MariMed Reports Third Quarter 2023 Earnings

MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2023.

“I am pleased to report another solid quarter of strong revenue growth on both a year-over-year and a sequential basis as we continue to outperform the greater industry,” said Jon Levine, Chief Executive Officer. “We reported our 15th consecutive quarter of positive adjusted EBITDA. Our wholesale business continued to set quarterly sales records, which will continue for the remainder of this year and next. Our balance sheet remains one of the strongest in the industry, and we were particularly pleased with the exponential growth of our Maryland operations with the commencement of adult-use sales on July 1st.”

Financial Highlights1

The following table summarizes the Company’s consolidated financial highlights (in millions, except percentage amounts):

 Three months ended 
September 30,
 Nine months ended 
September 30,
 2023 2022 2023 2022
Revenue$38.8  $33.9  $109.7  $98.2 
GAAP Gross margin 43%  48%  44%  49%
Non-GAAP Gross margin 45%  48%  45%  49%
GAAP Net (loss) income$(4.3) $2.7  $(5.9) $8.9 
Non-GAAP Net (loss) income$(3.1) $4.7  $(2.2) $17.0 
Non-GAAP Adjusted EBITDA$6.1  $8.6  $19.4  $27.9 
Non-GAAP Adjusted EBITDA margin 16%  25%  18%  28%

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.


MariMed management will host a conference call on Thursday, November 9, 2023 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: MRMD Q323 Earnings Call.


During the third quarter, the Company announced the following developments in the implementation of its strategic growth plan:

  • July 1: MariMed commenced adult-use retail and wholesale operations in Maryland. The Company’s retail sales, which began in Q422, grew 88% sequentially, while its wholesale business grew 161% year-over-year.
  • July 13: MariMed staged the ‘Boston 280E THC Party’ in Boston Harbor to protest unfair cannabis industry tax laws. Inspired by its 250th anniversary, the Company reenacted the Boston Tea Party.   Onboard a schooner in Boston Harbor, MariMed management and employees dressed in colonial outfits and decried unfair IRS Code 280E on behalf of the entire cannabis industry.


Subsequent to the end of the third quarter, the Company announced the following developments:

  • October 11: MariMed announced the opening of Thrive Dispensary in Casey, Illinois, marking the fifth dispensary owned or managed in that state, and the twelfth dispensary it owns or manages across five states. In response to the state’s request to open as soon as possible, the Company operates Thrive Dispensary from a temporary mobile facility until construction of a permanent building is completed. MariMed continues to build its processing and cultivation facility in Mt. Vernon, Illinois. The processing facility is expected to open during the fourth quarter, at which time MariMed will produce its award-winning edibles for sale through retail and wholesale channels. The Company expects the cultivation facility construction to be completed in early 2024.


MariMed remains committed to its proven strategic growth plan and continues to operate some of the best facilities in the cannabis industry. Delayed openings of new revenue generating assets, input cost inflation, and increased competition continue to have a bigger impact than anticipated on operational and financial results. As such, the Company’s guidance for full year 2023 is now:

  • Revenue of $148 million to $150 million;
  • Gross margin of approximately 45%;
  • Non-GAAP Adjusted EBITDA of $27 million to $32 million;
  • Capital expenditures of $22 million to $25 million;
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