Marimed Stock Earnings Reports

MariMed reported Q1 2026 revenue of $39.5 million with positive adjusted EBITDA of $3.6 million and positive operating cash flow. Wholesale strength (notably Illinois and Delaware) and core brands (Betty's Eddies, Vibations, Nature's Heritage) continued to gain share; Betty's remains the #1 edible across core states. Retail was mixed: year-over-year retail growth (+5%) but sequential softness due to seasonality (Q4→Q1), with loyalty members driving ~80% of retail revenue and membership up 10% (≈398,000 active members). State performance highlights: Delaware saw strong wholesale growth following adult-use rollout; Illinois wholesale grew materially; Massachusetts/ Maryland faced pricing pressure and some production/competitive headwinds. Gross margin was ~40.1%; operating income $1.4M; GAAP net loss $3.8M (improved vs. prior periods). Cash was $7.9M at quarter end; modest capex (~$0.8M). Management is pursuing growth via licensing, selective M&A (now more actively evaluating additional Massachusetts retail given cap increase 3→6), and retail expansion in Ohio and continued rollout plans in New York and Pennsylvania (licensing partners working on approvals). Management emphasized potential near-term benefit from the federal rescheduling of medical cannabis—particularly 280E tax relief for medical sales—while noting details and implementation timing remain uncertain. Key risks: continued price compression in several categories/markets, seasonality, regulatory timing for new-state entry, and execution on M&A/licensing opportunities.