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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
▲(5.00% Upside)
Action:ReiteratedDate:12/19/25
MariMed's overall stock score reflects significant financial challenges, including negative profit margins and high leverage. While there is some positive momentum in technical indicators, the valuation remains unattractive due to ongoing losses. The earnings call provided mixed insights, with growth in certain areas but also notable challenges.
Positive Factors
Diversified revenue mix
A near-even split between wholesale and retail revenue reduces single-channel exposure and supports more stable top-line performance. Growing wholesale (11% YoY) leverages MariMed’s production capabilities and proprietary brands to scale distribution without proportional retail capex.
Multi-state footprint & brand position
Operating across multiple states (IL, MA, DE and others) and holding leading share in Delaware provides regulatory diversification and local market leadership. This footprint supports durable market access, cross-state brand rollouts, and resilience to single-state regulatory volatility.
Improving cash generation and cost control
Material improvement in operating cash flow (from $0.3M to $2.7M) alongside lower operating expenses and a positive cash balance indicates better cash conversion and discipline. That strengthens the company’s ability to fund operations and invest without immediate external financing.
Negative Factors
High leverage
A debt-to-equity ratio above 1.4 limits financial flexibility and increases vulnerability to higher interest costs. For a company with negative profits, persistent leverage raises refinancing and covenant risks and constrains capital allocation for growth or weathering industry cycles.
Negative margins and recurring losses
Sustained negative margins and recurring quarterly net losses erode shareholder equity and limit internal reinvestment. Until margins stabilize and profitability returns, the firm will likely need ongoing capital or cost restructuring, hindering long-term scale and investor confidence.
Retail softness and market exits
Weak retail trends, margin compression (400 bps QoQ gross margin decline) and a market exit signal challenges in retail competitiveness and state-level economics. These structural retail pressures can limit earnings leverage from store expansion and complicate scale economics.
MariMed (MRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.45M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-0.34%
EPS Growth-24.00%
CountryUS
Employees715
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.01
Shares Outstanding395,073,640
10 Day Avg. Volume1,629,378
30 Day Avg. Volume1,398,937
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.71
Price to Sales (P/S)0.28
P/FCF Ratio-7.40
Enterprise Value/Market Cap3.88
Enterprise Value/Revenue0.85
Enterprise Value/Gross Profit2.22
Enterprise Value/Ebitda10.86
Forecast
1Y Price Target
$0.25Price Target Upside212.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$175.80M
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 generates revenue primarily through the sale of cannabis products across its retail dispensaries and wholesale distribution channels. The company's revenue model includes direct sales from its owned dispensaries, where it offers a range of cannabis products to consumers. Additionally, MariMed benefits from wholesale partnerships with other dispensaries and retailers, supplying them with its proprietary products. The company also engages in cultivation and production, which allows it to control quality and reduce costs. Significant partnerships with local and state governments, as well as collaborations with other cannabis companies, further enhance its market presence and revenue potential.
MariMed Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 11, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a mix of positive and negative aspects. MariMed reported sequential growth in revenue and positive cash flow, driven by strong performance in Delaware and strategic expansion into the hemp market. However, challenges in retail revenue, increased net losses, and exit from the Missouri market indicate ongoing industry pressures.Q3-2025 Updates
Positive Updates
Sequential Growth in Wholesale and Retail Revenue
MariMed reported sequential growth in both wholesale and retail revenue. Wholesale sales in Illinois increased by 23% despite a statewide decline of 1.5%, and sales in Massachusetts increased 5% despite a 2% statewide decline.
Strong Performance in Delaware
Delaware saw a 48% sequential increase in retail revenue driven by the start of adult-use sales, broader product availability, and successful brand activation. MariMed is the largest producer in the state.
Wholesale Revenue Growth
Wholesale revenue grew 5% sequentially and 11% year-over-year, now accounting for 44% of product revenue, up from 43% last quarter.
Expansion into Hemp Market
MariMed announced entry into the hemp market, with plans to launch a hemp-based THC version of Vibations in Rhode Island by Q1 2026. The hemp beverage market is projected to nearly double by 2029.
Positive Cash Flow and Cost Discipline
MariMed generated $2.7 million in cash flow from operations, a significant increase from $297,000 in the previous quarter. Operating expenses were flat sequentially and down 4% year-over-year.
Negative Updates
Retail Revenue Challenges
Retail revenue only grew 1.1% sequentially and declined 3% year-over-year, impacted by increased competition and pricing pressures, especially in Illinois.
Net Loss and Margins
MariMed reported a net loss of $2.9 million, an increase from a $1.4 million loss last quarter and $1 million in the same period last year. Non-GAAP adjusted gross margin decreased by 400 basis points quarter-on-quarter.
Exit from Missouri Market
Due to market changes and lack of cash flow, MariMed decided to exit the Missouri market, incurring a noncash loss.
Company Guidance
During the third quarter of 2025, MariMed Inc. reported sequential growth in both wholesale and retail revenue, with wholesale sales increasing by 5% quarter-over-quarter. Wholesale now accounts for 44% of the company's product revenue, up from 43% last quarter. The company saw significant performance in Illinois and Massachusetts, with a sequential sales increase of 23% and 5%, respectively, despite statewide declines. Delaware's retail revenue grew by nearly 48% sequentially, driven by increased adult-use traffic. The company's non-GAAP adjusted gross margin for the quarter was 41.4%, and they reported a net loss of $2.9 million, which was attributed to higher income tax expenses. Total operating expenses were $14.8 million, representing 36% of revenue, showing a decrease in both sequential and annual terms. MariMed also highlighted a strong balance sheet, ending the quarter with $6.6 million in cash and cash equivalents, and net cash flow from operations increased significantly to $2.7 million. The company plans to continue focusing on expanding brand distribution and entering new high-growth states, with a strategic entry into the hemp market.MariMed Financial Statement Overview
Summary
MariMed's financial performance is challenged by negative profit margins and high leverage. Despite revenue growth, the company struggles with profitability and cash flow conversion, indicating significant financial risks.Income Statement
MariMed's income statement shows a mixed performance. The company has experienced revenue growth, with a TTM growth rate of 11%. However, profitability metrics are concerning, with a negative net profit margin of -10.14% and declining gross profit margins over the years. The EBIT and EBITDA margins are also low, indicating challenges in operational efficiency.45
Neutral
Balance Sheet
The balance sheet reveals high leverage, with a debt-to-equity ratio of 1.44 in the TTM period, indicating significant reliance on debt financing. The return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is low, suggesting potential financial instability.40
Negative
Cash Flow
Cash flow analysis shows a decline in free cash flow growth, with a negative growth rate of -27.06% in the TTM period. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. However, the free cash flow to net income ratio is positive, suggesting some ability to generate cash despite losses.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 157.33M | 157.96M | 148.60M | 134.01M | 121.46M | 50.90M |
| Gross Profit | 60.24M | 62.87M | 65.92M | 63.96M | 66.26M | 31.32M |
| EBITDA | 12.30M | 13.83M | 11.16M | 25.91M | 28.96M | 16.49M |
| Net Income | -17.87M | -12.16M | -16.03M | 13.47M | 7.22M | 2.14M |
Balance Sheet | ||||||
| Total Assets | 205.60M | 206.99M | 196.12M | 152.20M | 123.20M | 76.45M |
| Cash, Cash Equivalents and Short-Term Investments | 6.60M | 7.28M | 14.73M | 9.86M | 29.93M | 4.36M |
| Total Debt | 107.96M | 88.47M | 80.13M | 37.37M | 24.37M | 42.62M |
| Total Liabilities | 151.28M | 147.11M | 126.21M | 94.89M | 86.91M | 68.34M |
| Stockholders Equity | 56.15M | 61.63M | 71.56M | 58.82M | 37.86M | 8.68M |
Cash Flow | ||||||
| Free Cash Flow | 1.61M | -5.89M | -12.85M | -5.43M | 17.29M | -1.56M |
| Operating Cash Flow | 3.85M | 6.79M | 7.91M | 7.31M | 35.85M | 3.38M |
| Investing Cash Flow | -2.38M | -17.13M | -25.98M | -26.24M | -16.62M | -4.46M |
| Financing Cash Flow | -4.66M | 2.98M | 22.98M | -1.01M | 7.45M | 3.34M |
MariMed Technical Analysis
Negative
0.08
Price Trends
0.09
Negative
0.10
Negative
0.10
Negative
Market Momentum
>-0.01
Positive
40.81
Neutral
53.11
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 0.09, 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 Positive momentum. The RSI at 40.81 is Neutral, neither overbought nor oversold. The STOCH value of 53.11 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 | $922.73M | -0.35 | -83.42% | ― | 2.31% | -726.28% | |
48 Neutral | $9.80M | -0.44 | -44.42% | ― | -1.50% | 80.17% | |
46 Neutral | $34.45M | -1.74 | -24.41% | ― | -0.34% | -24.00% | |
46 Neutral | $98.18M | -0.21 | -114.52% | ― | -86.05% | 24.17% | |
40 Underperform | $4.20M | -1.00 | -93.87% | ― | -0.74% | 81.49% |
* Healthcare Sector Average
MRMD
MariMed
0.08
-0.04
-32.50%
YCBD
cbdMD
0.98
-2.33
-70.39%
TLRY
Tilray
7.83
0.23
3.03%
IMCC
IM Cannabis Corp
0.78
-1.27
-61.76%
IXHL
Incannex Healthcare Limited Sponsored ADR
0.16
-1.21
-88.47%
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.