MariMed is a multi-state cannabis operator (MSO) that grows, manufactures, and sells branded cannabis products through its own dispensaries and wholesale to third-party dispensaries. The company operates across six states — Massachusetts, Maryland, Illinois, Delaware, Ohio, and Pennsylvania (via a management agreement) — holding 33 cannabis licenses and operating 13 Thrive-branded retail dispensaries serving both medical and adult-use customers. MariMed's core strategy centers on building proprietary consumer packaged goods (CPG) brands, including Betty's Eddies (fruit chews, the #1 edible in Massachusetts, Maryland, and Delaware), Nature's Heritage (premium flower and vapes), Bubby's Baked (infused baked goods), and Vibations (infused drink mix). Revenue is split between retail (~56%) through its Thrive stores and wholesale (~44%) to third-party dispensaries, with MariMed intentionally shifting toward wholesale as a more scalable channel. MariMed uses its own retail stores both to generate direct revenue and to showcase its brands, while its Thrive loyalty program supports repeat consumer traffic. For geographic expansion, MariMed pursues acquisitions of existing operators, licensing its brands to partners in new states (a capital-light model active in Maine, Pennsylvania, and New York), and new license applications. The company is also exploring hemp-derived cannabinoid products as a path to distribute its brands through conventional retail outside state-licensed cannabis programs, though this remains early-stage.