MariMed Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $39.6 million, a decrease of 2% from $40.4 million in the same period last year. For the first half of 2025, revenue totaled $77.6 million, down from $78.4 million in the prior year. The decline in revenue was attributed to a 5% drop in retail product sales, which fell to $22.4 million, while wholesale sales increased by 8% to $17.1 million. The company also noted a significant reduction in other revenue, primarily due to the cessation of management fees and rental income following the acquisition of First State Compassion Center (FSC) in March 2025.
The company's gross profit for the second quarter was $16.0 million, down from $16.9 million a year earlier, resulting in a gross margin of 40.5%, compared to 41.8% in the prior year. Operating expenses decreased to $14.9 million from $15.9 million, driven by lower marketing and promotion costs, although personnel expenses rose due to increased headcount related to recent acquisitions. MariMed reported a net loss of $1.3 million for the quarter, an improvement from a loss of $1.6 million in the same quarter of 2024.
In terms of strategic developments, MariMed completed the acquisition of FSC, which is expected to enhance its market presence in Delaware. The company also finalized the acquisitions of Allgreens and MedLeaf in 2024, expanding its footprint in Illinois and Maryland, respectively. The FSC acquisition contributed $2.3 million in revenue and $1.4 million in net loss for the periods since the acquisition date. The company continues to focus on increasing its product brand revenue and expanding its retail store revenue through enhanced customer experiences and new product launches.
Operationally, MariMed's total assets decreased to $204.4 million as of June 30, 2025, from $207.0 million at the end of 2024. The company reported a cash balance of $6.1 million, down from $7.3 million at the end of the previous year. The total liabilities increased to $131.2 million, reflecting higher accounts payable and accrued expenses. The company’s employee headcount has also grown, reflecting its expansion efforts and acquisitions.
Looking ahead, MariMed anticipates continued growth through strategic acquisitions and product development. The company is focused on enhancing its operational efficiencies and expanding its market share in the cannabis industry. However, it remains cautious of potential risks, including regulatory changes and market conditions that could impact demand for its products. The management expressed optimism about future performance, supported by its recent acquisitions and ongoing efforts to strengthen its brand and distribution capabilities.
About MARIMED INC.
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