MRMDOTCMedicinal Chemicals & Botanical ProductsUS GAAP · USD

Marimed Inc.

MariMed Inc. is a U.S.-based multi-state cannabis operator that develops, owns, and manages licensed cultivation, production, and dispensary operations for medicinal and adult-use cannabis. The company also builds consumer brands and licenses those brands in select domestic markets, combining retail, wholesale, and managed-services revenue streams.

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Revenue160m USD
+1.3 %y/y
Operating profit (EBIT)-2.8m USD
−208.1 %y/y
EBIT margin-1.8%
−3.4 ppy/y
Net income-14.5m USD
−19.1 %y/y
Free cash flow6.5m USD
+226.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150200m USD2020: 51 m USD2020: EBIT 15 m USD20202021: 121 m USD2021: EBIT 27 m USD20212022: 134 m USD2022: EBIT 20 m USD20222023: 149 m USD2023: EBIT 14 m USD20232024: 158 m USD2024: EBIT 2.6 m USD20242025: 160 m USD2025: EBIT -2.8 m USD2025160-2.8
RevenueOperating profit (EBIT)

Business

Share of revenue
Retail cannabis sales45 %

Direct sales of cannabis and cannabis-infused products through company dispensaries.

Wholesale branded products35 %

Sales of MariMed-owned brands to third-party dispensaries and wholesalers.

Managed services and licensing10 %

Management fees, licensing fees, and operational support for cannabis license holders.

Real estate and procurement services10 %

Rental income and supply procurement fees tied to cannabis facilities and clients.

Products

Reported · share of revenue
55.7%43.5%FY2025100 %
  • Product Sales55.7 %
  • Product Sales Wholesale43.5 %
  • Other0.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

MariMed sells primarily to cannabis consumers through its retail dispensaries and to wholesale buyers such as regulated dispensaries and other licensed operators. It also serves cannabis license holders and facility owners that use its management, procurement, rental, and brand-licensing services. Demand is driven by state-regulated access to cannabis products, brand recognition, product quality, and convenience at retail.

Retail dispensary consumers

Patients and adult-use customers buying cannabis flower, edibles, concentrates, and other products at MariMed stores.

Wholesale dispensaries and distributors

Licensed retailers and wholesalers purchasing MariMed brands such as Betty's Eddies for resale.

Managed cannabis operators

Licensed operators that pay for day-to-day management, compliance, and operational oversight.

Real estate and facility clients

Cannabis-licensed clients leasing property or using MariMed-managed facilities and services.

Strategy

MariMed is focused on growing branded product revenue by improving cultivation, processing, innovation, and distribution across existing and new markets. It is also expanding retail revenue through better store execution, higher transaction counts, and selective dispensary growth via licenses and acquisitions. The company is using its retail footprint and wholesale relationships together to strengthen brand awareness and market share.

Expand branded product revenueMedium term

Branded products can scale across retail and wholesale channels and improve market share.

Increase retail store revenueShort term

Company-owned stores provide direct consumer access, higher transaction frequency, and brand feedback.

Use managed services and licensing to extend reachMedium term

These arrangements let MariMed monetize its operating expertise without relying only on owned stores.

Geography

MariMed operates in multiple U.S. states and is headquartered in Norwood, Massachusetts. Its footprint expanded through acquisitions in Delaware, Illinois, and Maryland, and it also manages a cultivation facility in Pennsylvania under a services agreement. Because cannabis is regulated at the state level, each operating state has its own licensing, compliance, and market-access profile.

Risks

MariMed operates in an industry where cannabis remains illegal under U.S. federal law, so state-by-state licensing and compliance are central to the business model. Growth also depends on acquisitions, integration, and maintaining low-cost, reliable production, while retail and wholesale demand can shift quickly if competitors offer better or cheaper products. The company also faces listing, cybersecurity, credit, and impairment risks that can affect liquidity, operations, and reported earnings.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Federal illegality of cannabis in the United States1State licensing and regulatory compliance2Competitive pricing and product substitution3Acquisition and integration risk4Cybersecurity and data breach risk5OTCQX listing compliance6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Federal illegality of cannabis in the United StatesImpact: CriticalLikelihood: Medium

    The company operates under state law while cannabis remains a Schedule I substance federally, creating legal and regulatory uncertainty.

    ExposureAll cultivationProductionRetailWholesale operations
  2. State licensing and regulatory complianceImpact: HighLikelihood: Medium

    Each market requires state and local approvals, and noncompliance could suspend or limit operations.

    ExposureMulti-state cultivationDispensariesManaged facilities
  3. Competitive pricing and product substitutionImpact: HighLikelihood: Medium

    Competitors may offer more effective, easier-to-buy, or cheaper products, reducing MariMed sales and margins.

    Exposure: Retail and wholesale branded products

  4. Acquisition and integration riskImpact: MediumLikelihood: Low

    Growth has relied on acquisitions, which can bring contingent liabilities, debt, and goodwill impairment risk.

    Exposure: Recent dispensary and operator acquisitions

  5. Cybersecurity and data breach riskImpact: MediumLikelihood: Low

    Operational systems and confidential data could be disrupted or compromised by cyber incidents.

    ExposureIT systemsCustomer dataOperational technology
  6. OTCQX listing complianceImpact: MediumLikelihood: Low

    Failure to meet continued listing standards could reduce liquidity and market value of the stock.

    Exposure: Public equity trading access

Accounting

Judgemental items
Revenue recognition by stream

Product sales are recognized at delivery or point of sale, while rentals, management fees, and licensing may follow different contract terms.

Impact: Affects timing and comparability of revenue across quarters

Inventory valuation

Cannabis inventory, packaging, and inputs require estimates for obsolescence, shrink, and realizable value.

Impact: Can affect gross margin and write-downs

Business combinations and goodwill

Recent acquisitions require purchase accounting and may create goodwill or intangible assets subject to impairment.

Impact: Can create non-cash charges that reduce earnings

Accounts receivable reserves

The company provides credit terms to clients and must estimate collectability.

Impact: Can affect operating income and cash conversion

Stock-based compensation and tax estimates

These estimates can be volatile for a growth-oriented, acquisition-active cannabis operator.

Impact: Can materially change reported net income

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Last updated: 24/09/2026