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Interview with CFO Mario Pinho

MariMed, a leading multi-state cannabis operator, continues to execute its strategic growth plan, reporting another quarter of revenue increases—both sequentially and year-over-year. To further drive this financial success, we’re excited to welcome Mario Pinho as our new Chief Financial Officer (CFO).

With 25 years of global finance experience as a CPA, Mario joins us after holding leadership roles at prestigious organizations like Rakuten USA, American Express, and KPMG LLP. His expertise spans financial planning and analysis (FP&A), accounting, mergers and acquisitions (M&A), and large-scale system implementations.

We recently sat down with Mario to hear his thoughts on joining MariMed, his perspective on the cannabis industry, and why this new role excites him.

What drew you to the cannabis industry and MariMed specifically? “I’ve spent my career in fast-paced, high-tech environments and was looking for a new challenge when MariMed came into the picture. The cannabis industry is exciting and full of growth potential, despite the regulatory hurdles. I’m drawn to opportunities that offer both challenge and growth, and MariMed stood out.

The company consistently delivers strong financial results, and I believe their heavy investments in long-term growth will pay off in the coming years. On top of that, MariMed has one of the strongest brand portfolios in the industry, even outperforming the biggest names in the market.”

Do you have a favorite MariMed product? “I’m a fan of Bedtime Betty’s Eddies—they help me unwind in the evening and get a great night’s sleep. I also enjoy our Vibations drink mix before a workout; it helps me focus and gives me an extra boost of energy.”

Where are you from, and what do you enjoy doing in your free time? “I’m originally from Toronto, Canada, but I’ve lived in the U.S. for many years. I love spending time outdoors, staying active with exercise, and enjoying quality time with friends and family.”

What are your goals at MariMed? “In the short term, my focus is on getting to know the team and identifying areas where I can offer support to improve their roles and enhance overall efficiency. Long-term, I bring a wealth of experience in capital raising and mergers & acquisitions from my time in big tech, which I believe will bring an extra level of discipline to the company. One of our key initiatives is to work on getting MariMed SOX compliant over the next couple of years—no small task, but critical for our continued success."

Market Spotlight

MariMed continues to grow its vertically integrated seed-to-sale operation in Massachusetts. In early July, the company was approved to begin adult-use sales at its Panacea Wellness Quincy dispensary.

This continues MariMed’s success in Massachusetts, where its growth is consistently outpacing the industry as a whole. The company's wholesale business has reported its seventh consecutive quarter of year-over-year growth, steadily gaining market share. MariMed's products now reach 270 of the 350 dispensaries throughout the state, showcasing its extensive distribution network. The strength of MariMed's branded edible products is evident in its increased unit and dollar sales. In the second quarter, retail sales surged by 19%, far exceeding the industry average of just 3%.

MariMed's branded edibles have also been established as market leaders in their respective categories. Notably, Betty's has secured the top position as the #1 edible in Massachusetts, while Bubby's dominates as the #1 baked good brand.

Product Spotlight

InHouse is perhaps the unsung hero of MariMed’s product portfolio. It was launched in late 2021 to meet market demand for value-priced products and includes flower, concentrates and gummies. InHouse products are available throughout Massachusetts, Maryland, Illinois, and Delaware. The InHouse brand is already MariMed’s second largest brand in terms of net sales generated for the company.

Marketing Update

The marketing team continues to implement strategic and creative initiatives to raise visibility and drive product trials that turn into brand loyalty. For example:

MariMed believes the key to driving sales growth in both wholesale and retail channels is having excellent brands with consistent innovation around existing and potentially new products.

That approach has paid off with MariMed’s Betty’s Eddies fruit chews, the #1 edible brand in Massachusetts. Bubby’s Baked is the #1 baked goods brand in Maryland, while Vibations is the #2 beverage brand in the state.

The company’s award-winning edibles, together with Nature’s Heritage flower, have MariMed on the podium as market leader in two of the larger cannabis markets in the country – Massachusetts and Maryland. And it now has Illinois in its crosshairs.

Investor Relations Update

Video Interviews:

• Jon Levine, CEO and Mario Pinho, CFO conducted an interview with The Dales Report podcast to discuss MariMed’s second quarter earnings and introduce Mario as the company’s new CFO.

• Jon Levine, CEO conducted a fireside chat cannabis analyst, Pablo Zuanic on MariMed’s second quarter earnings and the company’s future growth prospects in across its footprint.

Calendar: MariMed is tentatively planning to issue its Q324 earnings release on November 6th after the markets close, and host an analyst call to discuss the results on November 7th at 8:00 am EST.

To stay up to date on MariMed, sign up for MariMed Email Alerts, or visit us at MariMedInc.com, X (twitter.com), or LinkedIn for more details. For questions, please contact Steve West, Vice President, Investor Relations at [email protected].