly both excited are now

With that, operational for his update. to I will now turn Tim the call over

Tim Shaw

you, Thank everyone. morning, Jon, and good

quarter to XXXX. me with X% was operational of of Let in first versus sales and increase revenue business, where first increase retail with my quarter acceleration our compared X% sequentially This start expectations. the line our review the year-over-year,

outperform data, of the the we industry quarter. to during According to BDSA footprint continue throughout second most

dispensaries sequentially, instance, our business and XX% of driven X% retail in we the For our grew opening while grew Massachusetts Quincy. two by Beverly

opening, adult-use before its XX% November strong XX as ramp and grew was sequentially that commenced. In from MariMed's its our dispensary sales X% Maryland, Annapolis grew which retail sequentially, continued

our we last delivery we have dispensaries. three Finally, all as Massachusetts in discussed now implemented quarter, of

our in delivery both implemented into Delaware. of also We managed have dispensaries

contribution and we over be digital believe a high pleased business. Delivery a of our initial part is overall within are will online nice our the time with margin business, small but we it results,

them. for customers and quality to to the convenient committed in providing cannabis products patients way our are the highest We most

a Our largest in to strategy the and Domino's omnichannel the Walmart. retail proven world, approach is including retail among

X% year-over-year like XX% to primarily our revenue sequentially Wholesale organic Maryland. would we business. increased wholesale discuss Now by driven in strong and growth

Our the quality brand new across the and our a portfolio, existing to wholesale as well strengthening to competition, product talented force. offerings outperform testament of momentum which growth is as sales continuum of our continues

our our business. was of a rate, In sixth At quarter fact, is this just believe Maryland record the higher wholesale in sales this matter consecutive time quarter of before the we Massachusetts consecutive revenue sequentially wholesale it fourth overtakes business. within of wholesale

pleased of retail are we momentum businesses. overall the and with our are both We experiencing wholesale

XXXX Now let me growth quickly update the progress our initiatives. of you on

our and Beverly of Tiffin, completed was medical our two and dispensary our which the projects, quarter Ohio. opening the of During Massachusetts eight planned expansion dispensary we adult-use in

adult-use We remain to track we KC, in quarter. the in complete dispensary open our expect which to Illinois, on third

of processing on expected our to and slower craft cultivation in Illinois open are XXXX, kitchen but a Our processing our table Missouri control. outside in facility and to than initially due in circumstances planned time

of make expansion Maryland and Last, be processing the believe which XXXX. our cultivation to continue Massachusetts on we early facilities, progress will we and operational

seasonal we relax past front, hot summer these the way launch Jon on On as quarter, beachtime the which to this marketing perfect is Betty's our mentioned, delicious days. and

Looking to throughout ahead, Baked second occasion several as our for vibations vibations brand within hydration, all hydration day, now the XX Muffin, onset have new efficacy and reformulated go the which option we a any in plan half Bubby's XXXX. to products improve Blueberry of minutes. To repositions been launch to the advanced include

four seven expanded Additionally, we from to are flavors. vibations

discussion on Heritage with Let It marketing me "Keep Nature's up the Fresh" campaign. wrap an my update

Double Massachusetts. and in our nation's Xth to of mid celebrate launched sales. adult-use have July in In cake independence commencement the of successfully and Maryland's We the Maryland of new on share our Krush strain, strain July

Heritage, remains Nature's add its in and superior premium brands quality. like significant of due the I'd and a that Flower to flower commands still our top-selling one Maryland, Massachusetts to

Baltimore birthday dispensary our hesitation, it of about a also and flower because at a quality several Instead, holidays. Nature's time. occasions, did Without and parties said it and Last she adult-use premium shopping favorite superior at Heritage, not the a was I visited could asked Flower. week smoke for that I its like Maryland of bud-tender it buys afford all secret special dispensaries. operation she tour she her

family the Nature's that of its do As my relationship Her was and reminded Oak friends. Silver to music special I it Oak drink my every with on my ears. Heritage, me wine, I favorite but afford with father myself Silver drink day occasions to story due to of high and price, Cabernet. can't

be certain, barrel trimming, aging and is we what the a hand Silver Heritage, attention will I of die If man. into the as it Nature's and happy out makes including as Nature's Heritage can am XXX% love Oak considered the I stand cannabis, a best. put

other never premium for to it corners cut will that or Heritage, comes We Nature's of quality products when the matter. our

lower just in-house-branded to to first That much harvest increased flower new to from added harvest our facility higher which with said, processed of will we allows flower us Bringing internally our Quincy quality margins. cultivation our facility. online cost, this benefit an

Our customers discipline MariMed and ways increase are our always improvement our process the to in while quality grown explore We DNA. to products shareholder expect. maintaining high have cost and continuous value lower cost

operational my over call will review. concludes Susan. that the to And now turn I

Susan Villare

second XXXX growth and metrics our increased I'd XX% of sales versus like Thank our was good to million, sequentially. an these Total revenue of which first increased results. start X% Both brief financial year-over-year morning, were and everyone. $XX.X you, quarter with acceleration overview quarter a Tim, to results.

and Our wholesale partially lower by driven from by were operations, our sequential other and year-over-year growth offset retail sources. revenues

year-over-year. was and slight to margin, XX%, improvement both growth was sequentially which Moving margin a our non-GAAP growth

revenue our expect of growth new generating quarterly We continue remainder margin improve to over will ramp. assets the as our XXXX

Our remains growth goal long-term at XX%. margin non-GAAP

As new facilities growth we said has bringing impact a our short-term before, on margin. online negative

$X in quarter the the comparable $XX.X million Our to expenses non-GAAP million XXXX. period compared operating were in second in

increase growth G&A support to personnel, was plan increases million $X.X marketing, in initiative. The strategic due our to and

revenue as expect our a Looking begins leveraging of percentage growth our ahead, we sales as decrease cost. fixed OpEx to

adjusted Our million in growth due the was previously million the compared EBITDA mentioned period investment. to to XXXX comparable in $X.X $X.X

quarter to capital related our attributed XXXX first $XX.X balance the to cash decreased decrease balance sheet, cash quarter expansion for our we planned and turning $X.X ending which versus million. ended projects. $XX.X primarily was million cash our Now, million equivalent, of in expenditures second to The with of

our capital of compared $XX.X to million quarter fourth positive. cash the in remain positive a was networking $X.X million flow of year we which Cash on be flow quarter was end year quarter. would first the flow of $XX.X for the positive and consecutive full the the of XXXX, mark million, cash second being at Our operations to for track from

Moving outlook. to our financial on XXXX

retail $XX the and both are sales adult-use our state the for Maryland outlook While almost doing and we revenue have million. the wholesale business within increased by well,

in locations construction two This as ramping regulatory minted and our as as of Illinois Missouri, as not a by wholesale some well delays newly originally the new and for anticipated. dispensaries was fast offset

XXXX as slight previous year which in million, are from million financial follows. with As million least is to growth a was targets fully CapEx. result, At year, revenue change Non-GAAP of the $XX $XX consistent million XX%. in to guidance for XXXX, margin non-GAAP EBITDA adjusted which our a $XXX and our $XX

XXXX financial outlook. quarter for full to his to our review now back turn That year the concluding call our concludes of I and remarks. results would my second Jon like

Jon Levine

Thank you Susan.

in MariMed as one our our you results, most of on growth accelerate has to overall tell our balance the faster execute than sheets is to plan the maintain to the doors rate industry, we open which allow and from conservative As continue can discipline. strategic financial still us industry.

acquisition despite intend years opportunities. company challenges. to will future. trend pleased with year, to couple foreseeable truly these our continued this past against pursue the for made believe this accretive the we progress business the We and industry continue additional plan transform strategic has our We I'm through utilize

shoulder burden, One most Controlled in ongoing Substance, result. been their industry and pays. shuddering tax tax Scheduled resulting a X, unfair continually are the of that classification cannabis MariMed impacted federal independent is businesses this as a XXX that cannabis can negatively the challenge smallest the businesses it's as

prices register. most And consumers ultimately at of higher punished, course, the the are with

we most did month which that to tax years in famous conducted more Boston corporate nation's an of issue. As have Tea by leader, XXX the responsibility a ago. to our the bring was protests history, the industry one Party, Last reenacting awareness we

in was well classify It hell to DC, and it industry XXXE media, the outfits, the in change success by this fact, harder increased Washington a will in THC media XXX hopeful that impressions, and it as awareness, awareness lead better. big I given raising we event real million Party but those Boston delivered. in was seriously, are than received the Our message colonial would and

are communicate important As our great excellence of platform our recognition brands issues financial performance, and increases. because grows, to operational also

responsibly to continue more bring the it to ways industry awareness entire to use seek to We MariMed. as well support as will

drawing comparison these past MariMed enjoyed I've Lastly, fan, a between and as calls. die-hard sports few earnings sport

So to extremely very NFL the conditions, I a of the myself incredibly the of season, awe find hard talented players an come focus of hot and as same being football MariMed able can't in upcoming think of These camps. training but a winning on I help, common goal team. way. work together

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people For of day. our family lives winning talented our employees. achieving that MariMed, amazing with do can means of We mission only improve the to every

has all I'm together. put MariMed the proud that ingredients

financial take level to award-winning brands, the MariMed operating and have You expertise, to and beyond. team necessary the capital, next the discipline,

many call long-term them Before to close, be for them investors our our tune of their would in. thank I'd to support. I presumptuous but like fans, It

do follow favorite teams. thank So and these and as We support. for you MariMed's your they news their calls of as closely appreciate sports up you

for open Operator, you questions. may line the

Operator

we answer ahead. first Ladies Your Instructions] sir. session. from Semple you, and come Echelon [Operator Thank Andrew question will and Please go now at the question gentlemen, Capital. will begin

Andrew Semple

Good taking you morning, questions. team, my and thank for

presume I'm the XXXX. some XX% just margin to you by the your where other to I wondering up. But pick the roughly the crunching And first any XX.X% in over the opportunities and half EBITDA here on adult-use markets to implied was XX% second EBITDA What seeing up numbers about a XXX you some between see second margins operate? for found there one to are points on First to contributor. what is half. to margin ask somewhere year. apply margin basis of half want that there? just is of that in in guidance it Or for compared for improvement. I the was I states the XXX are pick you some where of big of big expect that drivers would

Susan Villare

your Thanks, is Erin. sorry. Andrew, I This Susan. understand question.

guidance of have so the for And million reiterated the our we $XXX essentially year.

from sequentially increased we saw you million quarter, $XX past to this so And million. $XX

to so fueled do our profitability get two opening first ramping, in half of are really the in And the you driver we where have by be had dispensaries we And Ohio. to big as well the new that's would Massachusetts that $XXX. revenue a as

quarter where that predicting QX, biggest is our generate projecting we'll Illinois Our revenue. Missouri starting and we're we're have to

the believe and And consistently with we our infrastructure to the above that quarter we of go. essentially do has on a where revenue. higher the can So a of OpEx, We of we're drive XX% last this at. quarter holding firm quarter been are kind margins leverage

We have this growth. enhanced for our infrastructure

remain And so OpEx we relatively flat. to expect the

Andrew Semple

Great. That's helpful.

the For you the thoughts channel the still you store the up. the the medical are in I how most terms the it's I'd of some maybe hear love purchasing Annapolis hold switched on the supply consumer on in question, Going or what medical seeing is And of days seeing second seeing But are more in state? you're seen Love there. your Maryland. early hear what adult-use market? patients to on behavior? you're doing? now what adult-use of of to Maryland conditions How example, color days the to sales know early to

Tim Shaw

in, Tim one Hey, have convert Annapolis no, the adult-use. Appreciate months the question. seen our interesting to its adult-use Andrew, Shaw. the very market. seen that, medical, mean, we only on patients since to excited We've I previous it's see haven't it's double the bullish we seen from Ye, revenue we're is this And not started. month store but and Maryland

So, there in going Massachusetts. the a participate will that to similar believe dual both. will direction. in The They trends we be are market right

flower. still products the market. grow, we premier The as sell we is more is the doing above Anything supply Our are real staying market well. brands for looking can now, can and and right more in fray our

Andrew Semple

And helpful. maybe last very me. for It's Great. one

we piece. kind flow of the cash How expecting year. well half? that do up a leads you perspective? from be that into CapEx in million the thinking a of catch the below for Should half, invested some on with be XXXX a some of of guidance $XX think that first regulatory the mentioned? Just Or should In Maryland second the that delays from you we

Jon Levine

the CapEx, planning as Andrew, supply close yes, third and Thank morning, these chain question. those you for been on fourth things. have Good you joining some comment, and delay very, Jon facilities call the of open. the we our delays, its the those. Yes, in that with we thank the spending paying are other Levine. money But for bills balance very but and the in get quarter to We're issues

in quarter for third increase Susan fourth As guidance and still to said, that's final the our revenue. our

Andrew Semple

questions. and the Great. back queue. I'll color for in Appreciate Thanks taking my get

Jon Levine

you. Thank

Operator

Gray next at Your will from ahead. question Erin Please Alliance Partners. come Global go

Erin Gray

the Good morning and for thank you question.

believe ramping be initiatives in that. what First be the you legacy might storage incremental one of, of taking from Whether some of of some of that especially had they're some slower not kind keep Maybe new that it expected. expected. in than might for might me, that the market Illinois lift color stores. just terms terms things Because to for you nearby store them like traffic. it Give stores the from you seems to aspects have the contributing you're

your in to stores? think that those [Indiscernible] things some are what you. what you ramping are of control some things are the increase start health, And do So, of Thank

Jon Levine

the we up getting joining is we had had Erin. approval call. versus ramp morning, several projected. Levine. is Good the delays Jon that new on baby. This your our what you Thank on Congratulations Yes, for fact really slower the

Massachusetts months we us extra started to where able later. took not not are that an that example license there. the the we get open. perfect it four It's to just So, is that sales before were

continue same market Susan, Now the addition got open, putting we're of revenues to see delayed. see it bring the they we're also are hopefully increases those also on we're facilities, month. in other the them the as do going been which opening, that have up. and But We to the every platform. dollars And

the It's that not lateness our So those revenue. time. not driving just the they're we ramping. It's are starting missed that to

Erin Gray

it. Thanks that Maryland. And be Got second then, would color. question on for Okay. me for

of now? see inventory market levels. sufficient it Do overall terms pretty time do you it's terms in what Just wholesale how position Is feel like the Thank as in of then and guys you right you inventories for that are you. well?

Tim Shaw

wholesale well. is Thanks program Tim Erin the again. This really is Yes, going

levels kind month, wholesale record because continuously and hit was control out doing see to kitchen out. as flower can if meeting last So grow we of and to And going sales really in see where that reorders we're need finish you We've year the lab market. large a a was did. ramp we're this to exciting. excited tell the production to July, which right? great. and expanding can't our get on inventory they going But to be growing. are of much levels the there inventory know, looking and what's We're June. in grow the come flower, Our was are We still enough

Jon Levine

supply And that we're in in, as possible. I'll sometimes as can again, everything issues more group. to there we what those the sales flowers But But we doing fast delays. expand add caused Erin, to are team the to pushing also are get contractors grow that

Erin Gray

queue. Great. turn much I'll back Thank you color. in very for the that

Operator

ahead. Mike are You go Excelsior will from come Regan at question next Equities. Please

Mike Regan

for Thanks everyone. the Hello, question.

questions. quick two Just

guess, correct correctly. if Just me, understand I it to sort understand, better of I

in there Maryland in other that EBITDA, that. to Missouri and of moving In sort and better seem the or of There's some offset parts labor. in misunderstanding result terms business, may whole terms of I the potential the Illinois reduction, that for the been basically, delayed guidance slightly is by

sort understand. part labor me help reduction. But as really as that permanent just understanding something certainly sure I'm It's a a of make to it's So, a correctly?

Susan Villare

Sure, is Susan. Mike. This

kind the the went think at store and said full previously, three our of I opened. of ready before So for the on opening stores looked operations. we the that half And a months we first Jon had staff had really how with as

get And you going so with case, month two. after thought it the these a bigger put facilities, hired. or facilities to delays in to know, We're it wholesale we staff prudent the

just we're bit delays, ourselves the kept end we have high we range. of in our anticipating, So not a we of the buffer. little which have if to But of guidance. the that gave range But we see wanted

Mike Regan

paying until nothing the do That's people to get you basically approval.

So that's always frustrating.

Susan Villare

Yes.

Mike Regan

quickly, sort real on seems if then seems you bit. Massachusetts. I has pricing a the price of broadly, seeing come out? in of And as in guess, any seems I the in volumes out the obviously to comments or guess, least to the have that state you're sort everyone down have what year, of the state past now Pricing sort seeing you're to have -- was at it flatten sort what and I of but wondering, pricing sort of data as flattening knows

Tim Shaw

costumers. is in double almost above that flower. Tim stay all we're stabilized. average pricing the the Yes, we and Appreciate average freight, of seen again. well Hi, the compete Massachusetts, And question. is premium for our have sure make Mike. our somewhat still We capturing per to This ranges pound price

push and stay Massachusetts above product this to We still also and the in-house we're continue price. flower and high the it capture premium storm and our quality and the both bullish we through and and value to in feel But brands. to produce going produce sell

change So and see that any future. the we've we able been to don't do for

Mike Regan

Hey, a lot. great. Thanks

Tim Shaw

Mike. Thanks,

Operator

go from and Pablo will Zwanik question at Please next Associates. Your ahead. Zwanik come

Pablo Zwanik

couple on morning, of expansion a questions Look, first Good side of the things. everyone. just

are And question expansion kitchen Maryland, licenses edible the is acquire Maryland, cultivation a possible? if there case prioritize that in trying So size or a more just in of And on from side? the cultivation the also to you is Massachusetts. quantify of in priority then if to open similar and can stores the side that's on the it

the talking about we're expansion, Quincy talk can you capacity. about If doubling

that? Just can numbers if you. Thank around some you put

Jon Levine

can, the Good Thank first Maryland. I'll hear me? question much us. on Are morning, you the first for to Pablo. Jon Pablo. This start very joining able with you is we Yes, Levine.

Pablo Zwanik

I'm happened Yes, there. question? you sorry. I hear Did know my sorry, what don't

Jon Levine

Yes. on going with start I heard the first question the our question about of your Maryland, questions. your expansion retail. about the growth, to and I was

building So already. started those on rooms concentrating of as flower we we're as -- we have flower additional our get Maryland, can possible, hope in put top on And So market. production into grow soon that the that more we to

some we're months, at couple As so well be in opportunities as the hopefully. them. will announcements able pursuing have we still Maryland. hopefully to in have We other some next been looking dispensary And

And moving to Massachusetts.

on in is we've the I when of side. piece adult-use, the which Our Quincy state retail for, we bought of the expansion but the there that, was adding largest Massachusetts, expansion applied in the the unknown the looking to state Mass. months how at even or with processing done have timeline. of always more six months We already be three state we've we could with knowing

that. In them, rooms addition, clean grow have We've that about add I'll had we've and them harvest, on there. let repurposed the taken our they Tim which first

so, in And in going in have expansion vector but to other also new expanding some [ph], we'll I'll Quincy, we're stuff Tim. some leave here but down Massachusetts additional

Tim Shaw

the meet at the the there is expansion of to backward[ph]. and GMP need we products cultivation on lineup. far and even that question. the we to this moment. we're in add square Tim. at We're certified have to facility that in able X,XXX to our thirty double feet Pablo, plus Quincy, facility. and than another there's have going more expand kitchen. In production in the do Maryland, as the to to as our more thousand completed to need some up build looking ability in goes, beautiful we'll this no the the size and got And out cultivation we're going We've footprint Back of more Hi, Great kitchen

and and there, no successful run. attention focus of kind first harvest, just we're to the going our pay continued to up is, what need but had to issues. have our We see harvest market the first on first We Quincy getting

Thanks question, about Pablo. really So the we're opportunity. excited team's the The for excited.

Pablo Zwanik

congratulations on up. And just a that. follow you, Thank

back, is much in that there stores those maybe you So, saturated stepping are of I would say that, somewhat terms capacity. know, Massachusetts there's too

price You is Can the me at that argue color talked old and give more stabilizing. counted that you point.

at are there. in Beverly store here economics end the you the of opening Massachusetts doing not and the know, the well and quite the You bad are day store,

So, to just some that maybe context saturated? that state those give argue is the

Tim Shaw

Well, thanks. This Pablo. is again. Tim

I If at numbers, Massachusetts million in June hit record at month. revenue in look you a just one the think $XXX high in

a is -- the lot there is have although competition we program. market of today, So, booming. a And to we're able loyalty customer great

pushing to yes, are And sought And after. been in have able don't we're products very keep and sitting Our the best to do our we're state the any out just so. through. meet highly products of able we put team the collecting We're dust. We to consumers. sell proud going needs We've stock the the products and for there.

Pablo Zwanik

if And last one. you. just I one -- Thank can one add

at implications of rescheduling of don't see you again, to that? lobby. hoping one for lobbying industry the them. states rescheduling, are is in done of doing there's for the I question. I XXXE, have the Thanks. begun and get sort There rescheduling. on right. about been could has to the the taking, into maybe, enough that's And lot two-part XXXE Illinois the then, of safe think of and been just that a terms to seems federal rescheduling industry, remove There's eliminating was regarding for that has XXXE that. lobbying But argue do a guess I right? out? the to Massachusetts debate Do too industry. enough XXXE, And for the the in industry just a It I industry get period? want potential lot to a level, much that and So focus maybe And It helpful not safe been But to

Tim Shaw

the good in thing have in I'd tough several let's Well, Illinois it's have to your lot at now the for are Massachusetts, is tax taxes, the correct. has which to we're They exciting half The all cannabis you're to always Federal states. Maryland question, the say, talk wasn't their than changed as states, it a is, you fact political government rescheduling -- The XXXE, that is XXXE laws question, much removed filing banking overall. that industry. and should the changed act have say, more which be not follow great you states. looking to and type The a an It about. a some more in legalized than in very would country removed. the stability bring to would industry a don't of that their three law rescheduling be stronger say in states savings

It that you're looked concentrate to want they've unfortunately MariMed as lobbies pushing that. they're government just Not the right. that shown, tax see the the away has government customers to crazier and this something got concentrate correctly. things get for from our is mid-sized charge smaller on great with product this at. to We on. way cash And need takes to they to would that have the and But deal be operations buying. this the sounds But probably the to horrible have more that to their that your run companies more to flow causes us

Pablo Zwanik

you. Thank

Operator

There no from are [Operator further Instructions] phone questions the lines.

will conclude disconnect morning's their to So this call. this conference for everybody like ask everyone would lines. to and participating We thank please

MariMed (MRMD) 3 Aug 232023 Q2 Earnings call transcript