MariMed Inc (MRMD)
OTHER OTC:MRMD
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MariMed
(OTC:MRMD)
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Rating:46Neutral
Price Target:
$0.07
▼(-2.86% 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
Revenue Scale
Multi-year revenue expansion to roughly $160M demonstrates durable scale across cultivation, manufacturing and retail. That scale supports fixed-cost absorption, funds brand investment and distribution, and provides a structural base to improve margins and competitive positioning over time.
Negative Factors
High Leverage & Equity Erosion
Sharp equity erosion and ~5.8x debt-to-equity leave the capital structure strained. High leverage amplifies downside risk from cash-flow swings, limits ability to fund capex or M&A, raises refinancing risk, and increases vulnerability to operational or regulatory setbacks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale
Multi-year revenue expansion to roughly $160M demonstrates durable scale across cultivation, manufacturing and retail. That scale supports fixed-cost absorption, funds brand investment and distribution, and provides a structural base to improve margins and competitive positioning over time.
Read all positive factors
MariMed (MRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.81M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)0.81
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)0.66
Price to Sales (P/S)0.21
P/FCF Ratio5.25
Enterprise Value/Market Cap4.24
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit2.03
Enterprise Value/Ebitda12.48
Forecast
1Y Price Target
$0.25Price Target Upside257.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$164.30M
MariMed Business Overview & Revenue Model
Company Description
MariMed 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 bran...
How the Company Makes Money
MariMed 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, ...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
44
Neutral
Balance Sheet
28
Negative
Cash Flow
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 | 9.44M | 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 | 152.56M | 147.11M | 126.21M | 94.89M | 86.91M |
| Stockholders Equity | 51.87M | 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
0.07
Price Trends
0.08
Negative
0.09
Negative
0.10
Negative
Market Momentum
>-0.01
Positive
40.71
Neutral
47.15
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 0.07 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.08, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 47.15 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% | |
49 Neutral | $43.60M | -4.80 | -199.09% | ― | -86.05% | 24.17% | |
46 Neutral | $27.81M | -2.37 | -24.95% | ― | -0.34% | -24.00% | |
45 Neutral | $7.14M | -10.73 | -40.66% | ― | -1.50% | 80.17% | |
44 Neutral | $765.72M | -6.11 | -92.82% | ― | 2.31% | -726.28% | |
40 Underperform | $2.25M | -0.71 | -93.87% | ― | -0.74% | 81.49% |
* Healthcare Sector Average
MRMD
MariMed
0.07
>-0.01
-10.00%
YCBD
cbdMD
0.75
-1.05
-58.38%
TLRY
Tilray
6.72
1.99
42.16%
IMCC
IM Cannabis Corp
0.38
-1.09
-74.32%
IXHL
Incannex Healthcare Limited Sponsored ADR
3.55
-14.75
-80.60%
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 canc...
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.