Exhibit 99.1
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MariMed Reports First Quarter 2023 Earnings

NORWOOD, MA, May 8, 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 first quarter ended March 31, 2023.
“I am pleased to report another solid quarter,” said Jon Levine, Chief Executive Officer. “We reported our 13th consecutive quarter of positive adjusted EBITDA, and we expect to generate our fourth consecutive year of positive operating cash flow. MariMed is one of the only companies in the cannabis industry to report positive cash flows and positive EBITDA over this extended period of time.”
Financial Highlights1
The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):
Three months ended
March 31,
20232022
Revenue$34.4 $31.3 
GAAP Gross margin45 %54 %
Non-GAAP Gross margin46 %54 %
GAAP Net (loss) income$(0.7)$4.2 
Non-GAAP Net income$0.3 $6.9 
Non-GAAP Adjusted EBITDA$7.1 $10.4 
Non-GAAP Adjusted EBITDA margin21 %33 %
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.
CONFERENCE CALL
MariMed management will host a conference call on Tuesday, May 9, 2023, to discuss these results at 8:00 a.m. Eastern time. The conference call may be accessed through MariMed’s Investor Relations website, or by clicking the following link: https://app.webinar.net/oXWd5Zn5r68.



FIRST QUARTER 2023 OPERATIONAL HIGHLIGHTS
During the first quarter, the Company announced the following developments in the implementation of its strategic growth plan:
•January 24: Closed 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 are expected to be used for capital expenditures, other corporate expenses, and acquisitions.
•March 13: Closed the acquisition of the operating assets of Ermont, Inc., pursuant to which the Company obtained a vertical cannabis operation in Quincy, MA and rebranded the retail operation to Panacea Wellness Dispensary. MariMed intends to expand the dispensary to accommodate adult use sales, which the company has applied for with the State Cannabis Commission.

OTHER BUSINESS DEVELOPMENTS
Subsequent to the end of the first quarter, the Company announced the following business developments:
•April 4: The Maryland Medical Cannabis Commission issued approval to once again manufacture and sell high-dose edibles. The Company plans to add 40mg products across its entire edibles portfolio including Betty’s Eddies and Bubby's Baked.
•April 25: Opened an adult-use Panacea Wellness Dispensary in Beverly, Massachusetts, marking the Company’s third operational dispensary in the state, and the tenth dispensary it owns or manages. The Company plans to obtain a license for medical sales at this location.
“Our financial results for the first quarter were very strong and we are maintaining our positive outlook and guidance for 2023,” said Susan Villare, Chief Financial Officer. “We continue to execute on our plan to improve efficiencies and we were pleased to report a sequential improvement in our non-GAAP gross margins of 100 basis point and a 58% increase in our adjusted EBITDA. Our balance sheet remains conservatively leveraged and our ability to generate positive cash flows from operations remains a core strength of the Company.”
2023 FINANCIAL GUIDANCE
MariMed remains committed to its proven strategic growth plan and continues to operate some of the best facilities in the cannabis industry. The Company's guidance for full year 2023 is unchanged:
•Revenue of at least $150 million;
•Gross margin in line with full year 2022, which was about 48%;
•Non-GAAP Adjusted EBITDA of at least $35 million;
•Capital expenditures of $30 million.

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, 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.
ABOUT MARIMED
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.


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 projected financial results for 2023, including management’s belief that it will have its fourth consecutive year of positive operating cash flow, 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

Media Contact:
Grasslands
Email: marimed@mygrasslands.com

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MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31,
2023		December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents$21,595 $9,737 
Accounts receivable, net4,334 4,157 
Deferred rents receivable686 704 
Notes receivable, current portion2,639 2,637 
Inventory22,723 19,477 
Investments, current104 123 
Due from related parties49 29 
Other current assets7,244 7,282 
Total current assets59,374 44,146 
Property and equipment, net73,714 71,641 
Intangible assets, net19,480 14,201 
Goodwill12,004 8,079 
Notes receivable, net of current7,523 7,467 
Operating lease right-of-use assets10,122 4,931 
Finance lease right-of-use assets871 713 
Other assets1,303 1,024 
Total assets$184,391 $152,202 
   
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Term loan$3,300 $— 
Mortgages and notes payable, current portion2,773 3,774 
Accounts payable4,665 6,626 
Accrued expenses and other2,968 3,091 
Income taxes payable8,683 11,489 
Operating lease liabilities, current portion1,798 1,273 
Finance lease liabilities, current portion322 237 
Total current liabilities24,509 26,490 
Term loan, net of current20,803 — 
Mortgages and notes payable, net of current26,610 25,943 
Operating lease liabilities, net of current8,837 4,173 
Finance lease liabilities, net of current538 461 
Other liabilities100 100 
Total liabilities81,397 57,167 
  
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 stock348 341 
Common stock subscribed but not issued2 39 
Additional paid-in capital151,052 142,365 
Accumulated deficit(84,569)(83,924)
Noncontrolling interests(1,564)(1,511)
Total stockholders’ equity65,269 57,310 
Total liabilities, mezzanine equity and stockholders’ equity$184,391 $152,202 


MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three months ended
March 31,
20232022
Revenue$34,380 $31,282 
Cost of revenue18,992 14,306 
Gross profit15,388 16,976 
   
Gross margin44.8 %54.3 %
Operating expenses:
Personnel4,656 3,042 
Marketing and promotion1,146 643 
General and administrative4,305 6,228 
Acquisition-related and other190 — 
Bad debt(44)14 
Total operating expenses10,253 9,927 
Income from operations5,135 7,049 
Interest and other (expense) income:
Interest expense(2,505)(313)
Interest income99 163 
Other (expense) income, net(900)1,002 
Total interest and other (expense) income(3,306)852 
Income before income taxes1,829 7,901 
Provision for income taxes2,493 3,660 
Net (loss) income(664)4,241 
Less: Net (loss) income attributable to noncontrolling interests(19)53 
Net (loss) income attributable to common stockholders$(645)$4,188 
Net (loss) earnings per share attributable to common stockholders:
Basic$(0.00)$0.01 
Diluted$(0.00)$0.01 
Weighted average common shares outstanding:  
Basic342,794 334,763 
Diluted342,794 378,890 


MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three months ended
March 31,
20232022
Cash flows from operating activities:
Net (loss) income attributable to common stockholders$(645)$4,188 
Net (loss) income attributable to noncontrolling interests(19)53 
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment986 702 
Amortization of intangible assets557 140 
Stock-based compensation208 2,471 
Amortization of original issue discount55 — 
Amortization of debt discount328 — 
Payment-in-kind interest118 — 
Present value adjustment of notes payable719 — 
Bad debt (income) expense(44)14 
Obligations settled with common stock1 274 
Write-off of disposed assets906 — 
Gain on finance lease adjustment(13)— 
Loss (gain) on changes in fair value of investments20 (48)
Other investment income— (954)
Changes in operating assets and liabilities:
Accounts receivable, net(132)(1,810)
Deferred rents receivable18 92 
Inventory(3,246)(2,470)
Other current assets639 (739)
Other assets19 — 
Accounts payable(1,961)3,212 
Accrued expenses and other(207)(227)
Income taxes payable(2,806)3,592 
Net cash (used in) provided by operating activities(4,499)8,490 
  
Cash flows from investing activities:
Purchases of property and equipment(3,052)(4,015)
Business acquisitions, net of cash acquired(2,995)— 
Advances toward future business acquisitions(300)(100)
Purchases of cannabis licenses(601)(305)
Proceeds from notes receivable43 43 
Due from related party(20)— 
Net cash used in investing activities(6,925)(4,377)
   
Cash flows from financing activities:
Proceeds from issuance of term loan29,100 — 


Three months ended
March 31,
20232022
Principal payments of mortgages and promissory notes(212)(176)
Repayment of promissory notes(5,503)— 
Proceeds from exercise of stock options— 3 
Principal payments of finance leases(69)(55)
Distributions(34)(101)
Net cash provided by (used in) financing activities23,282 (329)
  
Net increase in cash and cash equivalents11,858 3,784 
Cash and equivalents, beginning of year9,737 29,683 
Cash and cash equivalents, end of period$21,595 $33,467 


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

 Three months ended
March 31,
2023
 20232022
Non-GAAP Adjusted EBITDA
GAAP Income from operations$5,135 $7,049 
Depreciation and amortization of property and equipment986 702 
Amortization of acquired intangible assets557 140 
Stock-based compensation208 2,471 
Acquisition-related and other190 — 
Adjusted EBITDA$7,076 $10,362 
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Income (loss) from operations14.9 %22.5 %
Depreciation and amortization of property and equipment2.9 %2.2 %
Amortization of acquired intangible assets1.6 %0.4 %
Stock-based compensation0.6 %8.0 %
Acquisition-related and other0.6 %— %
Adjusted EBITDA margin20.6 %33.1 %

GAAP Gross margin44.8 %54.3 %
Amortization of acquired intangible assets0.8 %— %
Non-GAAP Gross margin45.6 %54.3 %


GAAP Net income (loss)$(664)$4,241 
Stock-based compensation208 2,471 
Amortization of acquired intangible assets557 140 
Acquisition-related and other190 — 
Non-GAAP Net income$291 $6,852 


MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
(unaudited)
Three months ended
March 31,
20232022
Product revenue:
Product revenue - retail23,183 21,441 
Product revenue - wholesale10,376 6,062 
Total product revenue33,559 27,503 
Other revenue821 3,779 
Total revenue$34,380 $31,282