Slide 1: Investor Presentation with Q4 2025 and FY 2025 Financial Highlights
INVESTOR PRESENTATION WITH Q4 2025 AND FY 2025 FINANCIAL HIGHLIGHTS
Slide 2: Forward Looking Statement Disclaimer
Forward Looking Statement Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes information, statements, beliefs, and opinions which are forward-looking, and which reflect current estimates, expectations, and projections about future events, referred to herein
Slide 3: We're on a Mission to Improve Lives Through the Power of Cannabis
We’re on a Mission to Improve Lives Through the Power of Cannabis. 3
Slide 4: Our Growth Strategy
OUR GROWTH STRATEGY Shareholder Expand Branded Products Value • Leverage • Expand the • Innovate and number of strong diversify our stores and balance Capital award- drive traffic Allocation sheet to winning through pursue brands and loyalty and accretive product experiential M&A to Brand/IP offerin
Slide 5: MariMed by the Numbers
MARIMED BY THE NUMBERS $160M 900+ 9 13 2025 REVENUE EMPLOYEES STATES DISPENSARIES 7 52M+ 750+ 5 FACILITIES Cultivation and POPULATION WHOLESALE BRANDS Production ACCOUNTS #1 Edible & #4 Beverage ~526K+ FT2 (inc. PA facility under Mgmt.) ~$11b Across Core States TAM *As of Dec 31, 2025 5
Slide 6: Creating Shareholder Value
CREATING SHAREHOLDER VALUE • Sustained annual wholesale expansion for a leading portfolio of award-winning brands • 11% growth in revenue and 85% penetration in 2025 • #1 edible brand and #4 beverage brand across MA, MD, DE, and IL • Proven profitability with a strong balance sheet • 6 consecutive y
Slide 7: Footprint & Portfolio of Assets
FOOTPRINT & PORTFOLIO OF ASSETS 3 190 K 1 16K 2 5 2 107 K 33K 180K No. of dispensaries Cultivation & Processing (sq ft) (PA facility under management) 7
Slide 8: Wholesale: Driving Our Brand Momentum
WHOLESALE: DRIVING OUR BRAND MOMENTUM STRONG PERFORMANCE • Wholesale accounted for 44% of 2025 revenue • Wholesale revenue grew 11% in 2025 BRAND PENETRATION • 85% average penetration across core states during 4Q 2025 STRATEGIC DISTRIBUTION • Product placements in >750 dispensaries across 6 states •
Slide 9: A Portfolio of Top-Selling Brands
A PORTFOLIO OF TOP-SELLING BRANDS* • Betty’s Eddies - #1 edible in MA, MD & DE • Bubby’s Baked - #1 baked goods edible in MA, MD, DE & IL • Vibations Drink Mix – Top 10 beverage in MA, MD, DE & IL • InHouse – Top 10 gummy in MD & DE *based on BDSA and Lit Alerts data for MA, MD, IL, and DE 9
Slide 10: Continuing to Expand Across Core Markets
CONTINUING TO EXPAND ACROSS CORE MARKETS Wholesale Revenue (in millions USD) Doors Coverage Ratio $69.6 $80.0 692 800 Growth Rate $70.0 $62.9 700 620 $60.0 $48.8 600 $50.0 500 410 $40.0 $32.9 400 $30.0 300 $20.0 200 $10.0 100 $0.0 26% 48% 29% 11% - 55% 83% 85% 2022 2023 2024 2025 2023 2024 2025 85%
Slide 11: Strong Retail Experience
STRONG RETAIL EXPERIENCE STRONG RETAIL BRAND & PRESENCE • 13 dispensaries across MA, IL, MD, DE, and OH • Strong presence under unified Thrive retail brand and website CONSUMER EXPERIENCE • Curated, wellness-focused retail environments with premium design • Deep community engagement with veterans, c
Slide 12: Strong Loyalty Member Growth
STRONG LOYALTY MEMBER GROWTH Members (Thousands) Growth 400.0 363.8 341.7 Data-Driven Personalization Delivered: 350.0 315.7 300.0 280.5 293.9 • Membership +31% FY 25 vs FY 24 250.0 • Drove 78% of revenue, up 200 bps FY 25 vs FY 24 200.0 • +1% higher avg basket vs non-members in 2025 150.0 100.0 50.
Slide 13: Annual Revenue and Adjusted EBITDA
Annual Revenue Revenue (Million USD) Growth $180.0 $148.5 $157.7 $159.8 $160.0 $133.6 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0 10% 11% 6% 1% 2022 2023 2024 2025 Adjusted EBITDA Adjusted EBITDA (Million USD) Growth $31.9 $40.0 $24.6 $19.3 $30.0 $20.0 $16.9 $10.0 $0.0 -25% -23% -21% -12% ($10
Slide 14: Management Team
MANAGEMENT TEAM Jon Levine Timothy Shaw Howard Schacter CEO & President Chief Operating Officer Chief Communications Officer Co-founder of MariMed with two Oversees all cultivation, production, and Veteran communications leader with decades in the cannabis industry. Led retail operations across 9 st
Slide 15: Our Results: Q4 2025 Financial Performance
OUR RESULTS: Q4 2025 FINANCIAL PERFORMANCE
Slide 16: Q4 2025 Financial Results
Q4 2025 FINANCIAL RESULTS • Revenue Mix Shift o Wholesale Driving Growth: Wholesale Revenue $41.7 million grew 11% year over year and represented 44% of product revenue, reflecting continued penetration of MariMed’s GAAP Gross Margin 25% leading edible and beverage brands. Non-GAAP Gross Margin* 40%
Slide 17: Balance Sheet - End of Q4 2025
BALANCE SHEET - END OF Q4 2025 • Navy Capital Balance Sheet Restructuring: Cash and Cash Equivalents $8.9 million o Legacy Series B preferred securities were refinanced through a new capital structure consisting of: $8M term notes Total Assets $202.6 million $6.7M convertible preferred equity o
Slide 18: Q4 2025 Cash Flow
Q4 2025 CASH FLOW Cash Flow Category Q4 2025 Activity Positive cash flow Operating Activities $3.429 million from operations License Renewals/purchases Investing Activities -$0.197 million and capital expenditures ~$0.9 million in scheduled Financing Activities -$0.944 million debt and financed leas
Slide 19: Year-end Non-GAAP Supplemental Information
Year-end Non-GAAP Supplemental information Income from Operations to Adjusted EBITDA Reconciliation (in ‘000s USD) 2020 2021 2022 2023 2024 2025 Income (loss) from operations 14,440 26,535 19,879 14,269 2,609 (2,820) Depreciation of property and equipment 1,792 2,098 3,432 5,549 7,910 8,109 Amortiza
Slide 20: Q4 2025 Non-GAAP Supplemental Information
Q4 2025 Non-GAAP Supplemental information (in ‘000s USD, except where noted) GAAP loss from operations (4,525) Depreciation of property and equipment 2,073 GAAP Gross Margin 25.2% Amortization of acquired intangible assets 809 Inventory revaluation 13.4% Inventory revaluation 5,559 Amortization of a
Slide 21: FY 2025 Non-GAAP Supplemental Information
FY 2025 Non-GAAP Supplemental information (in ‘000s USD, except where noted) GAAP loss from operations (1.8%) Depreciation of property and equipment 5.0% GAAP Gross Margin 36.2% Amortization of acquired intangible assets 2.1% Inventory revaluation Inventory revaluation 3.5% 3.5% Amortization of acqu
Slide 22: Thank You
THANK YOU For more information: Email: ir@marimedinc.com