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November 15 , 2021 MariMed MariMed Reports Third Quarter 2021 Earnings Revenue of $ 33.2 million , a 147 % Increase Year Over Year Adjusted EBITDA of $ 12.9 million , a 213 % Increase Year Over Year * Inc. NORWOOD , Mass . , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) MariMed , Inc. ( OTCQX : MRMD ) ( " MariMed " or the " Company " ) , a leading multi - state cannabis operator focused on improving lives every day , today announced its financial and operating results for the quarter ended September 30 , 2021 . Q3 2021 FINANCIAL HIGHLIGHTS • Revenue of $ 33.2 million , an increase of 147 % from the third quarter of 2020 . • Gross profit of $ 18.2 million , an increase of 109 % from the third quarter of 2020 . • Adjusted EBITDA * of $ 12.9 million , a 213 % increase from the third quarter of 2020 . Net income of $ 2.1 million , a 25 % increase from the third quarter of 2020 . Working capital at the end of the quarter of $ 27.3 million compared to a working capital deficit of $ 2.2 million at the end of 2020 . • $ 10.7 million of cash flow from operations for the quarter and a total of $ 28.2 million of cash flow from operations year to date . • The Company is maintaining full year 2021 financial guidance of $ 118 million in revenue and $ 42 million in Adjusted EBITDA . " We are extremely pleased with our continued improving financial performance during the third quarter despite an industry - wide slowdown , " said Bob Fireman , President and Chief Executive Officer of MariMed . " We continue to report some of the strongest revenue and EBITDA growth in the industry . This is a result of our financial discipline and our operational excellence at cultivation , production , and at retail . With a strong balance sheet , another quarter of robust operating cash flow , and a strong cash balance , MariMed is poised for continued success . Our strategic growth plan is working , and I am confident we will continue to generate long term value for our shareholders . " Adjusted EBITDA is a non - GAAP measure explained in the section below entitled Non GAAP Financial Measures , which includes a table showing the adjustments to the Company's net income that results in Adjusted EBITDA . Q3 2021 OPERATIONAL HIGHLIGHTS The continued strong financial performance in the third quarter of 2021 was driven by : • Revenue from Company owned retail dispensary operations in Illinois and