MariMed Reports Third Quarter 2026 Earnings

NORWOOD, Mass., Nov. 11, 2026 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2026.

Financial Highlights¹

The following table summarizes the Company’s consolidated financial highlights (in millions, except percentage amounts):

¹ See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” below and in the financials information included herewith.

Management Commentary

“I’m pleased to report that the momentum we built earlier this year extended through the third quarter. Wholesale and retail revenue both grew sequentially and year over year, and total revenue reached another record for MariMed. Adjusted EBITDA improved from the prior quarter, and we again generated positive cash flow from operations, ending the quarter in our strongest position in more than two years,” said Jon Levine, MariMed’s Chief Executive Officer.

“These results reflect our focus on the fundamentals: running an efficient operation; making high-quality, innovative products; delivering a great customer experience; and allocating capital with care. Consumers continue to respond to our brands, our stores are growing the number of customers we serve and retaining them, and our operating model lets us adapt quickly as markets and opportunities evolve. The result is our healthy balance sheet, made even stronger by the fact that we own most of our real estate.

“We also kept executing on our ‘Expand the Brand’ strategy, which is aimed at building a leading cannabis consumer packaged goods company with top-selling national brands in the most popular categories. Betty’s Eddies fruit chews remained the top-selling edibles brand across our core wholesale markets while several of our other brands again captured top-ten market positions in their respective categories. For example, in Maine, Betty’s Eddies has become the number two edibles brand, demonstrating our ability to capture share quickly through brand licensing agreements in new markets.

“Our performance at retail was particularly strong during the third quarter given broader market conditions and consumer sentiment. Transactions grew again across the Thrive chain, and more notably, so did average order value. Pricing strategies, a focus on customer loyalty, and several other initiatives we implemented earlier in the year continued to help us deepen customer engagement, encourage repeat visits, and deliver an exceptional experience.

“MariMed will also continue moving forward with a focus on positioning the Company for long-term, sustainable value creation through continued operating efficiencies and additional revenue growth opportunities. Our focus in the fourth quarter and into next year will be leveraging our brands, cash position, production capacity, and the momentum we’ve built so far this year to continue growing market share, open new accounts, and invest in the business. At the same time, we will continue to watch developments about federal cannabis reform, as well as the timing of 280E tax relief and broader banking reform, each of which remain potential catalysts for our industry.”

Third Quarter 2026 Operational Highlights

• Consolidated revenue was $44.2 million, the highest quarterly revenue in the Company’s history, reflecting an increase of 5.5% sequentially and 8.5% year over year
• Adjusted EBITDA increased 18% sequentially to $4.7 million, while non-GAAP gross margin held flat sequentially at 40% and declined approximately 140 basis points year over year amid continued wholesale price compression
• Wholesale revenue increased 5.2% sequentially and 8.1% year over year
  • The market share of MariMed’s branded products portfolio increased 150 basis points across the Company’s core markets, according to industry data sources
  • The Company’s branded products sold into 721 stores during the quarter, up 7% sequentially and 13% year over year
  • Betty’s Eddies fruit chews remained the #1-selling edible brand across MariMed’s core states of Massachusetts, Maryland, Illinois and Delaware, and Vibations drink mix, InHouse gummies, and Bubby’s Baked goods remained top 10 brands across the same states, according to industry data sources
• Retail revenue increased 5.4% sequentially and 8.4% year over year
  • Transactions across the Thrive retail network increased 2% sequentially and 7% year over year
• Average Order Value across the chain increased 3% sequentially and 1% year over year
• Thrive Perks Loyalty Program membership increased 31% since the beginning of the year
• Cash and cash equivalents were $10.4 million at the end of the quarter, up $1.9 million from the end of the second quarter and reflects the Company’s strongest cash position in two years

Conference Call

MariMed management will host a conference call on Thursday, November 12, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed’s Investor Relations website, or by clicking the following link: Q326 MRMD Earnings Call.

Discussion of Non-GAAP Financial Measures

MariMed’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) and other financial measures prepared in accordance with GAAP.

Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company’s financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:

• depreciation and amortization of property and equipment;
• amortization of acquired intangible assets;
• impairment or write-downs of acquired intangible assets;
• inventory revaluation;
• stock-based compensation;
• severance;
• legal settlements; and
• acquisition-related and other expenses.

For further information, please refer to the publicly available financial filings available on MariMed’s Investor Relations website, as filed with the U.S. Securities and Exchange Commission, or as filed with the Canadian securities regulatory authorities on the SEDAR website.

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. For additional information, visit www.marimedinc.com.

Important Caution Regarding Forward-Looking Statements

The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding the potential implementation of the Reverse Split, the proposed listing of the Company’s common stock on a national exchange and the affect and impact of the Reverse Split, are forward-looking statements. Without limiting the foregoing, the words “anticipates,” “believes,” “estimates,” “expects,” “expectations,” “intends,” “may,” “plans,” and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on the Company’s current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, its ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in the Company’s reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

For More Information Contact:

Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

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