MariMed Inc.

Consolidated revenue was $41.9 million, a record quarter, up approximately 6% sequentially and roughly 6% year over year. Wholesale revenue increased approximately 8% year over year and represented about 44% of total product revenue; retail revenue increased approximately 7% sequentially and approximately 4% year over year. Non-GAAP adjusted gross margin was approximately 40.0%, versus 40.1% in Q1 and 41.8% in Q2 last year, while adjusted EBITDA was $3.9 million versus $3.6 million in Q1 and $4.8 million in Q2 last year. Adjusted EBITDA margin was approximately 9.4%, compared with 9.1% in Q1 and 12.1% a year ago, and GAAP net loss was $3.6 million versus $3.8 million in Q1. Cash and cash equivalents ended at $8.4 million, up from $7.9 million in Q1, and operating working capital was $33.6 million. Management did not provide formal next-quarter or full-year numeric guidance, but said Q2/Q3 momentum should continue, Ohio should begin contributing later this year, and New York is still expected in the first half of 2027.

Jon Levine framed the quarter as meaningful progress, emphasizing that growth came from both wholesale and retail and across many parts of the business rather than one product or one market. He highlighted the company’s ‘Expand the Brand’ strategy, continued product innovation, capital-light licensing opportunities, and disciplined capital allocation as the core long-term plan. His tone was optimistic but measured, with repeated references to a healthy balance sheet, operational flexibility, and potential industry catalysts from Washington.

Mario Pinho focused on the financial bridge: record revenue of $41.9 million, adjusted gross margin of about 40%, adjusted EBITDA of $3.9 million, and a quarter-end cash balance of $8.4 million. He said gross margin declined 180 basis points year over year because of pricing pressure and elevated promotional activity in Massachusetts and Illinois, but argued the pressure is transitional and should be offset by improved production, maturing licensed markets, and the new Ohio dispensary. He also noted operating expenses were $15.2 million, or about 36% of revenue, including a write-off tied to a wholesale partner bankruptcy, and said the company expects to keep operating expense discipline in the second half while prioritizing higher-margin growth and stronger cash generation.

In Q&A, Pablo Zuanic pressed management on Illinois store performance, Massachusetts pricing pressure, margin outlook, and DEA registration status. Ryan said Illinois retail grew 7% sequentially across five stores, helped by loyalty, promotions, pricing, and better customer experience, while Massachusetts was more stable but still challenging; he added Q2 Massachusetts revenue rose 4% sequentially. Mario said margin support should come from improved cultivation utilization, manufacturing efficiencies, a modest shift toward higher-margin retail, brand strength, and the Ohio store. Jon said MariMed has applied to the DEA in all states where it has medical licenses and expects its first inspection in the next week or so.