Exhibit 99.1
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MariMed Reports Fourth Quarter
and Full Year 2024 Earnings

NORWOOD, MA, March 5, 2025 - 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 year ended December 31, 2024.

MariMed CEO Jon Levine commented, “We’re pleased to report record revenues and improved adjusted EBITDA for MariMed. I continue to believe we own one of the strongest portfolios of cannabis brands in the industry, which helped us drive annual wholesale revenue growth of 29 percent. Our brands continue to gain market share in all our core markets, with Betty’s Eddies™ fruit chews currently the top-selling edible in Massachusetts and Maryland. Looking ahead to 2025, we have a number of levers to fuel our growth, including: a full year of financial contribution after completing the build-out or expansion of 10 revenue-generating assets over the past two years; continued wholesale gains in Illinois, Missouri, and Maryland; the consolidation of Delaware’s First State Compassion Center into MariMed as the state prepares for adult-use sales; and accretive M&A activity that will support expanded market penetration for our brands in new and existing states.”

MariMed CFO Mario Pinho commented, ”MariMed continues to maintain one of the strongest balance sheets in the cannabis industry, and we are pleased to report that we successfully achieved our revised 2024 financial guidance for revenue growth and adjusted EBITDA. Looking ahead, we are well positioned to leverage our brands and talent to drive continued top-line growth and further enhance profitability in 2025. As we navigate the evolving industry landscape, we remain focused on executing our strategy of delivering the best brands to our customers and delivering long-term value to our shareholders.”




Financial Highlights1

The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):
Three months ended
December 31,
Year ended
December 31,
2024202320242023
(unaudited)(unaudited)(unaudited)(unaudited)
Revenue$39.0 $38.9 $158.0 $148.6 
GAAP Gross margin33 %45 %40 %44 %
Non-GAAP Gross margin43 %46 %43 %45 %
GAAP Net loss$(8.2)$(10.1)$(12.1)$(16.0)
Non-GAAP Net (loss) income$(3.0)$1.4 $(3.3)$(0.8)
Non-GAAP Adjusted EBITDA$5.9 $5.2 $19.6 $24.7 
Non-GAAP Adjusted EBITDA margin15 %14 %12 %17 %

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 Thursday, March 6, 2025 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: https://app.webinar.net/mdeoQ7DV1pr.

FOURTH QUARTER 2024 OPERATIONAL HIGHLIGHTS

During the fourth quarter, the Company announced the following developments in the implementation of its strategic growth plan:

•October 14: Commenced growing operations in its new cultivation facility in Mt. Vernon, Illinois. The new facility allows the Company to grow its award-winning, high-quality Nature's HeritageTM flower for distribution throughout the state. The Company expects the first harvest to be on shelves this month.
•October 30: Announced the commencement of manufacturing operations in Missouri. The Company began wholesale distribution of its branded products throughout the state in late December 2024.

OTHER DEVELOPMENTS

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

•March 3: The state of Delaware approved the Company as the owner of First State Compassion Center (“FSCC”), that state’s leading vertical cannabis operator. Prior to the consolidation of FSCC’s cultivation and processing facilities and two dispensaries into MariMed, the Company had been providing management services to FSCC since 2014.





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 Gross margin, Non-GAAP Net income (loss), Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, as supplements to Revenue, Gross margin, Net (loss) income 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 from operations, determined in accordance with GAAP, excluding the following items:

•depreciation of fixed assets;
•amortization of acquired intangible assets;
•Impairment or write-downs of 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., 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, which are trademarks of MariMed Inc. 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.

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

# # #


MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31,
20242023
Assets 
Current assets: 
Cash and cash equivalents
$7,282 $14,645 
Accounts receivable, net8,742 7,199 
Inventory33,488 25,306 
Deferred rents receivable556 630 
Notes receivable, current portion52 52 
Investments, current portion— 88 
Other current assets3,389 3,512 
      Total current assets53,509 51,432 
Property and equipment, net94,167 89,103 
Intangible assets, net18,639 17,012 
Goodwill15,812 11,993 
Investments, net of current portion— 221 
Notes receivable, net of current portion840 814 
Operating lease right-of-use assets8,730 9,716 
Finance lease right-of-use assets4,073 3,295 
Other assets11,219 12,537 
Total assets$206,989 $196,123 
   
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion$5,126 $723 
Accounts payable13,189 9,001 
Accrued expenses and other4,435 3,549 
Income taxes payable21,922 14,434 
Operating lease liabilities, current portion1,988 1,945 
Finance lease liabilities, current portion2,018 1,210 
      Total current liabilities48,678 30,862 
Mortgages and notes payable, net of current portion69,860 65,652 
Operating lease liabilities, net of current portion7,549 8,455 
Finance lease liabilities, net of current portion1,926 2,140 
Other liabilities100 100 
      Total liabilities128,113 107,209 
  
  Commitments and contingencies
  
  Mezzanine equity:  
Series B convertible preferred stock14,725 14,725 
Series C convertible preferred stock4,275 4,275 
       Total mezzanine equity19,000 19,000 
  
Stockholders’ equity:  
Common stock381 375 
Additional paid-in capital173,366 171,144 
Accumulated deficit(112,119)(99,955)
Noncontrolling interests(1,752)(1,650)
      Total stockholders’ equity59,876 69,914 
Total liabilities, mezzanine equity, and stockholders’ equity$206,989 $196,123 


MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three months ended
Year ended
December 31,
December 31,
2024202320242023
Revenue$39,002 $38,899 $157,964 $148,598 
Cost of revenue26,293 21,582 95,096 82,679 
  Gross profit12,709 17,317 62,868 65,919 
 
Gross margin32.6 %44.5 %39.8 %44.4 %
Operating expenses:
Personnel6,381 6,421 27,059 22,612 
Marketing and promotion1,218 1,580 6,664 5,977 
General and administrative6,574 6,612 25,618 22,132 
Acquisition-related and other146 48 951 695 
Bad debt(205)245 (336)118 
      Total operating expenses14,114 14,906 59,956 51,534 
(Loss) income from operations(1,405)2,411 2,912 14,385 
Interest and other (expense) income:
Interest expense(1,886)(1,558)(6,944)(9,185)
Interest income38 27 114 270 
Loss on extinguishment of debt— (10,431)— (10,431)
Other expense, net— (79)(50)(1,635)
      Total interest and other expense, net(1,848)(12,041)(6,880)(20,981)
Loss before income taxes(3,253)(9,630)(3,968)(6,596)
Provision for income taxes4,948 509 8,159 9,411 
Net loss(8,201)(10,139)(12,127)(16,007)
Less: Net income attributable to noncontrolling interests3 30 37 24 
Net loss attributable to common stockholders$(8,204)$(10,169)$(12,164)$(16,031)
Net loss per share attributable to common stockholders:
Basic$(0.02)$(0.03)$(0.03)$(0.04)
Diluted$(0.02)$(0.03)$(0.03)$(0.04)
Weighted average common shares outstanding:
Basic381,249 376,006 379,153 363,403 
Diluted381,249 376,006 379,153 363,403 


MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Year ended
December 31,
20242023
Cash flows from operating activities:
Net loss attributable to common stockholders$(12,164)$(16,031)
Net income attributable to noncontrolling interests37 24 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of property and equipment7,910 5,549 
Amortization of intangible assets2,948 3,025 
Stock-based compensation1,050 1,020 
Amortization of warrants issued as payment for services received218 — 
Amortization of original debt issuance discount— 232 
Amortization of debt discount358 2,851 
Amortization of debt issuance costs73 — 
Payment-in-kind interest104 366 
Bad debt (income) expense(336)118 
Obligations settled with common stock10 465 
Loss on disposal of assets13 906 
Gain on finance lease adjustment— (31)
Writedown of prepaid purchase consideration— 200 
Loss on extinguishment of debt— 10,431 
Loss on changes in fair value of investments145 76 
   Changes in operating assets and liabilities:
  Accounts receivable, net(1,207)(3,160)
  Inventory(8,182)(5,829)
  Deferred rents receivable74 74 
  Other current assets883 4,500 
  Other assets1,421 (356)
  Accounts payable4,188 2,375 
  Accrued expenses and other1,754 (1,840)
  Income taxes payable7,488 2,945 
        Net cash provided by operating activities6,785 7,910 


Year ended
December 31,
20242023
  
Cash flows from investing activities:
  Purchases of property and equipment(11,960)(20,130)
  Business acquisitions, net of cash acquired(4,250)(2,987)
  Advances toward future business acquisitions(100)(1,125)
  Purchases of investments— (261)
  Purchases and renewals of cannabis licenses(712)(626)
  Issuance of notes receivable— (879)
  Proceeds from notes receivable50 99 
  Return on investment44 — 
  Proceeds from disposal of assets22 — 
  Due from third party(227)(76)
Net cash used in investing activities(17,133)(25,985)
   
Cash flows from financing activities:
  Proceeds from term loan— 29,100 
  Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan5,077 53,618 
  Proceeds from mortgages1,163 — 
  Payment of third-party debt issuance costs in connection with debt— (3,339)
  Principal payments of term loan— (1,800)
  Repayment and retirement of term loan, including paid-in-kind interest— (28,541)
  Payment of penalties on early retirement of debt— (4,251)
  Principal payments of mortgages(382)(585)
  Repayment and retirement of mortgages— (12,595)
  Principal payments of promissory notes(1,177)(2,370)
  Repayment and retirement of promissory notes— (5,503)
  Proceeds from exercise of stock options— 109 
  Principal payments of finance leases(1,557)(702)
  Distributions(139)(158)
        Net cash provided by financing activities2,985 22,983 
  
Net (decrease) increase to cash and cash equivalents(7,363)4,908 
Cash and cash equivalents at beginning of year14,645 9,737 
Cash and cash equivalents at end of year$7,282 $14,645 


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

 Three months ended
Year ended
December 31,
December 31,
 2024202320242023
Non-GAAP Adjusted EBITDA
GAAP (Loss) income from operations$(1,405)$2,411 $2,912 $14,385 
Depreciation and amortization of property and equipment2,161 1,711 7,910 5,549 
Amortization of acquired intangible assets883 844 2,948 3,025 
Inventory revaluation3,667 — 3,667 — 
Stock-based compensation278 219 1,050 1,020 
Severance211 — 211 — 
Acquisition-related and other146 48 951 695 
Adjusted EBITDA$5,941 $5,233 $19,649 $24,674 
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP (Loss) Income from operations(3.6 %)6.2 %1.8 %9.7 %
Depreciation and amortization of property and equipment5.5 %4.4 %5.0 %3.7 %
Amortization of acquired intangible assets2.3 %2.2 %1.9 %2.0 %
Inventory revaluation9.4 %— %2.3 %— %
Stock-based compensation0.7 %0.6 %0.7 %0.7 %
Severance0.5 %— %0.1 %— %
Acquisition-related and other0.4 %0.1 %0.6 %0.5 %
Adjusted EBITDA margin15.2 %13.5 %12.4 %16.6 %
GAAP Gross margin32.6 %44.5 %39.8 %44.4 %
Inventory revaluation9.4 %— %2.3 %— %
Amortization of acquired intangible assets1.3 %1.1 %1.0 %1.0 %
Non-GAAP Gross margin43.3 %45.6 %43.1 %45.4 %

GAAP Net loss$(8,201)$(10,139)$(12,127)$(16,007)
Inventory revaluation3,667 — 3,667 — 
Stock-based compensation278 219 1,050 1,020 
Amortization of acquired intangible assets883 844 2,948 3,025 
Severance211 — 211 — 
Acquisition-related and other146 48 951 695 
Loss on extinguishment of debt— 10,431 — 10,431 
Non-GAAP Net (loss) income$(3,016)$1,403 $(3,300)$(836)


MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
(unaudited)
Three months endedYear ended
December 31,December 31,
2024202320242023
Product revenue:
  Product revenue - retail22,177 23,877 91,530 95,517 
  Product revenue - wholesale16,212 13,738 62,895 48,788 
    Total product revenue38,389 37,615 154,425 144,305 
Other revenue613 1,284 3,539 4,293 
        Total revenue$39,002 $38,899 $157,964 $148,598