MariMed Inc., a U.S. cannabis operator, released its first-quarter financial results on May 14, highlighting substantial progress in its expansion into several new markets. During the earnings conference call, management indicated that licensing partners in Pennsylvania and New York are expected to begin generating revenue early next year. Additionally, a new retail location in the Columbus, Ohio area is projected to open by the end of this year.
The company reported first-quarter revenue of $39.5 million, a 4% increase year-over-year, slightly surpassing market expectations of $38.75 million. Non-GAAP adjusted EBITDA rose to $3.6 million, up 44%, with the margin improving from 7% to 9%. The GAAP net loss narrowed to $3.8 million, compared to $5.5 million in the same period last year.
In Pennsylvania, the licensing partner is awaiting state approval for products and packaging, with management expressing confidence in the brand's revenue potential in the state. In New York, construction has commenced on a processing kitchen in the Bronx, with licensing revenue anticipated to start early next year.
The company is utilizing its second retail license in Ohio to open a new Thrive store in the Columbus area, which is expected to be operational by the end of 2026.
The company's core brands demonstrated strong performance, with Betty's Eddies maintaining its position as the top-selling edible product in Illinois, Massachusetts, Maryland, and Delaware. MariMed continues to advance its "brand expansion" strategy, maintaining operational discipline in a competitive market environment.
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