MariMed Inc

ir.marimedinc.com

What Do They Do?

Sells cannabis products through its own dispensaries to medical and adult-use consumers, and supplies branded cannabis products to other licensed dispensaries.

How Do They Make Money?

Retail customers buy cannabis products at MariMed’s dispensaries, while other dispensaries buy products wholesale; sales are counted when products are delivered to wholesale buyers or sold at retail. The company also earns smaller amounts from rent, supply-procurement, management and brand-licensing fees.

revenue

Segment	Share	How money arrives
Product sales - retail Sold outright	56% FY2022: 69%	Sold outright
Product sales - wholesale Sold outright	44% FY2022: 25%	Sold outright
Other revenue	0.8% FY2022: 6.2%

Who Are Their Customers?

Medical and adult-use consumers buy at MariMed’s dispensaries; dedicated sales teams sell branded products to wholesale buyers representing dispensaries operated by other cannabis license holders.

Do Revenues Turn Into Profits?

Not on paper. It lost $14.5M in FY2025, but brought in more cash than it spent: $6.5M of free cash flow.

Operating income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($2.6M, 2%)

Net income, FY2025

−9% of revenue

▲ +16% (Loss) vs FY2024 (−$12.5M, −8%)

Free cash flow, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$5.2M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $39.5M in Q2 FY2025
Net income: ▲ +157% (Loss); vs −$1.4M in Q2 FY2025

Growing. Revenue grew 32% in 4 years, from $121.5M in FY2021 to $159.8M in FY2025, about 7% a year.

Revenue over time

Product sales - retail Product sales - wholesale Other revenue Management fees Licensing fees Total product revenue Supply procurement

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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