MariMed Inc. (OTC: MRMD) is a multi-state cannabis operator headquartered in Norwood, Massachusetts that cultivates, produces, and dispenses medicinal and adult-use cannabis across multiple U.S. states. Revenue is generated primarily through retail dispensary sales, with wholesale distribution of proprietary branded products as a secondary channel. The company operates a vertically integrated model, running cultivation and production facilities alongside retail dispensaries branded under the Thrive name following a national rebranding completed in 2025. MariMed also licenses its proprietary brands in select domestic markets, though the 10-K filing for FY2025 notes licensing revenues are not material to overall results. In 2025, the company expanded into hemp-derived cannabinoid products under the 2018 Farm Bill framework. State-level operations include Massachusetts, Delaware, and Illinois, among others. The company entered cannabis as an advisory and real estate management firm before transitioning to direct ownership and operations.

Revenue model

Retail dispensary sales are the primary revenue driver. Secondary revenue comes from wholesale distribution of proprietary branded products to other state-licensed operators, brand licensing fees in select domestic markets (noted as not material in FY2025 10-K), and hemp-derived cannabinoid product sales launched during 2025.

Products and services

Thrive-branded retail dispensaries selling cannabis flower, concentrates, edibles, and other precision-dosed products. Proprietary brands include Betty's Eddies (edibles). Cultivation and production facilities supply both retail and wholesale channels. Home delivery offered in Massachusetts and Delaware. Hemp-derived cannabinoid products introduced in 2025.

Customers and end markets

Medical cannabis patients and adult-use recreational consumers in state-licensed markets. End demand is retail consumer-facing, served through dispensaries and home delivery. Wholesale customers are other state-licensed cannabis operators who carry MariMed-branded products.

Value-chain role

Vertically integrated operator spanning cultivation, production, and retail dispensing. Also acts as a brand licensor in select markets and, historically, served as an advisory and real estate management firm for cannabis license holders before transitioning to direct ownership.

Geographic exposure

Operations in Massachusetts (three retail dispensaries, cultivation and production facilities in New Bedford and Quincy), Delaware (Thrive-branded dispensaries in Wilmington and Lewes, cultivation in Milford, production kitchen in Wilmington, acquired March 2025), and Illinois (five Thrive-branded dispensaries in Metropolis, Casey, Mt. Vernon, Anna, and Harrisburg). Maryland operations referenced via Hagerstown cultivation facility expansion.

Source: SEC 10-K, filed 2026-03-12

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