MariMed Reports Q4 and FY 2025 Financial Results

NORWOOD – MariMed Inc. released its fourth-quarter and full-year 2025 financial results, reporting a modest revenue increase that reflects the company’s focus on branded wholesale gains in an environment of sustained margin compression across multiple Cannabis markets.

Revenue for the full year totaled $159.8 million, a 1.3% rise from $157.7 million in 2024. The gain was driven almost entirely by an 11% increase in wholesale revenue, which helped the company expand its branded product reach to 85% of dispensaries in its core states. Adjusted EBITDA finished at $16.9 million, marking the sixth consecutive year above break-even, though it declined from $19.3 million the prior year. On a GAAP basis the company recorded a net loss of $14.5 million, compared with $12.4 million in 2024.

Fourth-quarter revenue climbed 7.2% to $41.7 million from $38.9 million a year earlier. Adjusted EBITDA for the period was $4.4 million, down from $5.9 million. Gross margins faced clear pressure: GAAP gross margin contracted to 25% in the quarter and 36% for the full year. Non-GAAP gross margin, which adjusts for certain non-cash and one-time items, held at 40% for the quarter and 41% annually. These figures illustrate how wholesale price erosion in edibles and flower categories continued to weigh on profitability even as unit volumes grew.

The Betty’s Eddies line retained its number-one ranking in the edible category across Massachusetts, Maryland, Delaware and Illinois, according to the company’s release. That brand strength translated directly into broader shelf presence and helped offset some of the margin decline that many MSOs reported in 2025.

CEO Jon Levine highlighted the wholesale channel as the primary growth driver. He also pointed to three specific 2026 tailwinds: the first full calendar year of adult-use sales in Delaware, new distribution agreements in Maine, and the scheduled opening of a company-owned dispensary in Columbus, Ohio.

CFO Mario Pinho detailed steps taken to protect liquidity and simplify the capital structure. In early March the company restructured its $14.725 million Series B preferred stock, pushing the weighted-average maturity out to 4.6 years and removing a conversion deadline that had loomed as a potential near-term obligation. Separately, MariMed completed its exit from the Missouri market during Q4 2025 to concentrate capital and management attention on higher-return regions. Pinho noted that these actions, combined with disciplined expense management, left the company with improved financial flexibility heading into 2026.