MariMed Q3 Revenue Increases 3% Sequentially to $33.9M – New Cannabis Ventures

MariMed publishes its results for the third quarter of 2022

NORWOOD, Mass., Nov. 07, 2022 (GLOBE NEWSWIRE) — MariMed, Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving everyday lives, today announced financial results for the third quarter ended September 30, 2022.

I’m pleased to report that we grew our revenue year-over-year and sequentially, despite the continued headwinds facing the entire industry.

Fireman Bob, General Manager

MariMed continues to outperform this industry momentum through our exceptional retail and wholesale operations, high-quality, innovative product line, and exceptional customer service.

Financial Highlights1

The following table summarizes consolidated financial highlights for the three months ended September 30, 2022 and 2021 (in millions, except percentages):

MariMed management will host a conference call on Tuesday, November 8, 2022 to discuss these results at 8:00 a.m. Eastern Time. The conference call can be accessed through the MariMed Investor Relations website by clicking on the following link: MariMed Q322 Results Webcast.


During the third quarter, the Company announced the following components of its strategic growth plan, including:

  • July 18: Approval of its expanded state-of-the-art kitchen in Maryland. The nearly tenfold expansion allows the company to produce all of its award-winning branded products, including Betty’s Swirls chewing fruit, bubby is cooked baked goodsFusion K chewable tablets, and Vibes High + Energy powdered drink mixes. The company has also introduced a line of gummies to the Maryland medical cannabis market, branded internally Mark.
  • August 4: The launch of its new Betty’s Swirls ice cream in partnership with Boston Emack and Bolio’s® ice cream company. Betty’s Swirls ice cream is currently available at select cannabis dispensaries in Massachusetts.
  • August 8: The acquisition of a conditional dispensary license in east-central Illinois, near the Indiana border. When opened, it will mark the fifth Blossom branded dispensary that the company owns and operates in Illinois. MariMed currently owns and operates four adult clinics in Anna, Harrisburg, Metropolis and Mt. Vernon.
  • August 30: The sound launch Heritage of nature “LIVE Flower”, the freshest cannabis available. Unparalleled freshness is made possible by MariMed’s proprietary FreshCure curing process, which produces larger, shinier buds than conventional flowers, bursting with brighter colors and stronger aromas while delivering a smoother smoke.
  • September 12: The agreement to develop and operate a state-of-the-art production kitchen to manufacture and wholesale its award-winning branded products in Missouri. Voters are expected to approve an adult-use measure on the ballot this fall, and the company expects its branded products to be available in the wholesale market before sales for use by adults begin. adults.
  • September 13: The agreement with 42 Degrees, a Michigan-based licensed cannabis producer and distributor, to manufacture and distribute MariMed’s award-winning brands and products statewide. 42 Degrees currently sells products wholesale at 340 dispensaries, which represents approximately 75% of operating dispensaries in Michigan.


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

  • October 5: The opening of its first medical dispensary in Annapolis, Maryland, marking the start of the Company’s fully vertical operations in that state. The Wellness panacea The dispensary is the eighth outlet in four states that MariMed owns or operates. MariMed held a grand opening ceremony with several local, county and state dignitaries in attendance to celebrate the start of operations. Voters are expected to approve an adult-use measure on the ballot this fall, and MariMed plans to expand its footprint in Maryland to include the allowed maximum of four dispensaries over time.
  • October 25: The evolution of its award-winning and best-selling products Betty’s Swirls range of fruit chews to meet consumer demand for cannabis edibles that meet specific needs. Each new or improved chew has been custom formulated to help promote sleep, relaxation, pain relief, increased libido, and more.

“We remain optimistic about continued revenue and earnings growth,” said Jon Levine, chairman. “Our confidence is fueled by several new and expanded assets in our existing markets that will come online in 2023. Additionally, we look forward to entering other high-growth cannabis markets next year, including the Ohio, Missouri and Michigan.


MariMed remains committed to its proven strategic growth plan and continues to operate some of the best cannabis facilities with some of the highest margins and returns in the cannabis industry. Due to ongoing regulatory delays related to the opening of dispensaries, the Company’s guidance for the full year 2022 has been revised and is as follows:

  • Revenues of $132 million to $135 million.
  • Gross margin from 48% to 49%.
  • Non-GAAP adjusted EBITDA of $32-35 million.
  • Capital expenditures of $16-17 million.

“Our financial results remain among the best in the industry as we improved our gross margins and generated positive Adjusted EBITDA for the eleventh consecutive quarter,” said Susan Villare, Chief Financial Officer. “Our ability to generate positive cash flow from operations in this challenging macroeconomic environment is a testament to the exceptional asset base that MariMed has developed and maintained.”


The Company has provided several non-GAAP financial measures in this press release: non-GAAP EBITDA, non-GAAP adjusted EBITDA and non-GAAP adjusted EBITDA margin, in addition to revenue, gross margin and other financial measures prepared in accordance with GAAP. .

Management believes that these non-GAAP financial measures are useful in reviewing and evaluating the Company’s performance because they provide meaningful operating results excluding the effects of expenses that do not reflect the performance of its operating activities. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare results of operations between 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 financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from the consideration of non-GAAP financial measures in evaluating the Company’s financial results and ongoing business because it permits meaningful comparisons and analysis of market trends. ‘company. In particular, non-GAAP Adjusted EBITDA is used by many investors and analysts themselves, along with other measures, to compare financial results between accounting periods and to those of comparable companies.

Because there are no standardized methods for calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those in the cannabis industry. and therefore may not be directly comparable to similarly named measures used by others.

Management defines non-GAAP adjusted EBITDA as net income, determined in accordance with GAAP, excluding the following items:

  • interest income and interest expense;
  • income taxes;
  • depreciation of fixed assets;
  • amortization of acquired intangible assets;
  • Depreciation or impairment of intangible assets;
  • stock-based compensation;
  • legal regulations;
  • related to acquisitions and others;
  • other income and other expenses;
  • and discontinued operations.

For more information, please refer to the Company’s Quarterly Report on Form 10-Q for the three-month period ended September 30, 2022 available at MariMed Investor Relations website, on the SEC website Edgar in the United States or on the website of the Canadian securities regulators SEDAR website in Canada.

MariMed Inc., a multi-state cannabis operator, is dedicated to improving everyday life through its high-quality products, actions and values. The company develops, owns and operates state-licensed cannabis production facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the company and its managed business units. Proprietary formulations created by the company’s technicians are incorporated into its best-selling, award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusionand Vibrations: High + Energy. For more information, visit

original press release

Get a head start by signing up for 420 Investor, the largest and most comprehensive premium subscription service for cannabis traders and investors since 2013.

Published by NCV Newswire

NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to curate high-quality content and information about major cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis news. The NCV Newswire is hand-curated by an editor and is not automated in any way. Got a confidential news tip? Get in touch.

Receive our Sunday newsletter


Comments are closed.