Exhibit 99.1
MariMed Reports Third Quarter 2022 Earnings

NORWOOD, MA, November 7, 2022 - MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: 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, 2022.
“I am pleased to report we grew revenue both year-over-year and sequentially, despite continued headwinds facing the entire industry,” said Bob Fireman, Chief Executive Officer. “MariMed continues to outperform these industry dynamics on the strength of our outstanding retail and wholesale operations, high quality and innovative product mix, and exceptional customer service.”
Financial Highlights1
The following table summarizes the consolidated financial highlights for the three months ended September 30, 2022 and 2021 (in millions, except percentage amounts):
Three months ended
September 30,
Revenue$33.9 $33.2 
Gross margin48 %55 %
GAAP Net income$2.7 $2.1 
Non-GAAP Adjusted EBITDA$8.6 $12.6 
Non-GAAP Adjusted EBITDA margin25 %38 %
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” in the attached schedules.
MariMed management will host a conference call on Tuesday, November 8, 2022, to discuss these results at 8:00 a.m. Eastern time. The conference call may be accessed through MariMed’s Investor Relations website by clicking the following link: https://app.webinar.net/oXWd5Zn5r68.

During the third quarter, the Company announced the following facets of its strategic growth plan, including:
July 18: The approval of its expanded state-of-the-art kitchen in Maryland. The nearly ten-fold expansion allows the Company to produce all its award-winning branded products including Betty’s Eddies fruit chews, Bubby’s Baked baked goods, K Fusion chewable tablets, and

Vibations High + Energy powdered drink mixes. The Company also introduced a line of gummies in the Maryland medical cannabis market, under the In-House brand.
August 4: The launch of its new Betty’s Eddies ice cream in partnership with Boston-based Emack & Bolio’s® ice cream company. Betty’s Eddies ice cream is currently available in select cannabis dispensaries in Massachusetts.
August 8: The acquisition of a conditional dispensary license in central eastern Illinois close to the Indiana border. Once open, it will mark the fifth Thrive branded dispensary the Company owns and operates in Illinois. MariMed currently owns and operates four adult-use dispensaries in Anna, Harrisburg, Metropolis, and Mt. Vernon.
August 30: The launch of its Nature's Heritage "LIVE Flower," the freshest cannabis available. The unparalleled freshness is made possible through MariMed's proprietary FreshCure curing process, which delivers buds that are bigger and brighter than conventional flower, bursting with more vibrant colors and stronger aromas while delivering a smoother smoke.
September 12: The agreement to develop and manage a state-of-the-art production kitchen to manufacture and wholesale its award winning branded products in Missouri. Voters are expected to approve an adult use measure on the ballot this fall, and the Company expects its branded products will be available on the wholesale market before adult-use sales commence.
September 13: The agreement with 42 Degrees, a Michigan licensed cannabis producer and distributor, to manufacture and distribute MariMed’s award-winning brands and products throughout the state. 42 Degrees currently wholesales products into 340 dispensaries, representing approximately 75 percent of the operating dispensaries in Michigan.
Subsequent to the end of the third quarter, the Company announced the following business developments:
October 5: The opening of its first medical dispensary in Annapolis, Maryland, marking the beginning of the Company's fully vertical operations in that state. The Panacea Wellness dispensary is the eighth retail location across four states that MariMed either owns or manages. MariMed hosted a grand opening ceremony with several local, county, and state dignitaries in attendance to celebrate commencement of operations. Voters are expected to approve an adult use measure on the ballot this fall and MariMed expects to build out its footprint in Maryland to include the maximum allowable four dispensaries over time.
October 25: The evolution of its award-winning and top-selling Betty's Eddies fruit chews line to address consumer demand for cannabis edibles that meet specific needs. Each new or improved chew has been custom formulated to help aid sleep, relaxation, pain relief, heightened libido, and more.
"We remain bullish for continued revenue and earnings growth,” said Jon Levine, President. “Fueling our confidence are several new and expanded assets in our existing markets that will come online in 2023. Additionally, we look forward to our entry next year into additional high-growth cannabis markets, including Ohio, Missouri, and Michigan.”
MariMed remains committed to its proven strategic growth plan and continues to operate some of the best cannabis facilities with some of the highest margins and returns in the cannabis industry. Due to

continued regulatory delays with opening dispensaries, the Company's guidance for full year 2022 has been revised and is as follows:
Revenue of $132 million to $135 million.
Gross margin of 48% to 49%.
Non-GAAP Adjusted EBITDA of $32 million to $35 million.
Capital expenditures of $16 million to $17 million.
“Our financial results remain some of the best in the industry, as we have improved gross margins and delivered positive adjusted EBITDA for the eleventh consecutive quarter,” said Susan Villare, Chief Financial Officer. “Our ability to generate positive cash flow from operations in this challenging macro environment is a testament to the outstanding asset base that MariMed has developed and maintained.”
The Company has provided in this release several non-GAAP financial measures: Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, as a supplement to Revenue, Gross margin, 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, 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 net income, determined in accordance with GAAP, excluding the following items:
interest income and interest expense;
income taxes;
depreciation of fixed assets;
amortization of acquired intangible assets;
Impairment or write-downs of intangible assets;
stock-based compensation;
legal settlements;
acquisition-related and other;
other income and other expense;
and discontinued operations.

For further information, please refer to the Company’s Quarterly Report on Form 10-Q for the three month period ended September 30, 2022 available on MariMed's Investor Relations website, on the

SEC’s Edgar website in the U.S., or on the Canadian securities regulatory authorities’ SEDAR website in Canada.
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.
This release contains certain forward-looking statements and information relating to MariMed Inc. that are based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current view of the Company with respect to future events, including consummation of pending transactions, launch of new products, expanded distribution of existing products, obtaining new licenses, estimates and projections of revenue, EBITDA and Adjusted EBITDA and other information about its business, business prospects and strategic growth plan, which are based on certain assumptions of its management, including those described in this release. 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 risk factors are included in the Company’s public filings with the Securities and Exchange Commission. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “planned, “estimated,” “preparing,” “potential,” “expected,” “looks” or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
All trademarks and service marks are the property of their respective owners.
For More Information Contact:
Investor Relations:
Steve West, Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007
Media Contact:
Trailblaze PR
Email: marimed@trailblaze.co
Company Contact:
Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
# # #

MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30,
December 31,
Current assets:  
Cash and cash equivalents$11,113 $29,683 
Accounts receivable, net6,560 1,666 
Deferred rents receivable725 1,678 
Notes receivable, current portion134 127 
Inventory18,309 9,768 
Investments, current274 251 
Other current assets3,768 1,440 
Total current assets40,883 44,613 
Property and equipment, net70,396 62,150 
Intangible assets, net9,469 162 
Goodwill8,079 2,068 
Notes receivable, net of current9,160 8,987 
Operating lease right-of-use assets4,954 5,081 
Finance lease right-of-use assets747 46 
Other assets1,010 98 
Total assets$144,698 $123,205 
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion$2,825 $1,410 
Accounts payable7,973 5,099 
Accrued expenses and other3,265 3,149 
Income taxes payable11,663 16,467 
Operating lease liabilities, current portion1,284 1,071 
Finance lease liabilities, current portion241 27 
Total current liabilities27,251 27,223 
Mortgages and notes payable, net of current23,048 17,262 
Operating lease liabilities, net of current4,214 4,574 
Finance lease liabilities, net of current483 22 
Other liabilities100 100 
Total liabilities55,096 49,181 
Commitments and contingencies
Mezzanine equity:  
Series B convertible preferred stock14,725 14,725 
Series C convertible preferred stock23,000 23,000 
Total mezzanine equity37,725 37,725 
Stockholders’ equity  
Common stock339 334 
Common stock subscribed but not issued41 — 
Additional paid-in capital141,652 134,920 
Accumulated deficit(88,675)(97,392)
Noncontrolling interests(1,480)(1,563)
Total stockholders’ equity51,877 36,299 
Total liabilities, mezzanine equity and stockholders’ equity$144,698 $123,205 

MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
Three months ended Nine months ended
September 30,September 30,
Revenue$33,912 $33,208 $98,180 $90,420 
Cost of revenue17,748 15,027 50,035 39,647 
Gross profit16,164 18,181 48,145 50,773 
Gross margin47.7 %54.7 %49.0 %56.2 %
Operating expenses:
Personnel3,746 1,481 10,170 5,266 
Marketing and promotion1,402 563 2,854 1,058 
General and administrative5,097 9,481 16,890 16,934 
Acquisition-related and other143 — 897 — 
Bad debt40 36 54 1,855 
Total operating expenses10,428 11,561 30,865 25,113 
Income from operations5,736 6,620 17,280 25,660 
Interest and other (expense) income:
Interest expense(518)(300)(1,271)(2,077)
Interest income239 26 720 96 
Other (expense) income, net(251)(214)24 (631)
Total interest and other expense(530)(488)(527)(2,612)
Income before income taxes5,206 6,132 16,753 23,048 
Provision for income taxes2,484 4,009 7,894 9,026 
Net income2,722 2,123 8,859 14,022 
Less: Net income attributable to noncontrolling interests16 103 142 289 
Net income attributable to common stockholders$2,706 $2,020 $8,717 $13,733 
Net income per share attributable to common stockholders:
Basic$0.01 $0.01 $0.03 $0.04 
Diluted$0.01 $0.01 $0.02 $0.04 
Weighted average common shares outstanding:    
Basic339,025 329,454 337,111 324,340 
Diluted381,071 378,934 379,868 370,204 

MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine months ended
September 30,
Cash flows from operating activities:
Net income attributable to common stockholders$8,717 $13,733 
Net income attributable to noncontrolling interests142 289 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization of property and equipment2,469 1,499 
Amortization of intangible assets854 518 
Stock-based compensation6,396 7,152 
Amortization of standalone warrant issuances— 776 
Amortization of warrants attached to debt— 539 
Amortization of beneficial conversion feature— 177 
Amortization of original issue discount— 52 
Bad debt expense54 1,855 
Obligations settled with common stock637 375 
Loss on obligations settled with equity— 
Gain on sale of investment— (309)
Loss on changes in fair value of investments930 937 
Other investment income(954)— 
Changes in operating assets and liabilities:
Accounts receivable, net(4,856)(3,886)
Deferred rents receivable111 192 
Other current assets(1,973)(1,641)
Other assets(113)(17)
Accounts payable2,372 2,098 
Accrued expenses and other(193)8,069 
Income taxes payable(4,804)— 
Net cash provided by operating activities5,574 28,248 
Cash flows from investing activities:
Purchases of property and equipment(9,985)(14,649)
Business acquisitions, net of cash acquired(12,746)— 
Advances toward future business acquisitions(800)— 
Purchases of cannabis licenses(330)(638)
Proceeds from sale of investment— 1,475 
Proceeds from notes receivable130 407 
Net cash used in investing activities(23,731)(13,405)
Cash flows from financing activities:
Proceeds from issuance of preferred stock— 23,000 

Nine months ended
September 30,
Equity issuance costs— (387)
Proceeds from issuance of promissory notes— 35 
Principal payments of mortgages and promissory notes(1,033)(16,248)
Proceeds from mortgages3,000 2,700 
Proceeds from exercise of stock options10 31 
Proceeds from exercise of warrants— 93 
Repayment of loans from related parties— (1,158)
Principal payments of finance leases(166)(26)
Redemption of minority interests(2,000)— 
Net cash (used in) provided by financing activities(413)7,739 
Net (decrease) increase in cash and cash equivalents(18,570)22,582 
Cash and equivalents, beginning of year29,683 2,999 
Cash and cash equivalents, end of period$11,113 $25,581 

MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)
 Three months endedNine months ended
September 30,September 30,
Non-GAAP Adjusted EBITDA    
GAAP Net income$2,722 $2,123 $8,859 $14,022 
Interest expense, net279 274 551 1,981 
Income tax provision2,484 4,009 7,894 9,026 
Depreciation and amortization of property and equipment917 536 2,469 1,499 
Amortization of acquired intangible assets429 172 854 518 
EBITDA (earnings before interest, taxes, depreciation and amortization)6,831 7,114 20,627 27,046 
Stock-based compensation1,372 5,552 6,396 7,152 
Settlement of litigation— (266)— (266)
Acquisition-related and other143 — 897 — 
Other expense (income), net251 214 (24)631 
Adjusted EBITDA$8,597 $12,614 $27,896 $34,563 
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Net income8.0 %6.4 %9.0 %15.5 %
Interest expense, net0.8 %0.8 %0.6 %2.2 %
Income tax provision7.3 %12.1 %8.0 %9.9 %
Depreciation and amortization of property and equipment2.7 %1.6 %2.5 %1.7 %
Amortization of acquired intangible assets1.3 %0.5 %0.9 %0.6 %
EBITDA margin20.1 %21.4 %21.0 %29.9 %
Stock-based compensation4.1 %16.8 %6.5 %7.9 %
Settlement of litigation— %(0.8 %)0.9 %(0.3 %)
Acquisition-related and other0.4 %— %— %— %
Other expense (income), net0.8 %0.6 %— %0.7 %
Adjusted EBITDA margin25.4 %38.0 %28.4 %38.2 %

MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
Three months endedNine months ended
September 30,September 30,
Product revenue:
Product revenue - retail23,593 23,454 68,121 59,230 
Product revenue - wholesale9,009 6,633 23,029 20,536 
Total product revenue32,602 30,087 91,150 79,766 
Other revenue1,310 3,121 7,030 10,654 
Total revenue$33,912 $33,208 $98,180 $90,420