Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Brand Strength. To illustrate the strength of MariMed’s brands, during the quarter in Illinois, the Company experienced a 23% sequential sales increase despite sales being down statewide 1.5%, according to Hoodie. In Massachusetts, MariMed sales increased 5% sequentially, compared to a 2% decline in the state, again according to Hoodie.
Wholesale. In terms of Wholesale, MariMed has achieved 75% penetration across all of its markets, excluding Missouri, leaving significant white space for future growth. The next step is to increase the breadth of relationship with customers, garnering additional shelf space for MariMed product.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. During the third quarter, MariMed continued to make progress on becoming a top-selling, national consumer cannabis brand. The Company had another strong quarter of wholesale sales, which is a core component of the ‘Expand the Brand’ growth strategy. Management improved profitability through disciplined cost management and operational efficiencies during the quarter.
3Q25 Results. Revenue came in at $40.8 million, up from $40.6 million in the year ago period, but below our $43 million estimate. MariMed delivered sequential growth in both wholesale and retail revenues in 3Q25. Adjusted gross margin was 41% versus 43% in 3Q24. Adjusted EBITDA increased to $5.1 million, or 13% margin, compared to $4.7 million and 12% in 3Q24. We were at $6 million. MariMed reported an adjusted net loss of $1.5 million in 3Q25 versus adjusted net income of $0.5 million in 3Q24.
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Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
An Exit. As noted in its 2Q25 call, MariMed undertook a review of its Missouri operations and has determined to exit the market, effective immediately. Exiting Missouri is expected to improve the Company’s overall financial performance, particularly gross margin and adjusted EBITDA, and allow management to focus resources on higher return opportunities, such as markets where the Company has established retail and wholesale operations.
Background. Since 2024, the Company has managed the Missouri operations of another licensed cannabis operator and distributed certain of its brands there under a Managed Services and Licensing Agreement, while awaiting license transfer approval from the state. The Company only began generating revenue in Missouri at the tail-end of 2024. While MariMed’s brands performed well where available, reaching scale in the state would require significant resources, resources that management believes can be better utilized in its core markets. Nonetheless, the Company will consider licensing opportunities in Missouri with a vertical operator.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New York. Continuing its market expansion, MariMed announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder, that will introduce the Company’s top-selling portfolio of products throughout New York State. Terms of the agreement were not disclosed. This expansion follows on the heels of the earlier Pennsylvania and Maine expansions, significantly increasing MariMed’s total addressable market, in our view.
Details. Farm 2 Hand intends to manufacture and distribute a variety of MariMed’s edible products as permitted under New York regulations. Those are initially expected to include Betty’s Eddies fruit chews, Bubby’s Baked goods, and InHouse gummies. The products will be produced in a new kitchen that MariMed will design and equip for Farm 2 Hand at Farm 2 Hand’s Bronx production facility.
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Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Expand the Brand. With the recent Pennsylvania and Maine announcements, MariMed continues to implement its Expand the Brand strategy, which is focused on making the Company’s products accessible to as many consumers as possible. We expect the Company to look at additional new markets, such as New York and New Jersey, for additional expansion.
Market Remains Mixed. There remains a lot of near-term uncertainty in the cannabis industry. Pricing pressures, market saturation, and the lack of federal reform still pose a challenge that MariMed will need to navigate. Entering into established cannabis markets that are expanding into the adult recreational use market enables the Company to quickly capture share in proven markets.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. MariMed delivered sequential growth in both wholesale and retail revenues for the second quarter, a substantial increase in adjusted EBITDA, and was cash flow positive, reflecting strong execution in Massachusetts, full-quarter contributions from Delaware, and a solid retail strategy.
2Q25 Results. Total revenue was $39.6 million, down modestly from $40.4 million in the year ago period and our $40.5 million estimate. Wholesale sales rose to $17.1 million from $15.9 million, while retail sales declined to $22.4 million from $23.6 million. The Company reported adjusted EBITDA of $4.9 million versus $4.4 million and adjusted net income of $0.4 million versus an adjusted net loss of $0.2 million last year.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Pennsylvania Entrance. MariMed announced a strategic agreement with TILT Holdings that will expand the distribution of the Company’s award winning portfolio of medical marijuana products to Pennsylvania. We view this as a significant expansion of MariMed’s product line into one of the largest cannabis markets.
Pennsylvania Market. The Pennsylvania cannabis market is estimated at $1.7 billion of annual revenue, making Pennsylvania the sixth largest legal cannabis market in the U.S. Significantly, the state remains a medical state only. When, and if, adult recreational use is approved, the overall cannabis market is projected to at least double. There are currently in excess of 180 medical dispensaries in the state, providing a large potential base to distribute MariMed products into.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NORWOOD, Mass., July 14, 2025 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed,” “the Company”) (CSE: MRMD) (OTCQX: MRMD) today announced a licensing agreement with The Stoned Moose, LLC (“The Stoned Moose”), a vertically integrated cannabis operator in Maine. This partnership will significantly expand the distribution of the Company’s top-selling Betty’s Eddies™ full-spectrum fruit chews in the $455 million Maine cannabis marketplace. Terms of the deal were not disclosed.
Betty’s Eddies has been available exclusively to adult-use cannabis consumers in Maine since 2022 through a former licensing partner. The new agreement with The Stoned Moose, which owns a license that allows for both adult-use and medical cannabis distribution, will enable the state’s medical cannabis patients to purchase the brand as well. Medical cannabis sales accounted for more than half of Maine’s cannabis revenues in 2024.
“We are excited to work with The Stoned Moose to expand the availability of Betty’s Eddies to all cannabis consumers and patients in Maine, including the 15 million tourists who visit the state annually,” said Jon Levine, Chief Executive Officer of MariMed. “The brand is the market share leader for edibles in Massachusetts, Maryland, and Delaware, and we expect a similar trajectory in Maine. Strategically, this marks another important step forward in our ‘Expand the Brand’ strategy, which focuses on making our award-winning cannabis consumer products available to as many people as possible.”
ABOUT MARIMED MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.
IMPORTANT CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2025, including anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements. Without limiting the foregoing, the words “anticipates”, “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.
These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
All trademarks and service marks are the property of their respective owners.
Company Contact: Howard Schacter, Chief Communications Officer Email: hschacter@marimedinc.com Phone: (781) 277-0007
NORWOOD, Mass., July 08, 2025 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed” or “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading cannabis consumer packaged goods company and retailer, announced today it will report second quarter 2025 financial results on August 6, 2025 after the markets close. Management will host a conference call on August 7, 2025 at 8:00 a.m. EDT to discuss financial results.
A webcast will be available and can be accessed via MariMed’s Investor Relations website at MariMed Q2 2025 Earnings Webcast. A playback of the call will also be made available on MariMed’s Investor Relations website.
About MariMed MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, InHouse™, Nature’s Heritage™, and Vibations™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.
Company Contact: Howard Schacter Chief Communications Officer Email: hschacter@marimedinc.com Phone: (781) 277-0007
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recreational Cannabis. After legislation approving recreational cannabis in April 2023, Delaware will finally commence sales of recreational cannabis on August 1st of this year. Legal recreational cannabis can be purchased in the 13 existing medical dispensaries as well as through the 30 recreational licenses the state has approved. We expect sales to be derived not only from the state population, many of whom currently travel to existing legal states such as Maryland and New Jersey to obtain the product, but also from the estimated 30 million tourists that visit the state annually.
Delaware Market. Delaware has had a medical market for a while. The market is estimated to be approximately $50 million in size, with flattish growth to 2029 when the medical is projected to rise to $55 million. The recreational cannabis market could grow to the $250-$300 million level, according to various government projections.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Another Arrow. Yesterday, MustGrow added another arrow to its NexusBioAg product quiver with the signing of a distribution agreement with Phospholutions Inc., whereby MustGrow will sell Phospholutions’ RhizoSorb product in Canada. The new agreement further broadens NexusBioAg’s product offerings in Canada.
RhizoSorb. Phospholutions’ mission is to enhance global phosphorus use, a critical fertilizer for food production. Phosphorus is the second most used nutrient in global food production. RhizoSorb was developed to cut costs and reduce the environmental impact of fertilizer use by releasing nutrients in the soil more efficiently. The product has been through over 500 trials, including over 400 field trials. Notably, Phospholutions has signed a distribution agreement with The Andersons (NASDAQ:ANDE) for RhizoSorb distribution in the U.S.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Update. Schwazze, in conjunction with its new auditors, has determined that its financial statements for the two fiscal years ended December 31, 2023, will be restated due to the identification of certain accounting adjustments needed primarily relating to technical accounting areas. The Company filed an 8-k describing the necessary adjustments.
Impact. Although mostly related to technical accounting areas, the Company has concluded that the impact of these corrections is material and, therefore, worthy of restatement. However, Schwazze does not currently believe that the foregoing corrections will have any negative material impact on the Company’s revenue, adjusted EBITDA, cash from operations, or cash position.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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Noble Capital Markets, a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving emerging growth companies, is pleased to present the Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference, taking place June 26th and 27th, 2024. This virtual gathering is set to be an immersive experience, bringing together a unique blend of investors, industry leaders, and experts in the consumer, communications, media, and technology sectors..
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The Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference is part of Noble’s 2024 event programming, featuring a range of c-suite interviews, in-person non-deal roadshows throughout the United States, two other sector-specific virtual equity conferences, and culminating in Noble’s preeminent in-person investor conference, NobleCon20, to be held at Florida Atlantic University in Boca Raton, Florida December 3-4. Keep an eye out for the official press release on NobleCon20 coming soon.
The Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference will feature 2 days of corporate presentations from up to 50 innovative public consumer, communications, media, and technology companies, showcasing their latest advancements and investment opportunities. Each presentation will be followed by a fireside-style Q&A session proctored by one of Noble’s analysts or bankers, with questions taken from the audience during the presentation. Panel presentations are planned, featuring key opinion leaders in these sectors, providing valuable insights on emerging trends. Scheduled one-on-one meetings with public company executives, coordinated by Noble’s dedicated Investor Outreach team, are also available to qualified investors.
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