NORWOOD, Mass., Aug. 12, 2026 (GLOBE NEWSWIRE) -- MariMed Inc. ("MariMed" or the "Company") (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the second quarter ended June 30, 2026.
Financial Highlights(1)
The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):
Three months ended Six months ended
June 30, June 30,
-------------------------- ------------------------
2026 2025 2026 2025
----- ----
(unaudited) (unaudited)
Revenue $ 41.9 $ 39.5 $ 81.4 $77.4
GAAP Gross
margin 39% 40% 39% 40%
Non-GAAP Gross
margin 40% 42% 40% 42%
GAAP Net loss $ (3.6) $ (1.4) $ (7.3) $(6.9)
Non-GAAP Net
loss $ (2.4) $ 0.3 $ (5.5) $(3.6)
Non-GAAP
Adjusted
EBITDA $ 3.9 $ 4.8 $ 7.5 $ 7.3
Non-GAAP
Adjusted
EBITDA
margin 9% 12% 9% 9%
(1) See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" below and in the financials information included herewith.
Management Commentary
"The second quarter represented meaningful progress for MariMed. Revenue increased in both our wholesale and retail businesses sequentially and year over year, resulting in the highest quarterly revenue in our history. These results also reflect a substantial increase in sequential adjusted EBITDA and another quarter in which we generated positive cash flow from operations," said Jon Levine, MariMed's Chief Executive Officer.
"Our stronger financial performance was driven by a continued focus on our priorities: operational discipline, product innovation and quality, customer experience and thoughtful capital allocation. Our balance sheet remains healthy, our brands keep resonating with consumers, and our operating model gives us the flexibility to respond quickly as markets and new opportunities evolve."
"Looking ahead, we will build on this quarter's results by continuing to implement our 'Expand the Brand' growth strategy, centered on building a leading cannabis consumer packaged goods company that owns top-selling national brands in the most popular categories. To achieve that goal, we will keep investing in product innovation, while broadening our depth in existing states. We will also pursue opportunities to enter new markets through capital-light strategies, including brand licensing."
"Our innovation, brand portfolio, operating model, healthy balance sheet and tremendous team keep positioning us for long-term, sustainable value creation. We will also keep a close eye on the positive momentum behind additional Federal cannabis reform following this spring's rescheduling of medical cannabis. The potential rescheduling of recreational cannabis, the implementation of 280E tax relief and broader banking reform are all catalysts that would improve the operating environment for our industry, and we are positioned to capitalize on these new opportunities if and when they emerge."
Second Quarter 2026 Operational Highlights
-- Wholesale revenue increased 6% sequentially
-- MariMed's branded products portfolio grew 70 basis points faster
than the broader industry across the Company's core markets,
according to industry data sources
-- Distribution of the Company's branded products increased
sequentially to 85% of available storefronts on a trailing
12-month basis
-- Betty's Eddies$(TM)$ fruit chews remained the #1-selling edible
brand across MariMed's core states of Massachusetts, Maryland,
Illinois and Delaware, and Vibations drink mix remained a top 10
brand across the same states, according to industry data sources
-- Retail revenue increased 7% sequentially
-- Revenue increased sequentially at 12 of 13 Thrive Dispensary
retail locations
-- Transactions across the retail network increased 7% sequentially
-- Thrive Perks Loyalty Program membership increased 14% since the
beginning of the year
-- Adjusted gross margin held flat sequentially at 40%, a sign of
stabilizing profitability
Conference Call
MariMed management will host a conference call on Thursday, August 13, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed's Investor Relations website, or by clicking the following link: Q226 MRMD Earnings Call.
Discussion of Non-GAAP Financial Measures
MariMed's management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) and other financial measures prepared in accordance with GAAP.
Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.
Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company's financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.
As there are no standardized methods of calculating non-GAAP financial measures, the Company's calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.
Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:
-- depreciation and amortization of property and equipment; -- amortization of acquired intangible assets; -- impairment or write-downs of acquired intangible assets; -- inventory revaluation; -- stock-based compensation; -- severance; -- legal settlements; and -- acquisition-related and other expenses.
For further information, please refer to the publicly available financial filings available on MariMed's Investor Relations website, as filed with the U.S. Securities and Exchange Commission, or as filed with the Canadian securities regulatory authorities on the SEDAR website.
About MariMed
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty's Eddies(TM), Bubby's Baked(TM), Vibations(TM), InHouse(TM), and Nature's Heritage(TM), sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.
Important Caution Regarding Forward-Looking Statements
The information in this release contains "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2026, including anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements. Without limiting the foregoing, the words "anticipates", "believes", "estimates", "expects", "expectations", "intends", "may", "plans", and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.
These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
All trademarks and service marks are the property of their respective owners.
Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.
For More Information Contact:
Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2026 2025
Assets
Current assets:
Cash, cash equivalents and restricted
cash $ 8,437 $ 8,884
Accounts receivable, net 9,358 9,114
Inventory 36,675 36,601
Notes receivable, current portion 9 866
Other current assets 3,954 3,825
Total current assets 58,433 59,290
Property and equipment, net 86,411 89,385
Intangible assets, net 15,683 17,210
Goodwill 24,002 24,002
Notes receivable, net of current portion 866 --
Operating lease right-of-use assets 7,662 7,723
Finance lease right-of-use assets 3,247 4,024
Other assets 929 931
Total assets $ 197,233 $ 202,565
======== =========
Liabilities, mezzanine equity and
stockholders' equity
Current liabilities:
Mortgages and notes payable, current
portion $ 3,417 $ 2,553
Accounts payable 13,147 14,586
Accrued expenses and other 9,972 9,509
Deferred revenue 1,711 1,394
Income taxes payable 31,547 26,981
Operating lease liabilities, current
portion 2,025 1,952
Finance lease liabilities, current
portion 1,934 2,092
Total current liabilities 63,753 59,067
Mortgages and notes payable, net of
current portion 75,399 70,192
Operating lease liabilities, net of
current portion 6,484 6,616
Finance lease liabilities, net of
current portion 1,420 1,956
Total liabilities 147,056 137,831
-------- ---------
Commitments and contingencies
Mezzanine equity
Series B convertible preferred stock -- 14,725
New Series B convertible preferred stock 6,933 --
Total mezzanine equity 6,933 14,725
-------- ---------
Stockholders' equity
Common stock 401 397
Additional paid-in capital 180,054 179,405
Accumulated deficit (135,306) (127,932)
Noncontrolling interests (1,905) (1,861)
Total stockholders' equity 43,244 50,009
-------- ---------
Total liabilities, mezzanine equity
and stockholders' equity $ 197,233 $ 202,565
======== =========
MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
-------------------------- --------------------------
2026 2025 2026 2025
------- -------
Revenue $ 41,925 $ 39,506 $ 81,406 $ 77,412
Cost of revenue 25,700 23,579 49,905 46,396
------- ------- ------- -------
Gross profit 16,225 15,927 31,501 31,016
------- ------- ------- -------
Gross margin 38.7% 40.3% 38.7% 40.1%
Operating expenses:
Personnel 7,475 7,392 14,729 14,733
Marketing and
promotion 847 781 1,612 1,689
General and
administrative 6,864 6,343 13,751 12,593
Acquisition-related
and other 116 139 285 251
Bad debt 505 256 581 1,644
------- ------- ------- -------
Total operating
expenses 15,807 14,911 30,958 30,910
------- ------- ------- -------
Income from operations 418 1,016 543 106
Interest and other
(expense) income:
Interest expense (2,007) (1,762) (3,983) (3,524)
Interest income 36 25 72 49
Gain on
extinguishment of
debt -- -- 699 --
Other income, net -- 17 -- 17
------- ------- ------- -------
Total interest and
other expense,
net (1,971) (1,720) (3,212) (3,458)
------- ------- ------- -------
Loss before income taxes (1,553) (704) (2,669) (3,352)
Provision for income
taxes 2,018 691 4,669 3,522
------- ------- ------- -------
Net loss (3,571) (1,395) (7,338) (6,874)
Net income (loss)
attributable to
noncontrolling
interests 18 (1) 36 31
------- ------- ------- -------
Net loss attributable to
common stockholders $ (3,589) $ (1,394) $ (7,374) $ (6,905)
======= ======= ======= =======
Net loss per share
attributable to common
stockholders:
Basic $ (0.01) $ (0.00) $ (0.02) $ (0.02)
Diluted $ (0.01) $ (0.00) $ (0.02) $ (0.02)
Weighted average common
shares outstanding:
Basic 399,597 389,903 398,529 386,250
Diluted 399,597 389,903 398,529 386,250
MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six months ended
June 30,
--------------------
2026 2025
------
Cash flows from operating activities:
Net loss attributable to common stockholders $(7,374) $(6,905)
Net income attributable to noncontrolling
interests 36 31
Adjustments to reconcile net loss to cash
provided by operating activities:
Depreciation and amortization of property
and equipment 4,484 3,921
Amortization of intangible assets 1,527 1,918
Stock-based compensation 675 1,096
Amortization of debt discount 311 222
Amortization of debt issuance costs 37 36
Payment-in-kind interest -- 30
Bad debt expense 581 1,644
Obligations settled with common stock -- 2
Loss on disposal of assets -- 256
Gain on extinguishment of debt (699) --
Changes in operating assets and liabilities:
Accounts receivable, net (1,030) 1,301
Deferred rents receivable -- 12
Inventory (74) (1,718)
Other current assets 500 51
Other assets 2 (2,905)
Accounts payable (1,439) (2,713)
Accrued expenses and other 748 1,607
Deferred revenue 317 184
Income taxes payable 4,566 3,520
------ ------
Net cash provided by operating activities 3,168 1,590
------ ------
Cash flows from investing activities:
Purchases of property and equipment (671) (575)
Business combinations, net of cash acquired,
and asset purchases -- 231
Advances toward future business combinations
and asset purchases -- (50)
Purchases and renewals of cannabis licenses (580) (301)
Proceeds from notes receivable -- 26
Interest receivable on notes receivable (9) --
------ ------
Net cash used in investing activities (1,260) (669)
------ ------
Cash flows from financing activities:
Proceeds from mortgages -- 2,000
Payment of third-party debt issuance costs in
connection with debt -- (9)
Principal payments of mortgages (805) (741)
Repayment and retirement of mortgages -- (689)
Principal payments of promissory notes (591) (1,919)
Principal payments of finance leases (879) (626)
Distributions (80) (81)
------ ------
Net cash used in financing activities (2,355) (2,065)
------ ------
Net decrease in cash and cash equivalents (447) (1,144)
Cash and equivalents, beginning of year 8,884 7,282
------ ------
Cash and cash equivalents, end of period $ 8,437 $ 6,138
====== ======
MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
Three months ended Six months ended
June 30, June 30,
---------------------- ----------------------
2026 2025 2026 2025
----- -----
Non-GAAP Adjusted EBITDA
GAAP Income from
operations $ 418 $1,016 $ 543 $ 106
Depreciation and
amortization of
property and
equipment 2,331 2,114 4,484 3,921
Amortization of
acquired intangible
assets 717 969 1,527 1,918
Stock-based
compensation 350 549 675 1,096
Severance 16 -- 16 --
Acquisition-related
and other 116 139 285 251
----- ----- ----- -----
Adjusted EBITDA $3,948 $4,787 $7,530 $7,292
===== ===== ===== =====
Non-GAAP Adjusted EBITDA
Margin (Non-GAAP
adjusted EBITDA as a
percentage of revenue)
GAAP Income from
operations 1.0% 2.6% 0.7% 0.1%
Depreciation and
amortization of
property and
equipment 5.6% 5.3% 5.4% 5.1%
Amortization of
acquired intangible
assets 1.7% 2.4% 1.9% 2.5%
Stock-based
compensation 0.8% 1.4% 0.8% 1.4%
Severance --% --% --% --%
Acquisition-related
and other 0.3% 0.4% 0.4% 0.3%
----- ----- ----- -----
Adjusted EBITDA
margin 9.4% 12.1% 9.2% 9.4%
===== ===== ===== =====
GAAP Gross margin 38.7% 40.3% 38.7% 40.1%
Amortization of acquired
intangible assets 1.3% 1.5% 1.3% 1.4%
---- ---- ---- ----
Non-GAAP Gross margin 40.0% 41.8% 40.0% 41.5%
==== ==== ==== ====
GAAP Operating
expenses $15,807 $14,911 $30,958 $30,910
Amortization of
acquired intangible
assets (171) (397) (434) (808)
Stock-based
compensation (350) (549) (675) (1,096)
Severance (16) -- (16) --
Acquisition-related
and other (116) (139) (285) (251)
------ ------ ------ ------
Non-GAAP Operating
expenses $15,154 $13,826 $29,548 $28,755
====== ====== ====== ======
GAAP Net loss $(3,571) $(1,395) $(7,338) $(6,874)
Amortization of
acquired intangible
assets 717 969 1,527 1,918
Stock-based
compensation 350 549 675 1,096
Severance 16 -- 16 --
Acquisition-related
and other 116 139 285 251
Gain on
extinguishment of
debt -- -- (699) --
------ ------ ------ ------
Non-GAAP net (loss)
income $(2,372) $ 262 $(5,534) $(3,609)
====== ====== ====== ======
MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
(unaudited)
Three months ended Six months ended
June 30, June 30,
---------------------- --------------------
2026 2025 2026 2025
-------- -------
Product sales - retail $ 23,218 $ 22,334 $ 44,945 $43,064
Product sales -
wholesale 18,514 17,131 36,031 33,917
Other revenue 193 41 430 431
-------- ------- ------- ------
Total revenue $ 41,925 $ 39,506 $ 81,406 $77,412
======== ======= ======= ======