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MariMed
(OTC:MRMD)
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Rating:43Neutral
Price Target:
$0.05
▼(-33.75% Downside)
Action:Reiterated
Date:10/22/26
The score is held down primarily by weak financial performance (ongoing net losses and higher leverage despite revenue growth) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds a partial offset due to record revenue and sequential EBITDA improvement, but year-over-year margin pressure and continued GAAP losses limit confidence; valuation is also constrained by a negative P/E and no dividend support.
Positive Factors
Revenue Growth
Record quarterly revenue and continued year-over-year growth indicate ongoing demand across MariMed’s retail and wholesale channels. Sustained top-line expansion can support operating leverage, fund product development, and strengthen the company’s position as newer markets and locations scale.
Negative Factors
Elevated Leverage
Higher leverage and declining equity reduce financial flexibility and leave less capacity to absorb operating setbacks or fund expansion internally. The increased debt burden also heightens refinancing and interest-rate sensitivity, making balance-sheet improvement important to longer-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Record quarterly revenue and continued year-over-year growth indicate ongoing demand across MariMed’s retail and wholesale channels. Sustained top-line expansion can support operating leverage, fund product development, and strengthen the company’s position as newer markets and locations scale.
Read all positive factors
MariMed (MRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.08M
Dividend YieldN/A
Average Volume (3M)644.06K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth4.24%
EPS Growth9.59%
CountryUS
Employees866
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.04
Shares Outstanding403,740,500
10 Day Avg. Volume518,938
30 Day Avg. Volume644,058
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 Cap5.47
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit1.98
Enterprise Value/Ebitda11.43
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$161.00M
MariMed Business Overview & Revenue Model
Company Description
MariMed Inc. operates in the cannabis industry, specializing in the cultivation, production, and sale of both medicinal and adult-use cannabis items throughout the United States and internationally. The company's diverse product portfolio includes...
How the Company Makes Money
MariMed primarily makes money through the sale of regulated cannabis products via two main channels: (1) Retail sales through company-operated dispensaries, where revenue is generated from direct-to-consumer purchases of cannabis flower and manufa...
MariMed Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presents a generally positive operational and commercial momentum: record quarterly revenue, sequential EBITDA improvement, expanding brand distribution, strong retail transaction growth and rising loyalty membership. These positives are tempered by meaningful year-over-year margin and EBITDA declines driven by industry-wide price compression, elevated promotional activity and localized market saturation (notably Massachusetts). Management characterizes many margin headwinds as transitional and highlights upcoming catalysts (Ohio dispensary, New York entry, improved cultivation utilization, potential regulatory relief) to support future margin expansion.Positive Updates
Record Quarterly Revenue
Consolidated revenue reached a company record of $41.9 million, up approximately 6% sequentially and roughly 6% year-over-year.
Negative Updates
Year-over-Year Margin Pressure
Non-GAAP adjusted gross margin was ~40% (flat sequentially) but declined ~180 basis points year-over-year from 41.8%, driven by wholesale price compression, elevated promotional activity, and competitive pressure in Massachusetts and Illinois.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Consolidated revenue reached a company record of $41.9 million, up approximately 6% sequentially and roughly 6% year-over-year.
Read all positive updates
Company Guidance
Management guided that the company will build on a record Q2 — consolidated revenue of $41.9M (≈+6% sequential, ≈+6% YoY) with adjusted EBITDA of $3.9M (≈+10% sequential; margin ≈9.4% vs 9.1% in Q1 and 12.1% a year ago) and GAAP net loss of $3.6M (improving from $3.8M); cash was $8.4M with $33.6M in operating working capital. They expect to continue the "Expand the Brand" strategy — investing in product innovation, broader state depth and capital‑light entry (brand licensing) — while keeping operating expense discipline ($15.2M, ≈36% of revenue) and targeting margin expansion as cultivation utilization improves and newer operations scale. Operationally they pointed to wholesale strength (wholesale ≈44% of product revenue; wholesale +6% sequential and ≈+8% YoY), a branded portfolio growing 70 basis points faster than the industry, distribution up 100 basis points to 85% of available storefronts, and retail momentum (retail +7% sequential, ≈+4% YoY; transactions +7% sequential; Thrive Perks membership +14% YTD; sequential revenue growth in 12 of 13 dispensaries and transaction growth in 10 of 13). Near‑term openings and milestones include Thrive Columbus contributing revenue later this year and a planned New York entry in H1 2027, with management anticipating incremental federal policy clarity (rescheduling/280E/banking) by year‑end.MariMed Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
34
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 163.82M | 159.83M | 157.96M | 148.60M | 134.01M | 121.46M |
| Gross Profit | 58.37M | 57.88M | 62.87M | 65.92M | 63.96M | 66.26M |
| EBITDA | 10.09M | 9.44M | 13.83M | 11.16M | 25.91M | 28.96M |
| Net Income | -14.95M | -14.48M | -12.16M | -16.03M | 13.47M | 7.22M |
Balance Sheet | ||||||
| Total Assets | 197.23M | 202.56M | 206.99M | 196.12M | 152.20M | 123.20M |
| Cash, Cash Equivalents and Short-Term Investments | 8.44M | 8.88M | 7.28M | 14.73M | 9.86M | 29.93M |
| Total Debt | 90.68M | 100.09M | 88.47M | 80.13M | 37.37M | 24.37M |
| Total Liabilities | 153.99M | 152.56M | 147.11M | 126.21M | 94.89M | 86.91M |
| Stockholders Equity | 45.15M | 51.87M | 61.63M | 71.56M | 58.82M | 37.86M |
Cash Flow | ||||||
| Free Cash Flow | 8.26M | 6.53M | -5.89M | -12.85M | -5.43M | 17.29M |
| Operating Cash Flow | 9.27M | 7.70M | 6.79M | 7.91M | 7.31M | 35.85M |
| Investing Cash Flow | -1.97M | -1.38M | -17.13M | -25.98M | -26.24M | -16.62M |
| Financing Cash Flow | -5.00M | -4.71M | 2.98M | 22.98M | -1.01M | 7.45M |
MariMed Technical Analysis
Negative
0.08
Price Trends
0.07
Negative
0.07
Negative
0.08
Negative
Market Momentum
>-0.01
Positive
24.22
Positive
11.11
Positive
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 above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.07, and above the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 24.22 is Positive, neither overbought nor oversold. The STOCH value of 11.11 is Positive, 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 | $32.74M | -2.33 | -18.27% | ― | -100.00% | 95.90% | |
46 Neutral | $401.98M | -1.94 | -9.38% | ― | 15.93% | 93.85% | |
45 Neutral | $4.09M | -1.19 | -34.25% | ― | 10.01% | 95.01% | |
43 Neutral | $21.08M | -1.38 | -29.67% | ― | 4.24% | 9.59% | |
38 Underperform | $1.43M | -0.04 | 841.81% | ― | -11.91% | -285.26% |
* Healthcare Sector Average
MRMD
MariMed
0.05
-0.09
-62.86%
YCBD
cbdMD
0.36
-0.66
-64.31%
TLRY
Tilray
2.72
-11.98
-81.50%
IMCC
IM Cannabis Corp
0.87
-42.03
-97.97%
IXHL
Incannex Healthcare Limited Sponsored ADR
2.61
-7.90
-75.16%
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.