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MARKETS / BALCAO / MRMD
BALCAO · MEDICINAL CHEMICALS & BOTANICAL PRODUCTS · SMALL CAP

Marimed Inc. MRMD

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$159.8M
▲ 1.3% YoY
$-14.5M
$6.5M
In brief

What this company does

It develops, owns and manages state-licensed cannabis facilities that cultivate, produce and dispense medicinal and adult-use cannabis, and is headquartered in Norwood, Massachusetts. At December 31, 2025, it had a total of 923 employees, of which 808 were full-time. It holds a total of 33 cannabis licenses in six states. It operates cannabis cultivation and processing facilities that grow and manufacture its branded cannabis products, which it distributes via the wholesale market to hundreds of dispensaries operated by other license holders. It also operates its own dispensaries, where customers purchase cannabis for adult-use and medical purposes, including relaxation, sleep support and general wellness. In Massachusetts, it operates three Thrive-branded dispensaries in Middleborough, Quincy and Beverly, along with a cultivation and production facility in New Bedford and a cultivation facility in Quincy. It entered the cannabis industry as an advisory and real estate management firm, then in 2018 transitioned to a direct owner and operator of cannabis licenses, primarily in Eastern and Midwestern states.

Written from the business description in MARIMED INC.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth
USD 159.8M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 159.8 · Net income -14.5
80M-40M-80M20112013201520172019202120232025
Compound annual growth
+6.0%
+25.7%
+62.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +25.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−9 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -1.8% · Net -9.0%
-50000%-100000%20112013201520172019202120232025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 6.5
8M16M-20M20112013201520172019202120232025

Total assetsUSD 202.6M
CashUSD 8.9M
Gross debtUSD 76.0M
Net debtUSD 67.2M
Current ratio1.00×

Not available: we don't have the shareholders' equity figure for this period.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.20.20.10.10.10.10.00.00.00.00.00.00.00.00.0
Operating income $B−0.00.00.00.00.00.0−0.0−0.00.00.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.00.00.00.00.00.0−0.0−0.00.00.0−0.0····
Income tax $B0.00.00.00.00.00.00.0········
Net income $B−0.0−0.0−0.00.00.00.0−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.0−0.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0·−0.0···
EPS, diluted $−0.04−0.03−0.040.040.020.01−0.39−0.07−0.01−0.00−0.04−0.23−0.02−0.04−1.04
Dividend / sh $···············
Payout %···············
ROE %···············
Shares out B0.400.380.380.340.330.310.230.210.180.060.030.030.030.030.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 75 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 20 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityMedicinal Chemicals & Botanical Products
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2011

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