OTC: MRMD

Throughout our history, we have created our own brands of craft-quality cannabis flower, concentrates, edibles, and other precision-dosed products, which have been recognized through industry awards and strong sales performance in multiple states. Applying proprietary cultivation and processing procedures and following the strictest quality standards, our portfolio of brands was developed to fill gaps in the marketplace and meet specific effects desired by today’s cannabis consumer. We believe owning brands that are among the most successful and accessible in the country is critical to our long-term growth. To achieve our goal, we invest in ongoing research and development and intend to continue to introduce new and innovative products. We believe the strength of our brand portfolio has been recognized as a key differentiator from other MSOs.

Wholesale Operations

We operate state-of-the-art, regulatory-compliant cannabis cultivation and processing facilities that grow and manufacture our proprietary, high quality, branded cannabis consumer products. We distribute our products via the wholesale market to hundreds of dispensaries operated by other cannabis license holders. We utilize dedicated sales teams to sell our products to wholesale buyers representing the dispensaries operated by other cannabis license holders. We deploy a variety of marketing strategies to drive the sales of our products, including customer loyalty programs, digital advertising, in-store displays and public relations.

Retail Operations

We also operate our own dispensaries, which are recognized for their excellent customer service and product selection. Customers at our dispensaries purchase cannabis for a variety of adult-use and medical purposes, including relaxation, sleep support, and general wellness, consistent with applicable state regulations. Revenue is generated at these dispensaries through the sales of our own products and those marketed by other cannabis license holders.

We also generate limited revenue from licensing, management fees, and real estate income, none of which are material to our consolidated results of operations.

2

Our Strategic Growth Plan

We continue to focus on executing our strategic growth plan, which we refer to as Expand the Brand. We prioritize activities that include the following:

•Increasing our product brand revenue by:

◦strengthening our cultivation and processing capabilities to ensure a reliable, high-quality supply of raw materials that will enhance product consistency, quality, and innovation;

◦developing and launching innovative new products that align with consumer preferences and demand;

◦offering new effects and formulations that differentiate our existing brands;

◦broadening our distribution network in existing markets to maximize our reach and brand visibility; and

◦expanding our distribution into new markets through new license applications, acquisitions of existing cannabis businesses, and/or identification of qualified licensing partners.

•Increasing retail store revenue by:

◦driving additional and higher average transactions in our existing stores through an enhanced customer experience that prioritizes our product selection and the ease of the shopping experience; and

◦expanding our dispensary footprint in current markets where regulations allow and into new markets through new license applications and/or acquisitions of existing cannabis businesses.

Execution of this strategy is subject to available capital, regulatory approvals, market conditions, and competitive dynamics in each state in which we operate.

Our Competitive Strengths

We believe that our strengths in the following areas provide us with certain competitive advantages and the tools necessary to successfully implement our strategic plans:

Portfolio of Proprietary and Innovative Brands

We have developed a portfolio of unique and market-leading brands which are currently distributed in cannabis-legal states. Our brands and products are developed with a consumer first approach and are available in the most popular consumption formats, including whole flower, pre-rolled flower, vape cartridges, concentrates, and edibles. We intend to continue to expand our brand portfolio to meet the effects that cannabis consumers seek.

Our portfolio includes several award-winning brands that are among the top sellers in markets where they are available. They include:

•Nature’s Heritage™, a premium brand of cannabis flower, vapes, and concentrates;

•Betty’s Eddies™, cannabis fruit chews that deliver better sleep, pain relief, stress relief, and more;

•Bubby’s Baked™, soft and chewy baked goods and a hot chocolate mix;

•Vibations™, an infused hydrating drink mix for discrete, on-the-go consumption; and

•InHouse™, a value-priced brand of flower, vapes, and edibles.

3

Retail Footprint and Operations

Our retail footprint and operations drive a significant portion of our revenue and align strategically with our goal to grow a portfolio of proprietary and innovative brands. Our retail stores, all branded ThriveTM following the completion of a national integration initiative in 2025, are in states that offer a strong consumer base and favorable regulatory environments that promote market stability. We believe today’s cannabis consumer seeks a shopping experience that is comfortable, educational, and easy. Our dispensaries are models of excellence in this regard. We carefully curate a menu of the highest quality brands and products, and merchandise them in beautifully designed, upscale environments. We invest in budtender and retail personnel training, as well as product programming displayed on in-store monitors to help deliver exceptional customer service throughout the shopping experience. In Massachusetts and Delaware, we complement our in-store operations with a home delivery option. We intend to do the same in other markets once permitted by state regulations.

Our retail footprint and operations enable our ability to drive wholesale distribution through reciprocal relationships (balance of trade relationships) that are common in the cannabis industry. This relationship has accelerated MariMed brands, such as Betty’s Eddies, to market leadership positions in most states in which we operate. Additionally, we gain significant customer insights from our retail operations which allow us to rapidly innovate to meet emerging consumer trends.

Combined, our retail footprint and our robust wholesale brand portfolio work together to promote our overall growth in revenue, gross profit and market share.

Experienced Management

Our management team is one of the most experienced and longest tenured in the cannabis industry. Several of our executive team members, including our Chief Executive Officer, our Chief Operating Officer, and our Chief Commercial Officer, have each worked in the industry for a decade or more. Our leadership team has achieved considerable success creating and growing businesses in the industry by successfully applying for cannabis licenses, overseeing the development of cannabis operations and facilities, raising capital to purchase and develop facilities, and conducting operations in adherence with regulations established by individual state governments, including all environmental and social governance requirements. The strength of our executive team is further enhanced by other members who have significant senior management experience and expertise working in financial services, beer and alcohol, retail, consumer products, and marketing.

Current and Pending Operations

Over the past several years, we have invested in our own operating facilities, applied for and secured new licenses, and acquired new assets to strengthen and expand our brand portfolio and our retail and wholesale networks. We currently hold a total of 33 cannabis licenses in six states. We believe that operating as a vertically integrated cannabis company, which we define as owning cultivation, manufacturing, and retail licenses within a single state, provides us the greatest opportunity to maximize revenue and profits. To date, we are fully vertical in Illinois, Maryland, Massachusetts, and Delaware.

Our current and pending operations are as follows:

Massachusetts

Massachusetts operates both adult-use and medical cannabis programs. According to the Massachusetts Cannabis Control Commission (the "CCC"), the state’s cannabis market generated $1.65 billion in sales in 2025 (source: Massachusetts Cannabis Control Commission).

We operate three Thrive-branded dispensaries in the Boston area: dispensaries in Middleborough and Quincy that are licensed for both medical and adult-use cannabis sales, and an adult-use dispensary in Beverly.

Our three retail stores are easily accessible to all cannabis consumers in eastern Massachusetts. Access is further enhanced through home delivery as the result of our April 2023 investment in Artis LLC (d/b/a Little Dog Delivery).

We also operate a cultivation and production facility in New Bedford, as well as a cultivation facility in Quincy.

4

Delaware

Delaware operates both adult-use and medical cannabis programs, with adult-use sales having commenced in August 2025. According to the state’s Office of the Marijuana Commissioner, Delaware’s cannabis market is estimated to generate $150 million to $215 million in sales annually.

Following the March 2025 acquisition of our longstanding client in Delaware, First State Compassion Center ("FSC"), we operate Thrive-branded dispensaries in Wilmington and Lewes, a cultivation facility in Milford, and a production kitchen in Wilmington

Illinois

Illinois operates both adult-use and medical cannabis programs. According to the Illinois Department of Financial and Professional Regulation, the state reported $1.5 billion in total legal cannabis sales in 2025.

We operate five Thrive-branded dispensaries in the state, including an adult-use dispensary in Metropolis, near the Kentucky border, an adult-use dispensary in Casey, near the Indiana border, and an adult-use dispensary in Mt. Vernon. We also operate dispensaries in Anna and Harrisburg that each serve both medical and adult-use customers. These five locations provide easy access for most residents in southern Illinois and several states that don’t have legal cannabis programs, including Kentucky, Indiana, and Tennessee. We also operate a cultivation and manufacturing facility in Mt. Vernon.

Maryland

Maryland operates both adult-use and medical cannabis programs. According to the Maryland Cannabis Administration, the state projected $1.2 billion in medical and adult-use cannabis sales in 2025.

We operate two Thrive-branded medical and adult-use dispensaries in Maryland: one in Annapolis and the other in the Upper Marlboro part of Prince George’s County. We also operate a cultivation and processing facility in Hagerstown.

Ohio

Ohio’s successful medical cannabis program expanded to include adult-use sales in June 2024. Total cannabis sales in Ohio exceeded $1 billion in 2025, according to multiple news sources.

We operate a Thrive-branded dispensary in Tiffin and own a second license to operate a dispensary in Columbus.

Other States

We manage a client's cultivation and manufacturing operations in Pennsylvania. We also entered into a license agreement with a client in 2025 that will enable the distribution of our products in that state following regulatory approvals. We anticipate sales to commence in early 2027.

We are constructing a processing kitchen with a licensing partner in New York that will enable the distribution of our brands in that state following completion of construction and state regulatory approvals. We anticipate that product sales will commence in early 2027.

Recent Developments

Since December 31, 2025, we have continued to execute our operating and strategic priorities within the framework of evolving federal and state regulatory environments affecting the cannabis industry as described below.

Regulatory Developments

Cannabis remains illegal under United States federal law. Our cannabis operations continue to be conducted in compliance with applicable state and local laws. During 2025 and early 2026, there has been increased public discussion and federal legislative activity regarding potential changes to cannabis and hemp related regulations. These proposals include, among other matters, potential restrictions on certain hemp derived cannabinoid products. While the timing, scope, and outcome

5

of any such proposals remain uncertain, we continue to monitor regulatory developments closely and evaluate their potential impact on our operations and strategy.

Hemp-Derived Product Initiatives and Regulatory Developments

During 2025, we expanded certain of our branded product offerings into the hemp-derived cannabinoid market, including products formulated to comply with the federal definition of hemp under the Agriculture Improvement Act of 2018 (the “2018 Farm Bill”). These products are intended to leverage our existing brand development, formulation, and distribution capabilities outside of state-licensed cannabis programs.

The regulatory framework governing hemp-derived cannabinoid products, including products containing delta-8 THC, delta-9 THC derived from hemp, and other cannabinoids, continues to evolve at both the federal and state levels. During 2025 and early 2026, various federal and state authorities proposed or implemented changes that may restrict or prohibit certain hemp-derived products, impose additional testing, labeling, or licensing requirements, or otherwise alter the permissible scope of these product offerings.

As a result, the availability, distribution, and commercial viability of hemp-derived cannabinoid products may vary significantly by jurisdiction and may be subject to change with limited notice. We continue to monitor regulatory developments closely and may modify, limit, or discontinue hemp-derived product offerings in certain markets in response to regulatory changes, enforcement activity, or compliance considerations. To date, hemp-derived product initiatives represent a limited component of our overall business, and our core operations remain focused on state-regulated medical and adult-use cannabis markets.

Delaware Adult-Use Market Launch

In Delaware, adult-use cannabis sales commenced in August 2025. Following our March 2025 acquisition of First State Compassion Center, we began operating in a dual medical and adult-use market. We have focused on scaling operations in a disciplined manner, including supply chain readiness, staffing, and compliance, as the market expands into adult-use sales.

Brand and Product Initiatives

We continue to invest in the development and expansion of our proprietary brand portfolio, including the introduction of new product formats, formulations, and effects designed to align with evolving consumer preferences. These initiatives are supported by ongoing investments in cultivation, processing, and quality assurance capabilities to enhance product consistency and reliability. Product launches and brand expansion efforts remain subject to state-by-state regulatory approval processes.

Wholesale and Retail Optimization

During 2025, we continued to refine our wholesale and retail strategies with a focus on improving operational efficiency, enhancing customer experience, and increasing brand penetration in our core markets. This included targeted pricing actions, SKU rationalization, and continued investment in retail staff training and customer engagement programs. We also continued to leverage insights from our retail operations to inform wholesale product development and distribution strategies.

Liquidity and Capital Allocation

We remain focused on disciplined capital allocation, liquidity management, and balance sheet optimization. Our strategic initiatives continue to be evaluated in the context of available capital, regulatory requirements, and market conditions.

Competition

In the markets where we currently operate, we face competition from licensed cannabis companies of varying sizes and geographic reach. These include other Multi-State Operators ("MSOs") who, like our company, maintain vertical operations in at least two states. Others, called Single State Operators, are either fully vertical in just one state focused solely on producing and selling cannabis products, or operate solely as dispensaries and sell the goods of other businesses. Some of our competitors that create and sell their own products have offerings that are on par with those we offer. We

6

believe that by utilizing our own best practices and operational expertise, we are able to produce premium cannabis products at one of the lowest cost structures in the industry, which enables us to remain competitive in our markets. However, our sales could decline significantly if our competitors develop and market products that are more effective, easier to purchase and/or use, or less expensive than our products.

As cannabis products become more mainstream and gain greater acceptance, it is likely that larger and more established companies with greater resources will enter the market. However, we believe that there are meaningful barriers to entry, including licensing requirements, capital investment, and regulatory compliance requirements. We have upgraded our marketing efforts to expand branding and distribution, as well as implemented home delivery, where permissible, and other business strategies utilized by more conventional industries. As a result, we have successfully increased the number of retail transactions at our stores and increased market share of our core products sold through wholesale. We have also developed a loyal customer base at our retail locations through the launch and continued refinement of customer loyalty programs.

Intellectual Property

We own registered trademarks for Betty’s Eddies, Bubby’s Baked, InHouse, Nature’s Heritage, Vibations, and Thrive with the United States Patent and Trademark Office.

Our proprietary processing and manufacturing techniques and technologies, while not patented, are kept strictly confidential. We enter into and enforce confidentiality agreements with key employees and consultants to protect our intellectual property, trade secrets, and general know-how.

Our Employees

At December 31, 2025, we had a total of 923 employees, of which 808 were full-time.

Website Access to Company Reports

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements, Current Reports on Form 8-K and all amendments to those reports are available free of charge on the Company’s website at www.marimedinc.com as soon as reasonably practicable after such material is electronically filed with, or furnished to, the United States Securities and Exchange Commission (the "SEC"), or as filed with the Canadian securities regulatory authorities on the SEDAR website. In addition, copies of our annual report will be made available, free of charge, upon written request.