MariMed (OTCMKTS:MRMD) executives highlighted steady full-year results, continued brand momentum, and an expanding licensing footprint during the company’s fiscal year and fourth quarter 2025 earnings call. Management emphasized its “Expand the Brand” roadmap, efforts to navigate ongoing price compression in several mature markets, and steps taken to bolster liquidity and financial flexibility.
Full-year results and strategy focus
CEO Jon Levine said MariMed reported full-year 2025 revenue of $160 million, a 1% increase over 2024, and noted 2025 marked the company’s sixth consecutive year of positive adjusted EBITDA. Levine framed the company’s strategy around three pillars: capturing market share in existing markets, selectively expanding brands into new markets, and strengthening the balance sheet to support long-term initiatives.
Wholesale growth and retail initiatives
Chief Commercial Officer Ryan Crandall said aggregate wholesale revenue increased 11% in 2025 and that wholesale represented 44% of total revenue, up from 40% in 2024. Crandall added that MariMed increased dispensary penetration by 200 basis points in 2025, selling its brands into 85% of retail stores in the markets where it operates.
On the retail side, Crandall said the company ended the year with momentum, reporting sequential retail growth of 4% in the fourth quarter, compared with a 5% decline in the same period of 2024. He said transactions increased 4% sequentially and 8% year over year.
Crandall attributed improved performance to a set of initiatives implemented during 2025 that he said began gaining traction toward the end of the year, including:
- Centralizing retail buying to improve cross-market intelligence and purchasing power
- Improving assortments and reducing days-on-hand inventory to enhance customer experience and support margin expansion
- Unifying the Thrive brand across stores and launching a more user-friendly website for online purchasing
- Expanding store hours and payment options to make in-store shopping easier
- Growing the Thrive loyalty program by reactivating dormant members and increasing new membership
Crandall said loyalty program membership increased 7% sequentially in the fourth quarter and 31% year over year. Looking to 2026, he said the company plans to further personalize loyalty offerings, has launched a Thrive retail app (“Thrive Dispensaries” on Apple and Android), and intends to increase the internalization of MariMed-produced brands in its stores to help expand margins.
Market-by-market performance highlights
In Massachusetts, Crandall said wholesale revenue was flat year over year, tracking state performance, and that MariMed ended the year with products in 83% of dispensaries, a 4% increase from 2024. He said price pressure remained a defining feature of the market, but brands including Betty’s Eddies and Bubby’s Baked ranked number one in their respective edible categories. Retail revenue in Massachusetts was flat sequentially and year over year, which Crandall said the company viewed positively given a 5% increase in transactions versus 2024, while average order value declined amid price pressure.
In Maryland, Crandall reported 3% wholesale growth in 2025, in line with the market, and said MariMed maintained nearly 100% penetration, with products in 108 of 109 dispensaries. Retail revenue in Maryland increased 14% sequentially in the fourth quarter and 18% for the full year, with transactions across two dispensaries up 35% in 2025 versus 2024.
In Illinois, Crandall said wholesale revenue grew 39% in 2025 compared with 2024, while state cannabis sales declined 5% according to Headset. MariMed expanded into 27 additional dispensaries and finished the year with 82% penetration. Retail sales in Illinois were flat sequentially and decreased 26% for the full year, which Crandall attributed primarily to price pressure. In Q&A, he said the company still sees price compression in Illinois and that it is forecast to compress further in 2026, though he added the market and MariMed’s stores “seem to be stabilizing.”
In Delaware, Crandall said MariMed’s wholesale revenue increased 37% sequentially following the start of adult-use sales in August 2025, supported by an expansion of the Milford cultivation facility. He said the company’s products were available in every Delaware dispensary and that, according to Headset, MariMed achieved the number one overall market share in 2025, with multiple brands ranking number one in their categories. At retail, he said sales across the company’s two Delaware stores increased 1.25x following the adult-use launch.
Profitability, cash flow, and balance sheet actions
Chief Financial Officer Mario Pinho said fourth-quarter revenue was $41.7 million and full-year 2025 revenue was $159.8 million. He reported fourth-quarter retail revenue of $23.4 million, up 3.6% sequentially, and wholesale revenue of $17.6 million compared with $18.0 million in the prior quarter. Pinho said sequential pricing pressure persisted in certain mature markets, while newer markets with “healthier supply-demand dynamics,” such as Delaware, supported stronger unit economics.
Pinho reported non-GAAP cost of revenue of $25.0 million in the quarter, resulting in gross profit of $16.5 million, and said non-GAAP gross margin declined modestly to 40%. For operating expenses, he said total operating expenses were $56.9 million for the year, up 0.7% versus 2024.
Operating income for the quarter was $2.4 million, down $667,000 sequentially, while full-year operating income was $8.8 million compared with $11.4 million in 2024. Pinho said the decline primarily reflected lower gross profit in mature markets and a negative contribution from Missouri operations prior to the company’s exit in October. Non-GAAP EBITDA for 2025 was $16.9 million, or a 10.5% margin, and Pinho said non-GAAP EBITDA declined 12.8% year over year due primarily to lower gross profit and the Missouri impact.
On liquidity, Pinho said cash flow from operations remained positive during the quarter and year, and that the company ended 2025 with $8.9 million in cash and cash equivalents, up from $7.3 million at the end of 2024. Levine also noted the company completed a restructuring of convertible preferred stock held by a Series D shareholder, extending maturity and “enhancing financial flexibility.” Pinho added that the company has no material debt maturities in the near term. In Q&A, he said the refinancing would increase annual interest expense by approximately $800,000.
Expansion plans, licensing, and M&A commentary
Levine said MariMed laid groundwork in 2025 to bring brands to Pennsylvania and New York and launched Betty’s Eddies in Maine via a licensing agreement. He said the company is “very confident” about revenue potential in Pennsylvania, particularly given expectations for adult-use sales in the “next year or two,” and noted MariMed entered a managed services partnership in Pennsylvania during 2025 and also established a licensing agreement with the same partner, submitting products and packaging for state approval.
For New York, Levine said construction is underway on a processing kitchen being built with a partner and that the project is on schedule. During Q&A, Levine said the company hopes to have the New York operation running before the end of 2026 and to build inventory for revenue either late in the year or early 2027. He described Pennsylvania timing as more outside the company’s control and said the company is taking a conservative approach on timing while remaining enthusiastic about the opportunity.
Levine also discussed MariMed’s retail growth plans, including a second Ohio retail license and a Thrive store planned for the Columbus area, which he said is expected to open in 2026, though he did not provide an exact date.
On M&A, Levine said accretive acquisitions remain “active and imperative,” noting the company is talking to multiple groups but is focused on deals that are priced appropriately and do not weaken the balance sheet. In response to a question about potential future control of licensing or managed services assets in New York and Pennsylvania, Levine said there is “presently nothing on paper,” but the company may consider negotiating additional arrangements with partners in the future after learning more about those markets.
About MariMed (OTCMKTS:MRMD)
MariMed Inc is a multi‐state cannabis company focused on the development, ownership and operation of regulated facilities for the medical and adult‐use cannabis markets. Headquartered in New Bedford, Massachusetts, the company cultivates, processes and dispenses cannabis through an integrated business model that encompasses cultivation, formulation, manufacturing and retail operations. MariMed operates under its own licensed brands and through strategic partnerships to expand its presence across the United States.
The company’s product portfolio includes branded flower, pre‐rolls, vaporizer cartridges, tinctures, edibles and topicals designed to meet a range of consumer and patient needs.
