MariMed Reports Q3 2026 Financial Results

NORWOOD – MariMed Inc. reported a record revenue of $44.2 million for the third quarter, up 8.5% from a year earlier and 5.5% from the second quarter. The multustate Cannabis operator beat Wall Street consensus estimates of roughly $41.3 million as its retail foot traffic and branded wholesale distribution expanded.

Wholesale revenue climbed 8.1% YoY. MariMed’s branded products reached 721 stores, up 13% from a year ago. Betty’s Eddies stayed the top-selling edibles brand across Massachusetts, Maryland, Illinois and Delaware, and ranks second in Maine, where the company entered through brand licensing. Company retail sales across its Thrive dispensary network grew 8.4% YoY, supported by a 7% rise in customer transactions and a 31% expansion in loyalty program enrollment since January. Average order value edged up 1%.

Top-line gains did not fully translate to bottom-line profitability because persistent wholesale price compression weighed on unit economics. Adjusted EBITDA, a non-GAAP measure, rose 18% from the second quarter to $4.7 million, but it trailed the $5.1 million of a year earlier, and margin slipped to 11% from 13%. Non-GAAP gross margin held at 40% sequentially yet sat about 140 basis points below last year. Net loss widened to $3.5 million from $2.9 million. Income taxes of $2.7 million were booked against a pre-tax loss of $0.7 million.

On the balance sheet, MariMed ended September with $10.4 million in cash and cash equivalents, up $1.9 million from the second quarter and its highest cash balance in two years, backed by $6.7 million in operating cash flow across the first nine months of 2026.

However, total current liabilities of $67.96 million exceeded current assets of $61.37 million, while income taxes payable rose to $34.22 million from $26.98 million at the end of 2025. The report follows shareholder approval for a reverse stock split tied to a potential listing on a U.S. national exchange.

CEO Jon Levine said the fourth quarter and next year will center on brands, cash and production capacity to win shelf space and new accounts. He added that MariMed is watching federal Cannabis reform, the timing of 280E tax relief and banking reform.

MariMed’s third-quarter performance captures a central reality of mature state cannabis markets: brand velocity and store distribution can still drive revenue records, yet price deflation and federal tax obligations continue to absorb operating gains.

At MariMed, revenue is growing faster than profit. A record top line sits next to lower adjusted EBITDA than last year, and wholesale price compression takes a bite from each added dollar of sales. The balance sheet adds context. Income taxes payable stand at $34.2 million, up from $27 million at year-end, and nine-month operating cash flow of $6.7 million includes a $7.2 million rise in that balance. Strip it out and operating cash flow is slightly negative. That is how 280E tends to show up for plant-touching operators, and the timing of relief would change MariMed’s math more than any single sales gain. The reverse split authorization points to listing ambitions that would call for steady results. Fourth-quarter numbers will show if brand gains can keep outrunning price pressure.