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MariMed Inc (MRMD)
OTHER OTC:MRMD
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MariMed
(OTC:MRMD)
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Rating:46Neutral
Price Target:
$0.08
▼(-3.75% Downside)
Action:ReiteratedDate:03/12/26
The score is held down primarily by weakened fundamentals (margin compression, renewed operating losses, and sharply higher leverage from equity erosion). Technicals also remain bearish with price below key moving averages and negative MACD. Partially offsetting these are improving cash generation, management’s cautiously constructive outlook on wholesale/Delaware growth, and the financing restructuring that eased near-term balance-sheet pressure.
Positive Factors
Market penetration & brand leadership
High distribution penetration (~85% of dispensaries) and category-leading brands create durable shelf presence and customer recognition across core states. Strong placement reduces customer acquisition costs, supports wholesale scale, and helps defend pricing and share even amid pricing pressure.
Wholesale channel diversification
Growing wholesale mix and geographic expansion (notably Illinois and Delaware) diversify revenue beyond retail, enabling higher-volume, asset-light growth and broader brand distribution. This reduces reliance on single-market retail volatility and supports margin recovery via scale and internalized brands.
Improved cash generation & EBITDA consistency
Positive free cash flow in 2025 combined with a multi-year streak of positive adjusted EBITDA demonstrates improving cash conversion and operational resilience. Sustainable cash generation supports reinvestment, debt servicing, and strategic flexibility versus peers with persistent negative cash flow.
Negative Factors
Elevated leverage & equity erosion
Sharp rise in leverage and a diminished equity base materially constrain financial flexibility and increase solvency risk. High leverage magnifies downside from continued losses, limits ability to fund capital projects organically, and raises refinancing and covenant exposure over the medium term.
Margin compression and sustained losses
Steady gross margin erosion and a return to operating losses indicate structural pricing pressure in mature markets. Persistent margin compression undermines profitability even as revenue scales, making it harder to convert sales into sustainable net income absent product mix or cost-structure improvements.
Capital-structure dilution & new senior claims
The preferred-stock restructuring eases near-term cash need but introduced senior liquidation/dividend rights, promissory notes, and potential dilution. These changes increase future cash outflow commitments and subordinate common equity, constraining returns to shareholders and complicating long-term capital planning.
MariMed (MRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.85M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth-0.34%
EPS Growth-24.00%
CountryUS
Employees715
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)<0.01
Shares Outstanding397,882,750
10 Day Avg. Volume1,629,378
30 Day Avg. Volume1,398,937
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)2.33
Price to Sales (P/S)0.21
P/FCF Ratio5.25
Enterprise Value/Market Cap3.92
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit2.09
Enterprise Value/Ebitda13.19
Forecast
1Y Price Target
$0.25Price Target Upside212.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$166.30M
MariMed Business Overview & Revenue Model
Company DescriptionMariMed Inc. engages in cultivation, production, and dispensing of medicinal and recreational cannabis in the United States and internationally. The company offers cannabis genetics produce flowers and concentrates under the Nature's Heritage brand; cannabis-infused products in the form of chewable tablets and powder drink mixes under the brand Kalm Fusion; natural fruit chews under the Betty's Eddies brand; brownies, cookies, and other social sweets under the Bubby's Baked brand; and cannabidiol formulations under the Florance brand. It also licenses its brands and product formulations, as well as leases cannabis facilities. MariMed Inc. was incorporated in 2011 and is based in Norwood, Massachusetts.
How the Company Makes MoneyMariMed primarily makes money through cannabis-related sales in states where adult-use and/or medical cannabis is legal. Key revenue streams include: (1) Wholesale/production revenue: MariMed cultivates cannabis and manufactures branded products, then sells them into the market (including to third-party dispensaries and, where applicable, to its own retail locations). This includes sales of cannabis flower and processed products such as concentrates and infused products. (2) Retail dispensary revenue: MariMed also operates dispensaries that sell cannabis products directly to consumers; revenue is generated from in-store and/or omnichannel retail sales of MariMed’s own brands and other third-party brands carried in its stores. (3) Brand-driven product sales: A portion of sales is tied to the company’s branded portfolio, where product development, brand marketing, and distribution relationships support volume and pricing. Material partnerships or other significant contributing factors: null.
MariMed Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously optimistic tone: MariMed reported continued brand and wholesale momentum (category leadership, expanded penetration, wholesale growth, Delaware AU traction), maintained positive adjusted EBITDA streak, and executed balance sheet actions to improve flexibility. However, the company is facing notable margin and retail headwinds in mature markets (notably Illinois and Massachusetts), experienced declines in EBITDA and operating income YoY, and has limited near‑term cash reserves. Management emphasized disciplined cost control, asset‑light licensing expansion, and selective M&A, while acknowledging timing risk for new market contributions.Q4-2025 Updates
Positive Updates
Full‑Year Revenue and Reported Growth
Reported full‑year revenue of approximately $159.8–$160.0 million for FY2025, with management describing modest year‑over‑year growth (Jon referenced ~1% YoY while the CFO noted ~7% YoY); Q4 revenue was $41.7 million with 1.3% sequential growth in the quarter.
Positive Adjusted EBITDA Streak
Sixth consecutive year of positive adjusted EBITDA. FY2025 non‑GAAP EBITDA was $16.9 million representing a 10.5% EBITDA margin.
Wholesale Channel Expansion
Aggregate wholesale revenue grew 11% in 2025 and now represents 44% of total revenue (up from 40% in 2024). Wholesale momentum included strong entries into new markets (e.g., Illinois, Delaware).
Retail Momentum and Loyalty Program
Retail sequential growth of 4% in Q4 2025 (versus a 5% decline in the comparable prior quarter), transactions increased 4% sequentially and 8% YoY. Thrive loyalty membership grew 7% sequentially and 31% YoY; company launched a Thrive retail app to drive personalized communications and lower costs.
Market Share Leadership in Key Categories and Delaware AU Launch
Brands showed category leadership: Betty's Eddies was #1 edible in available markets; Vibations ranked #4 in RTD beverage mix. Following Delaware adult‑use launch, wholesale revenue in Delaware rose 37% sequentially and management reports #1 overall market share in the state across multiple brands and categories; retail sales across the two Delaware stores increased ~1.25x post adult‑use transition.
Rapid Scale in Illinois Wholesale
In Illinois (distribution started two years prior), wholesale revenue increased 39% YoY and company expanded into 27 additional dispensaries, finishing the year with ~82% penetration in that state.
High Penetration Across Core Markets
Company sold into ~85% of retail stores across its markets (penetration up ~200 basis points). Massachusetts penetration reached ~83% of dispensaries (a 4% increase vs 2024); Maryland penetration nearly 100% (108/109 dispensaries).
Expense Discipline and Liquidity Actions
Total operating expenses increased only ~0.7% YoY, reflecting disciplined SG&A. Completed restructuring of preferred shares to extend maturities and improve flexibility. Cash and cash equivalents increased to $8.9 million from $7.3 million at FY2024 close; no material debt maturities near term.
Negative Updates
Profitability Pressure and Declines
FY2025 non‑GAAP EBITDA declined ~12.8% YoY, reflecting lower gross profit and one‑time impacts; operating income fell to $8.8 million from $11.4 million in 2024. Q4 operating income was $2.4 million, down $667,000 sequentially.
Gross Margin Compression
Non‑GAAP gross margin declined modestly to ~40% in the quarter as pricing pressure in mature markets reduced unit economics despite operational efficiencies.
Retail Challenges in Illinois and Pricing Pressure in Core Markets
Illinois retail revenue decreased 26% YoY and retail sales in Illinois were down materially despite strong wholesale gains; management expects continued price compression in Illinois in 2026. Massachusetts faced sustained pricing pressure leading to declines in average order value, even with flat retail revenue and higher transactions.
Missouri Negative Contribution and Exit
Missouri operations produced a negative contribution prior to the company’s exit in October 2025, which materially weighed on FY profitability.
Sequential Wholesale Softness in Q4
Wholesale revenue in Q4 was $17.6 million compared to $18.0 million in the prior quarter, reflecting some sequential softness and ongoing pricing pressure in mature markets.
Limited Near‑Term Cash Cushion
Cash on hand was $8.9 million at year end — an improvement versus $7.3 million — but still modest relative to industry volatility; refinancing actions increase interest expense by roughly $800,000 annually.
Timing Risk for New Market Contributions
New market initiatives (Pennsylvania, New York) are in early stages: NY processing buildout under construction with revenue unlikely until late 2026 or early 2027; Pennsylvania licensing/approval timing is uncertain and may not contribute meaningfully in 2026.
Company Guidance
Management said 2026 will be driven by continued wholesale penetration, full‑year contributions from Delaware’s adult‑use transition and revenue from a new Ohio dispensary (Columbus expected to open this year), while accelerating Thrive loyalty growth and internalizing MariMed brands to expand margins; they noted last year’s results of roughly $160M in revenue (Q4 $41.7M), wholesale representing 44% of revenue (up from 40%) with aggregate wholesale +11% in 2025, retail Q4 $23.4M and wholesale Q4 $17.6M, national penetration at ~85% of dispensaries (MA 83%, MD 108/109 dispensaries, IL 82%), loyalty membership +7% sequential / +31% YoY, transactions +4% sequential / +8% YoY, FY non‑GAAP EBITDA $16.9M (10.5% margin, down 12.8% YoY), non‑GAAP gross margin ~40%, operating income $8.8M vs $11.4M in 2024, FY operating expenses $56.9M (+0.7% YoY), cash $8.9M (up from $7.3M), no material near‑term debt maturities after preferred‑share restructuring, and an expected ~ $800k annual increase in interest expense from the refinancing; timing for Pennsylvania (adult sales) and New York revenue is more uncertain (PA likely 1–2 years; NY processing kitchen on schedule, revenue expected late 2026/early 2027).MariMed Financial Statement Overview
Summary
Revenue has expanded materially over multiple years, and 2025 free cash flow turned positive. However, profitability deteriorated with sustained net losses, margin compression, and a significantly more strained capital structure as equity declined and leverage rose sharply.Income Statement
Revenue has grown meaningfully over time (from ~$51M in 2020 to ~$160M in 2025), but profitability has deteriorated. Gross margin has compressed steadily (about 62% in 2020 to ~36% in 2025), and the company has been consistently unprofitable at the bottom line since 2023, with net losses widening again in 2025. Operating performance also weakened, moving from positive operating profit in 2022–2024 to operating losses in 2025.44
Neutral
Balance Sheet
Leverage and equity erosion are the key concerns. Debt relative to equity increased sharply, rising from ~1.1–1.4x in 2023–2024 to ~5.8x in 2025 as equity fell to ~$14.7M. Returns on equity are deeply negative in the last three years (and nearly -100% in 2025), signaling that losses are consuming the capital base. While total assets are sizable (~$203M in 2025), the capital structure looks increasingly strained.28
Negative
Cash Flow
Cash generation is a relative bright spot recently: operating cash flow remained positive across 2022–2025, and free cash flow turned positive in 2025 (~$6.5M) after being negative in 2022–2024. However, cash flow quality vs. earnings is mixed—2025 free cash flow covered a large portion of the net loss, but operating cash flow relative to net income has generally been weak in the last several years (well below 1x), suggesting earnings and cash conversion are not consistently aligned.53
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 159.83M | 157.96M | 148.60M | 134.01M | 121.46M |
| Gross Profit | 57.88M | 62.87M | 65.92M | 63.96M | 66.26M |
| EBITDA | 9.18M | 13.83M | 11.16M | 25.91M | 28.96M |
| Net Income | -14.48M | -12.16M | -16.03M | 13.47M | 7.22M |
Balance Sheet | |||||
| Total Assets | 202.56M | 206.99M | 196.12M | 152.20M | 123.20M |
| Cash, Cash Equivalents and Short-Term Investments | 8.88M | 7.28M | 14.73M | 9.86M | 29.93M |
| Total Debt | 100.09M | 88.47M | 80.13M | 37.37M | 24.37M |
| Total Liabilities | 137.83M | 147.11M | 126.21M | 94.89M | 86.91M |
| Stockholders Equity | 14.72M | 61.63M | 71.56M | 58.82M | 37.86M |
Cash Flow | |||||
| Free Cash Flow | 6.53M | -5.89M | -12.85M | -5.43M | 17.29M |
| Operating Cash Flow | 7.70M | 6.79M | 7.91M | 7.31M | 35.85M |
| Investing Cash Flow | -1.38M | -17.13M | -25.98M | -26.24M | -16.62M |
| Financing Cash Flow | -4.71M | 2.98M | 22.98M | -1.01M | 7.45M |
MariMed Technical Analysis
Negative
0.08
Price Trends
0.09
Negative
0.09
Negative
0.10
Negative
Market Momentum
>-0.01
Negative
40.81
Neutral
47.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRMD, the sentiment is Negative. The current price of 0.08 is below the 20-day moving average (MA) of 0.08, below the 50-day MA of 0.09, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 40.81 is Neutral, neither overbought nor oversold. The STOCH value of 47.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRMD.
MariMed Risk Analysis
MariMed disclosed 39 risk factors in its most recent earnings report. MariMed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MariMed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $809.72M | -3.44 | -114.12% | ― | 2.31% | -726.28% | |
48 Neutral | $7.90M | -10.73 | -40.66% | ― | -1.50% | 80.17% | |
46 Neutral | $30.85M | -1.88 | -29.77% | ― | -0.34% | -24.00% | |
46 Neutral | $39.54M | -4.80 | -199.09% | ― | -86.05% | 24.17% | |
40 Underperform | $3.04M | -0.89 | -93.87% | ― | -0.74% | 81.49% |
* Healthcare Sector Average
MRMD
MariMed
0.08
-0.02
-23.00%
YCBD
cbdMD
0.75
-1.47
-66.13%
TLRY
Tilray
6.95
0.19
2.86%
IMCC
IM Cannabis Corp
0.58
-1.16
-66.67%
IXHL
Incannex Healthcare Limited Sponsored ADR
3.31
-21.44
-86.63%
MariMed Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
MariMed Restructures Preferred Stock and Secures New Financing
Positive
Mar 2, 2026
On February 24, 2026, MariMed Inc. and major investor Navy Capital Green International restructured a looming obligation tied to legacy Series B preferred shares that would have required a cash payment of about $14.2 million in 2026. The deal cancelled the existing Series B preferred stock and extinguished that obligation, easing near-term balance sheet pressure while preserving Navy’s economic stake.
In exchange, MariMed issued Navy $8 million in new promissory notes maturing in 2028 and 2031 and 26.9 million shares of a new, non-voting Series B Convertible Preferred Stock with a $6.725 million aggregate liquidation preference. The new preferred shares carry senior dividend and liquidation rights over common stock and feature multiple conversion and cash-settlement options through 2031, potentially diluting common shareholders but providing the company with greater flexibility in managing future cash outflows and capital structure.
On February 26, 2026, the company filed a Second Amended and Restated Certificate of Designation in Delaware, formally establishing the rights and preferences of the new Series B Preferred Stock. The issuance to Navy was conducted as a private placement under U.S. securities law exemptions, signaling continued reliance on institutional capital rather than public equity markets for financing.
The most recent analyst rating on (MRMD) stock is a Hold with a $0.09 price target. To see the full list of analyst forecasts on MariMed stock, see the MRMD Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.