MariMed Reports Q1 2025 Financial Results

LOS ANGELES- MariMed Inc. a multi-state cannabis operator, reported its financial results for the first quarter ended March 31, 2025.

Financial Overview

• Revenue: $38.0 million, a slight increase from $37.9 million in Q1 2024.
• Gross Margin: GAAP gross margin decreased to 40% from 43% in the prior year.
• Net Loss: $5.4 million, compared to a net loss of $1.3 million in Q1 2024.
• Adjusted EBITDA: $2.6 million, down from $4.7 million in the same period last year.

Operational Highlights

During the quarter, MariMed completed the acquisition of First State Compassion Center (FSCC) in Delaware, integrating FSCC’s cultivation, processing facilities, and two dispensaries into its operations.

The company expanded its wholesale distribution, with wholesale sales accounting for 44% of total revenue.

MariMed’s Betty’s Eddies™ cannabis chews remained top-selling edibles in Massachusetts, Maryland, and Delaware, and achieved the #5 position in Illinois.

Subsequent Developments

• On April 1, MariMed began distributing its Nature’s Heritage™-branded cannabis products in Illinois.
• On April 3, the company introduced a new caramel chew, Betty’s Caramelt Away, under the Betty’s Eddies™ brand.
• On April 8, Ryan Crandall was promoted to Chief Commercial Officer, overseeing Sales, Marketing, Product Development, and Retail Operations.

Management Commentary

CEO Jon Levine stated that the company is focused on building a leading consumer packaged goods company in the cannabis sector, emphasizing the expansion of its brands into new storefronts.

CFO Mario Pinho noted that wholesale sales contributed to sequential revenue growth, offsetting softer retail performance and ramp-up costs in Illinois and Missouri.