Exhibit 99.1
MariMed Reports Fourth Quarter
and Full Year 2022 Financial Results

NORWOOD, MA, March 1, 2023 - 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 fourth quarter and full year ended December 31, 2022.

“I am pleased to report that our fourth quarter revenue grew sequentially and year-over-year as we continued to outperform the industry in all of our key states,” said Jon Levine, Chief Executive Officer. “Headwinds continued to challenge the industry, and the economy impacted consumer spending, yet MariMed delivered strong financial results, including positive cash flows from operations for the third consecutive year. Our balance sheet strength, coupled with our outstanding retail and wholesale operations, high-quality and innovative product portfolio, and exceptional customer service, should fuel accelerated growth in 2023 and beyond.”

Financial Highlights1

The following table summarizes the consolidated financial highlights for the three months and full years ended December 31, 2022 and 2021 (in millions, except percentage amounts):

Financial Highlights1
Three months endedYear ended
December 31,December 31,
Revenue$35.8 $31.0 $134.0 $121.5 
GAAP Gross margin44 %50 %48 %55 %
Non-GAAP Gross margin45 %50 %48 %55 %
GAAP Net income (loss)$4.8 $(6.4)$13.6 $7.6 
Non-GAAP Net income$5.2 $0.1 $22.2 $21.5 
Non-GAAP Adjusted EBITDA$4.5 $8.3 $32.4 $42.8 
Non-GAAP Adjusted EBITDA margin13 %27 %24 %35 %

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 to discuss the Company's financial results on Thursday, March 2, 2023, 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 fourth quarter, the Company announced the following facets of its strategic growth plan, including:

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. In November 2022, voters approved the legalization of adult use sales. MariMed expects to build out its footprint in Maryland to the maximum allowable operations over time.
October 25: The evolution of its award-winning and top-selling Betty's Eddies fruit chews line, which was custom formulated to address consumer demand for cannabis edibles that meet specific needs such as sleep aid, relaxation, pain relief, stress relief, heightened libido, and more.
December 21: The launch of its limited-edition candy cane flavored vape pens under its InHouse brand, available at select cannabis dispensaries in Massachusetts and Maryland, including MariMed’s Panacea Wellness locations in both states. The Company launched InHouse in early 2022 as an option for cannabis consumers seeking high quality, value-priced products.

Subsequent to the end of the fourth quarter of 2022, the Company announced the following:

January 24: The closing of a $35 million senior secured credit facility with a $30 million draw down at close and the ability to draw up to an additional $5 million through June 2023. The facility has a three-year maturity and bears interest at a rate of prime plus 5.75%. Funds will be used for completing the build-out of a new cultivation and processing facility in Illinois and a new processing kitchen in Missouri, expanding the existing cultivation and processing facilities in Massachusetts and Maryland, funding other capital expenditures, and repaying in full the Kind Therapeutics seller notes from the Maryland acquisition, which closed in April 2022, with any remaining balance to be used for acquisitions.

February 21: Agreement to acquire the operating assets of Ermont, Inc., a medical licensed, vertical cannabis operator in Massachusetts. The acquisition includes an operational medical dispensary in Quincy, just South of Boston, as well as a co-located cultivation facility, and Community Host Agreements to conduct medical and adult-use retail sales. The Company will apply to the state to allow adult-use sales and will expand the dispensary to accommodate the projected increased traffic. MariMed also plans to repurpose the existing cultivation facility for pheno-hunting, which is currently conducted in New Bedford, MA, thus freeing up much needed canopy for its award-winning Nature's Heritage flower.


MariMed remains committed to its proven strategic growth plan and continues to operate cannabis facilities with some of the highest margins and returns in the industry. In 2023, the Company anticipates opening four new dispensaries; one each in Ohio and Illinois, and two in Massachusetts.

The Company also anticipates opening new wholesale facilities in both Illinois and Missouri. Revenue and Adjusted EBITDA are projected to grow over the course of the year as these new

facilities become operational. MariMed anticipates significant increases to its headcount in 2023 ahead of these new and expanded assets coming online.

The Company’s financial guidance is in part dependent on factors that it cannot control, such as the timing of regulatory approvals for facility openings, supply chain availability related to the build out of these facilities and hiring and retaining new employees. MariMed’s fiscal 2023 outlook is currently as follows:

Revenue of $150+ million
Gross margin in line with full year 2022
Non-GAAP Adjusted EBITDA of $35+ million
Capital expenditures of $30 million

“In 2022, we reported double-digit revenue growth for the fifth consecutive year, and positive Non-GAAP Adjusted EBITDA for the twelfth consecutive quarter. MariMed remains one of the only MSOs with both positive net income and cash flow from operations,” said Susan Villare, Chief Financial Officer. “It is a very exciting time to be a part of MariMed and we look forward to accelerating our revenue growth as our six new and two expanded state-of-the-art facilities are completed over the course of 2023.”


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


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, InHouse, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.


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 projected financial results for 2023, anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, 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 our 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. Our 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, our 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 our 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 our 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.

For More Information Contact:

Investor Relations:
Steve West, Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

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

MariMed Inc.
Consolidated Balance Sheets
(in thousands)

December 31,
Current assets:  
Cash and cash equivalents$9,737 $29,683 
Accounts receivable, net4,157 1,666 
Deferred rents receivable704 1,678 
Note receivable, current portion2,637 127 
Inventory19,477 9,768 
Investments, current123 251 
Due from related parties29 — 
Other current assets7,282 1,440 
      Total current assets44,146 44,613 
Property and equipment, net71,641 62,150 
Intangible assets, net14,201 162 
Goodwill8,079 2,068 
Note receivable, net of current7,467 8,987 
Operating lease right-of-use assets4,931 5,081 
Finance right-of-use assets713 46 
Other assets1,024 98 
Total assets$152,202 $123,205 
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion$3,774 $1,410 
Accounts payable6,626 5,099 
Accrued expenses and other3,091 3,149 
Income taxes payable11,489 16,467 
Operating lease liabilities, current portion1,273 1,071 
Finance lease liabilities, current portion237 27 
Total current liabilities26,490 27,223 
Mortgages and notes payable, net of current25,943 17,262 
Operating lease liabilities, net of current4,173 4,574 
Finance lease liabilities, net of current461 22 
Other liabilities100 100 
      Total liabilities57,167 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 stock341 334 
Common stock subscribed but not issued39 — 
Additional paid-in capital142,365 134,920 
Accumulated deficit(83,924)(97,392)
Noncontrolling interests(1,511)(1,563)
      Total stockholders’ equity57,310 36,299 
Total liabilities, mezzanine equity, and stockholders’ equity$152,202 $123,205 

MariMed Inc.
Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
Three months ended Year ended
December 31,December 31,
Revenue$35,830 $31,044 $134,010 $121,464 
Cost of revenue20,018 15,554 70,053 55,201 
  Gross profit15,812 15,490 63,957 66,263 
Gross margin44.1 %49.9 %47.7 %54.6 %
Operating expenses:
Personnel4,234 3,086 14,404 8,352 
Marketing and promotion882 567 3,736 1,625 
General and administrative3,845 10,627 20,735 27,561 
Acquisition-related and other64 — 961 — 
Bad debt3,698 3,752 1,862 
      Total operating expenses12,723 14,287 43,588 39,400 
Income from operations3,089 1,203 20,369 26,863 
Interest and other (expense) income:
Interest expense(422)(279)(1,693)(2,356)
Interest income239 13 959 109 
Other expense, net(151)(169)(127)(800)
      Total interest and other expense, net(334)(435)(861)(3,047)
Income before income taxes2,755 768 19,508 23,816 
(Benefit) provision for income taxes(2,000)7,166 5,894 16,192 
Net income (loss)4,755 (6,398)13,614 7,624 
Less: Net income attributable to noncontrolling interests110 146 399 
Net income (loss) attributable to common stockholders$4,751 $(6,508)$13,468 $7,225 
Net income (loss) per share attributable to common stockholders:
Basic$0.01 $(0.02)$0.04 $0.02 
Diluted$0.01 $(0.02)$0.04 $0.02 
Weighted average common shares outstanding:
Basic339,436 341,016 337,697 326,467 
Diluted381,858 341,016 380,289 372,397 

MariMed Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
Cash flows from operating activities:
Net income attributable to common stockholders$13,468 $7,225 
Net income attributable to noncontrolling interests146 399 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment3,432 2,098 
Amortization of intangible assets1,282 690 
Stock-based compensation6,338 13,440 
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 expense3,752 1,862 
Obligations settled with common stock696 1,108 
Loss on obligations settled with equity— 
Gain on sale of investment— (309)
Loss on changes in fair value of investments1,082 1,107 
Other investment income(954)— 
Changes in operating assets and liabilities:
  Accounts receivable(6,902)(4,697)
  Deferred rents receivable132 262 
  Other current assets(5,219)(868)
  Other assets(126)(17)
  Accounts payable1,027 105 
  Accrued expenses and other(482)(732)
  Income taxes payable(4,978)15,572 
        Net cash provided by operating activities7,311 35,855 
Cash flows from investing activities:
  Purchases of property and equipment(12,140)(17,874)
  Business acquisitions, net of cash acquired(12,847)— 
  Advances toward future business acquisitions(800)— 
  Acquisition of interest in subsidiary— (10)
  Purchases of cannabis licenses(601)(692)
  Proceeds from sale of investment— 1,475 
  Proceeds from notes receivable173 477 
  Due from related parties(29)— 
        Net cash used in investing activities(26,244)(16,624)

Year Ended December 31,
Cash flows from financing activities:
  Proceeds from issuance of preferred stock— 23,000 
  Equity issuance costs— (387)
  Proceeds from issuance of promissory notes— 35 
  Principal payments of mortgages and promissory notes(1,537)(16,424)
  Proceeds from mortgages3,000 2,700 
  Proceeds from exercise of stock options10 39 
  Proceeds from exercise of warrants— 93 
  Repayment of loans from related parties— (1,158)
  Principal payments of finance leases(227)(35)
  Redemption of minority interests(2,000)— 
        Net cash (used in) provided by financing activities(1,013)7,453 
Net (decrease) increase to cash and cash equivalents(19,946)26,684 
Cash and cash equivalents at beginning of year29,683 2,999 
Cash and cash equivalents at end of year$9,737 $29,683 

MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)

 Three months endedYear ended
December 31,December 31,
Non-GAAP Adjusted EBITDA    
GAAP Net income (loss)$4,755 $(6,398)$13,614 $7,624 
Interest expense, net183 266 734 2,247 
Income tax (benefit) provision(2,000)7,166 5,894 16,192 
Depreciation963 599 3,432 2,098 
Amortization of acquired intangible assets428 172 1,282 690 
EBITDA4,329 1,805 24,956 28,851 
Stock-based compensation(58)6,288 6,338 13,440 
Settlement of litigation— — — (266)
Acquisition-related and other64 — 961 — 
Other expense, net151 169 127 800 
Adjusted EBITDA$4,486 $8,262 $32,382 $42,825 
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Net income (loss)13.3 %(20.6 %)10.2 %6.3 %
Interest expense, net0.5 %0.9 %0.5 %1.8 %
Income tax (benefit) provision(5.6 %)23.0 %4.3 %13.4 %
Depreciation2.7 %1.9 %2.6 %1.7 %
Amortization of acquired intangible assets1.2 %0.6 %1.0 %0.6 %
EBITDA margin12.1 %5.8 %18.6 %23.8 %
Stock-based compensation(0.2 %)20.3 %4.8 %11.0 %
Settlement of litigation— %— %— %(0.2 %)
Acquisition-related and other0.2 %— %0.7 %— %
Other expense, net0.4 %0.5 %0.1 %0.7 %
Adjusted EBITDA margin12.5 %26.6 %24.2 %35.3 %

MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures (continued)
(in thousands, except percentages)

 Three months endedYear ended
December 31,December 31,
GAAP Gross margin44.1 %49.9 %47.7 %54.6 %
Amortization of acquired intangible assets0.5 %— %0.4 %— %
Non-GAAP Gross margin44.6 %49.9 %48.1 %54.6 %

 Three months endedYear ended
December 31,December 31,
GAAP Net income (loss)4,755 (6,398)13,614 7,624 
Stock-based compensation$(58)$6,288 $6,338 $13,440 
Amortization of acquired intangible assets428 172 1,282 690 
Settlement of litigation— — — (266)
Acquisition-related and other64 — 961 — 
Non-GAAP Net income5,189 62 22,195 21,488 

MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)

Three months endedYear ended
December 31,December 31,
Product revenue:
  Product revenue - retail$24,715 $22,897 $92,836 $82,127 
  Product revenue - wholesale9,836 5,583 32,865 26,119 
    Total product revenue34,551 28,480 125,701 108,246 
Other revenue1,279 2,564 8,309 13,218 
Total revenue$35,830 $31,044 $134,010 $121,464