MariMed Inc.

MariMed reported consolidated revenue of $41.9 million, a new quarterly record, 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 4% year over year and 7% sequentially. Non-GAAP adjusted gross margin was approximately 40%, down from 41.8% in the second quarter last year and essentially flat with 40.1% in Q1. Adjusted EBITDA was $3.9 million, up from $3.6 million in Q1 but down from $4.8 million a year ago; adjusted EBITDA margin was about 9.4% versus 12.1% last year. GAAP net loss was $3.6 million compared with a net loss of $3.8 million in Q1. Cash and cash equivalents ended at $8.4 million, up from $7.9 million in Q1. Looking ahead, management said the new Columbus, Ohio dispensary remains on schedule and is expected to contribute to revenue later this year, and the planned New York launch remains on schedule for the first half of 2027.

Jon Levine framed the quarter as proof that MariMed is executing across multiple parts of the business, not just in one product or market. He emphasized operational discipline, product innovation, quality, customer experience, and capital allocation as the core of the company’s approach in a competitive, price-compressed market. He also pointed to the Expand the Brand strategy, Ohio expansion, New York entry, and potential industry reform catalysts such as rescheduling, 280E relief, and banking reform as reasons for optimism.

Mario Pinho led with the record $41.9 million in revenue, calling out about 6% sequential and year-over-year growth, and said wholesale and retail both contributed. He said adjusted gross margin was about 40%, down 180 basis points from last year, citing pricing pressure, elevated promotions, and competition in Massachusetts and Illinois, but said improved cultivation utilization, manufacturing efficiencies, mix, and the upcoming Ohio store should help margins in the second half. He also noted operating expenses were $15.2 million, or about 36% of revenue, included a write-off tied to a bankrupt wholesale partner, and that cash ended at $8.4 million with $33.6 million in operating working capital.

Analysts focused on Illinois, Massachusetts, margins, and DEA/rescheduling readiness. Management said Illinois retail rose 7% sequentially across 5 stores, helped by loyalty, promotions, pricing, and even Tennessee hemp-ban dynamics; Massachusetts was up 4% sequentially and seen as more stable, though still challenging. On margins, Mario said second-half support should come from better cultivation utilization, manufacturing efficiency, a favorable retail mix, and Ohio. Jon added that MariMed has applied with the DEA in all states where it has medical licenses and expects its first inspection soon.