MariMed Inc
ir.marimedinc.comMariMed 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.
Products & 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.
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.
Customers & 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.
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.
Financial Snapshot
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