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MariMed CEO Jon Levine on Q2 Results & Growth Strategy

By Shadd Dales On Aug 11, 2025

MariMed just delivered another quarter of positive cash flow, strong Adjusted EBITDA margins, and strategic market moves — and we’re sitting down with the CEO to unpack it all. Cannabis operator MariMed (OTCQX: MRMD) reported strong second-quarter 2024 results, delivering positive cash flow and sequential growth in both wholesale and retail operations. CEO John Levine joined the Trade To Black podcast to discuss the company’s performance, brand strategy, and growth plans.

From expansion into new states to product innovation and potential M&A, this is a deep dive into one of the most disciplined operators in US cannabis. In this interview, Shadd Dales and Anthony Varrell speak with Jon Levine about:

What drove MariMed’s sequential growth and profitability in Q2, with revenue hitting $39.6M and cash flow staying positive.
How the company is sustaining 12% Adjusted EBITDA margins — and whether those levels are achievable going forward.
Performance of the “Expand the Brand” strategy in core markets like Illinois, Massachusetts, and Maryland.
The vision for MycroDose by Nature’s Heritage, and the future of cannabis–mushroom product blends.
The strategic role Pennsylvania plays in MariMed’s expansion plans as adult-use legalization moves closer.
Expectations for Delaware as the state comes online for adult use.
Missouri’s underperformance and whether that could lead to an exit or a new in-market strategy.
Whether MariMed is actively pursuing M&A or licensing opportunities heading into 2026. Jon offers candid insights on navigating a challenging cannabis market, making disciplined expansion decisions, and staying profitable while others struggle.

For Q2, MariMed generated $39.6 million in total revenue, attributing the performance to strong execution in Massachusetts, a full quarter of contribution from Delaware, and disciplined expense management. Adjusted EBITDA came in at $4.9 million, representing a 12% margin, up from 11% a year ago. Levine credited margin improvement to operational efficiencies implemented in Q1 and expanding wholesale relationships in Illinois, Delaware, Massachusetts, and Maryland.

If you want to understand how a multi-state operator can grow while keeping margins intact — this conversation about MariMed (OTCQX: MRMD) is worth your time.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.