MariMed Inc., a prominent player in the multi-state cannabis industry, has reported its financial results for the first quarter ended March 31, 2025. Despite ongoing market challenges, the company delivered sequential revenue growth, reflecting its continued focus on operational efficiency and brand expansion.
Financial Highlights for Q1 2025
- Revenue reached $38.0 million, slightly up from $37.9 million in the same period last year.
- GAAP gross margin came in at 40%, down from 43% a year ago, while non-GAAP gross margin was 41%, compared to 44% in the prior year.
- The company reported a GAAP net loss of $5.4 million, widening from $1.3 million in Q1 2024.
- Non-GAAP net loss was $3.8 million, compared to $0.6 million in the same period last year.
- Non-GAAP adjusted EBITDA totaled $2.6 million, with a margin of 7%, down from $4.7 million and 12% respectively in Q1 2024.
Key Operational Milestones
In the first quarter of 2025, MariMed achieved several significant milestones that align with its growth strategy:
- Strategic Acquisition: In late February, the company completed its acquisition of First State Compassion Center (FSCC) in Delaware, integrating cultivation, processing, and retail operations to strengthen its vertical integration.
- Product Expansion: The company expanded its Nature’s Heritage-branded flower, pre-rolls, and vapes into Illinois in early April, marking the brand’s first entry into the state.
- New Product Launches: The popular Betty’s Eddies line, a top seller in several states, introduced a new caramel chew called Betty’s Caramelt Away in April, enhancing the product lineup.
- Leadership Update: MariMed promoted Ryan Crandall to Chief Commercial Officer in early April to oversee sales, marketing, product development, and retail operations, reflecting the company’s commitment to strategic leadership.
Looking Ahead
MariMed aims to strengthen its market presence by expanding its branded product portfolio, pursuing new revenue streams through mergers and acquisitions, and optimizing operational efficiencies. The company’s management has expressed confidence in its ability to enhance shareholder value through disciplined cost control and improved execution.
For further details, including the complete set of financial statements and non-GAAP reconciliations, visit MariMed’s Investor Relations website.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
