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MariMed Inc (MRMD)
OTHER OTC:MRMD
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MariMed
(OTC:MRMD)
58Neutral
MariMed (MRMD) vs. S&P 500 (SPY)
Market Cap
$37.80M
Dividend YieldN/A
Average Volume (3M)401.74K
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth6.30%
EPS Growth25.58%
CountryUS
Employees715
SectorHealthcare
Sector Strength70
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.03
Shares Outstanding382,173,980
10 Day Avg. Volume318,417
30 Day Avg. Volume401,742
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.24
Price to Cash Flow (P/CF)-22.60
P/FCF Ratio2.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
MariMed Business Overview & Revenue Model
Company DescriptionMariMed Inc. (MRMD) is a multi-state operator in the cannabis industry, involved in the cultivation, production, and distribution of cannabis products. The company operates in the medical and recreational cannabis markets, providing a range of products including flower, edibles, and concentrates. MariMed is also engaged in developing and managing state-licensed cannabis facilities, offering consulting services in legal cannabis operations.
How the Company Makes MoneyMariMed generates revenue through the cultivation and sale of cannabis products to both medical and recreational consumers. The company's key revenue streams include direct sales of cannabis products in its dispensaries, wholesale distribution to other dispensaries, and licensing of its branded products. Additionally, MariMed earns income through the management and consulting services it provides to other cannabis businesses, leveraging its expertise to optimize operational efficiencies and regulatory compliance. Strategic partnerships and acquisitions also contribute to its revenue growth, allowing the company to expand its market presence and product offerings.
MariMed Financial Statement Overview
Summary
MariMed shows promising growth in revenue but struggles with profitability and cash flow consistency. The increasing debt levels are a concern, although equity ratio improvements provide some stability. The company needs to enhance operational efficiency and cash flow management to mitigate risks associated with high leverage.Income Statement
MariMed has demonstrated a steady revenue growth over the years, with Total Revenue increasing from $45.6M in 2019 to $158M in 2024. The Gross Profit Margin has been relatively stable, with the latest reported at around 39.8%. However, the company has faced challenges in maintaining profitability, as indicated by the negative Net Income in recent years and a declining EBIT margin. This suggests operational efficiency issues and increased costs impacting the bottom line.67
Positive
Balance Sheet
The company's balance sheet shows a moderate Debt-to-Equity Ratio of approximately 1.12, indicating a balanced use of debt and equity. However, the Total Debt has increased significantly over the years, potentially posing a risk. The Equity Ratio has seen an improvement, indicating better asset coverage by shareholders' equity. Despite these improvements, the increasing debt levels remain a concern for financial stability.55
Neutral
Cash Flow
MariMed's Cash Flow from Operations has been positive, showing stability in generating cash through core operations. However, Free Cash Flow has been inconsistent, with significant fluctuations due to capital expenditures and financing activities. The Free Cash Flow to Net Income Ratio shows challenges in converting net income into free cash flow, impacting the company's ability to reinvest or reduce debt.60
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 157.96M | 148.60M | 134.01M | 121.46M | 50.90M |
| Gross Profit | ||||
| 62.87M | 65.92M | 63.96M | 66.26M | 31.32M |
| EBIT | ||||
| 2.91M | 15.08M | 20.37M | 26.86M | 14.53M |
| EBITDA | ||||
| 2.91M | 11.16M | 25.91M | 28.96M | 16.49M |
| Net Income Common Stockholders | ||||
| -12.16M | -16.03M | 13.47M | 7.22M | 2.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 7.28M | 14.73M | 9.86M | 29.93M | 4.36M |
| Total Assets | ||||
| 206.99M | 196.12M | 152.20M | 123.20M | 76.45M |
| Total Debt | ||||
| 88.47M | 80.13M | 35.86M | 24.37M | 42.62M |
| Net Debt | ||||
| 81.19M | 65.48M | 26.12M | -5.32M | 39.62M |
| Total Liabilities | ||||
| 128.11M | 126.21M | 94.89M | 86.91M | 68.34M |
| Stockholders Equity | ||||
| 78.88M | 71.56M | 58.82M | 37.86M | 8.68M |
| Cash Flow | Free Cash Flow | |||
| -5.89M | -12.85M | -5.43M | 17.29M | -1.56M |
| Operating Cash Flow | ||||
| 6.79M | 7.91M | 7.31M | 35.85M | 3.38M |
| Investing Cash Flow | ||||
| -17.13M | -25.98M | -26.24M | -16.62M | -4.46M |
| Financing Cash Flow | ||||
| 2.98M | 22.98M | -1.01M | 7.45M | 3.34M |
MariMed Technical Analysis
Negative
0.10
Price Trends
0.12
Negative
0.13
Negative
0.15
Negative
Market Momentum
>-0.01
Negative
39.79
Neutral
49.35
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 0.1 is below the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.12, and below the 200-day MA of 0.15, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 39.79 is Neutral, neither overbought nor oversold. The STOCH value of 49.35 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 35 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
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.97B | 20.04 | 4.19% | ― | 9.46% | 105.27% | |
58 Neutral | $37.80M | ― | -18.27% | ― | 6.30% | 25.58% | |
51 Neutral | C$1.08B | ― | -23.33% | ― | 0.67% | 19.14% | |
50 Neutral | $487.83M | ― | -15.18% | ― | -4.65% | 59.09% | |
49 Neutral | $1.05B | ― | -12.12% | ― | 6.27% | 67.62% | |
49 Neutral | $6.85B | 0.81 | -52.75% | 2.49% | 20.08% | 1.28% | |
37 Underperform | $3.47M | ― | 230.64% | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
MRMD
MariMed
0.10
-0.15
-60.00%
CANN
General Cannabis
0.03
-0.07
-70.00%
TSE:GTII
Green Thumb Industries
8.08
-12.23
-60.22%
TSE:TRUL
Trulieve Cannabis
5.52
-11.43
-67.43%
TSE:CURA
Curaleaf Holdings
1.43
-5.97
-80.68%
TSE:CL
Cresco Labs
1.11
-1.93
-63.49%
MariMed Earnings Call Summary
Earnings Call Date: Mar 5, 2025 | % Change Since: -16.67% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a mixed performance for MariMed, with strong wholesale revenue growth and brand performance contributing positively, while challenges in the retail segment and decreased profit margins presented significant hurdles. The company has a strategic focus on expansion and operational efficiencies to drive future growth.Highlights
Record Annual Revenue
MariMed reported a record revenue of $158 million for the fiscal year 2024, up from $148.6 million in 2023, representing a 6% increase.
Strong Wholesale Growth
Wholesale revenue grew by 29% year-over-year, with products reaching 80% of dispensaries in Massachusetts, Maryland, and Illinois.
Brand Performance
Betty's Eddies became the number one edible brand in both Massachusetts and Maryland, contributing significantly to brand strength and market penetration.
Expansion and M&A Strategy
MariMed completed operations in new processing facilities in Missouri and Illinois and announced the acquisition of First State Compassion Center in Delaware.
Adjusted EBITDA Improvement
Adjusted EBITDA increased sequentially to $5.9 million in Q4 2024, indicating operational efficiency improvements.
Lowlights
Retail Revenue Decline
Retail revenue experienced a year-over-year decline of 4%, primarily in Illinois, due to pricing pressures and increased competition.
Decreased Profit Margins
Gross margins decreased from 45.6% to 43.3% year-over-year, primarily due to price compression and increased costs in labor, packaging, and regulatory compliance.
Cash and Working Capital Decrease
Cash and cash equivalents decreased to $7.3 million at the end of 2024 from $14.6 million in 2023, with working capital also decreasing significantly.
Strategic Challenges in Retail
MariMed faced challenges in the retail segment with decreased consumer spending and price competition affecting sales growth.
Company Guidance
During the MariMed, Inc. Fourth Quarter 2024 Financial Results Conference Call, the company provided several key metrics and guidance for the upcoming year. MariMed reported Q4 2024 revenue of $39 million, contributing to a record annual revenue of $158 million, marking a 6% increase from 2023. The company saw a slight improvement in gross margins, from 42.6% to 43.3% quarter-over-quarter, despite industry-wide challenges. Wholesale revenue grew by 29% year-over-year, reaching $62.9 million, driven by increased brand distribution and improved pricing strategies. Retail revenue, however, faced a decline, particularly in Illinois, due to pricing pressures and competition. MariMed's balance sheet remains strong with $78.9 million in debt, primarily in mortgages, and $7.3 million in cash. For 2025, the company aims to focus on expanding brand distribution in new and existing markets and improving profitability, while discontinuing formal financial guidance due to market volatility. MariMed also highlighted its strategic pursuit of M&A opportunities, particularly in Missouri and Ohio, and expressed interest in entering New York, New Jersey, and Pennsylvania markets.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.