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MariMed

MRMD
21
Drug Manufacturers - Specialty & Generic · Healthcare
Price
$0.07
-0.00 (-4.22%)
Market Cap
$26.3M
Winston Score
21
Winston is worried
Weak fundamentals across most pillars.

Share count rising — dilution

+4.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 372.4M (2021) → 390.1M (2025)

MariMed Inc. is a cannabis company that grows, processes, and sells marijuana products in the United States. Its products include flower, edibles, concentrates, and vapes sold under brands like Betty's Eddies and Bubby's Baked. It sells to adult recreational users and medical patients through its own dispensaries and licensed partners.

MariMed makes money by selling cannabis products directly to consumers through retail dispensaries and by licensing its brands and operations to other cannabis businesses. The company operates in a handful of states where cannabis is legal, including Illinois, Maryland, and Massachusetts. Its multi-state presence and owned brands give it some competitive footing, but the cannabis industry faces heavy regulation, high taxes, and ongoing competition from illegal markets. The biggest risk is that federal cannabis laws in the U.S. have not changed, which limits banking access, raises costs, and keeps institutional investors on the sidelines.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+30.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

16.8%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MariMed is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
38.7%
Modest — 38.7% gross margin
Operating Margin
0.3%
Thin — 0.3% operating margin
ROCE
0.1%
Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+2.2%
Nearly flat sales (2.2% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
3.6%
Thin free cash flow (3.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
13.16
Heavy debt load (13.16)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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