NORWOOD, Mass. — MariMed Inc., a leading multistate cannabis operator, reported its financial results for the second quarter ended June 30, 2025.
Management Commentary
“We delivered growth and expanded operations across our business during the second quarter, continuing our progress of building a leading cannabis consumer packaged goods company,” said Jon Levine, MariMed Chief Executive Officer. “Our ‘Expand the Brand’ strategy is working. Our innovative, high-quality portfolio of brands grew or maintained their market share across our core markets. We remain confident in delivering the shareholder value our investors deserve by leveraging our brands as the primary growth engine of our company. Looking ahead, we anticipate increasing product distribution through the addition of adult-use sales in Delaware, a new licensing agreement in Maine, and our recently announced entry into Pennsylvania. In addition, the strength of our balance sheet affords us optionality with respect to M&A and licensing opportunities.”
“We delivered sequential growth in both wholesale and retail revenues for the second quarter, a substantial increase in adjusted EBITDA, and we were cash flow positive,” said Mario Pinho, MariMed Chief Financial Officer. “Our performance reflects strong execution in Massachusetts, full-quarter contributions from Delaware, and a solid retail strategy. With the METRC system migration in Illinois behind us and Missouri under active review, we remain confident in the revenue catalysts we have built for the second half of the year, including adult use in Delaware, entry into Pennsylvania, and expanded wholesale.”
Second quarter 2025 operational highlights
During the second quarter, the Company announced the following development in the implementation of its strategic growth plan.
- April 1: Launched its Nature’s Heritage-branded cannabis flower, pre-rolls, and vapes in Illinois, marking the first time the brand’s premium products are available in the state.
- April 3: Expanded the line-up of its top-selling Betty’s Eddies-branded cannabis chews with the introduction of a new caramel chew, Betty’s Caramelt Away.
- April 8: Promoted Ryan Crandall to Chief Commercial Officer to lead the Company’s commercial strategy and activities, including Sales, Marketing, Product Development, and Retail Operations. He had served as the Company’s Chief Revenue Officer since July 2022, and previously was its Chief Products Officer and SVP, Sales for four years.
- May 29: Expended its branded product line-up with the introduction of MycroDose by Nature’s Heritage, a vegan pill that combines full-spectrum cannabis with the added benefits of functional mushrooms.
Other developments
Subsequent to the end of the second quarter, the Company announced the following further developments:
- July 14: Expanded the distribution of Betty’s Eddies to Maine for both adult-use cannabis consumers and medical patients through a new licensing partnership.
- July 31: Announced a Managed Services Agreement (“MSA”) to assume day-to-day management of a cultivation and processing facility in Pennsylvania owned by a division of multi-state cannabis operator TILT Holdings. In addition, a licensing agreement will enable the Company to distribute its award-winning, branded products in Pennsylvania, which is anticipated to become the next state to expand its legal cannabis program to include adult-use sales.
About MariMed
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies, Bubby’s Baked, Vibations, InHouse, and Nature’s Heritage, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry.
Related Articles:
