[Form 4] MARIMED INC. Insider Trading Activity

Rhea-AI Filing Summary

Ryan Crandall, Chief Commercial Officer of Marimed Inc. (MRMD), reported Section 16 transactions on 09/28/2025. 6,046 restricted stock units (RSUs) vested and were converted one-for-one into common shares. The issuer withheld 1,775 shares to satisfy tax-withholding obligations at a reported price of $0.143 per share. After these transactions the reporting person beneficially owned 731,938 shares. The vested RSUs were originally granted on 09/28/2024 and the remaining RSUs will vest in three equal installments on 03/28/2026, 09/28/2026 and 03/28/2027.

Positive

• RSU vesting demonstrates compensation alignment: 6,046 RSUs converted to shares
• Significant insider ownership remains: reporting person beneficially owns 731,938 shares
• Transparent vesting schedule disclosed for remaining RSUs with specific future dates

Negative

• Shares withheld for taxes reduced the net new shares by 1,775
• No open-market purchases reported; transaction reflects compensation, not additional direct investment

Insights

Financial Analyst

TL;DR: Insider compensation converted to shares; modest dilution from tax withholding, ownership remains substantial.

The filing shows routine equity compensation vesting rather than an open-market purchase or sale. The conversion of 6,046 RSUs to shares increases outstanding insider-held shares nominally while the issuer withheld 1,775 shares for taxes at $0.143 per share, which is an administrative net reduction to the insider's holding. The reporting person still holds 731,938 shares, indicating meaningful insider alignment with shareholders. No cash sale or outside disposition is reported.

Corporate Governance Expert

TL;DR: Standard executive award vesting with scheduled future vesting; nothing indicating governance concerns.

This Form 4 documents scheduled vesting of RSUs granted a year earlier and confirms tax withholding practices. The disclosure that remaining RSUs vest in three future installments is explicit, supporting predictable executive compensation timing. There are no unusual transactions, loans, or related-party disposals disclosed that would raise governance flags.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Crandall Ryan

(Last) (First) (Middle)

10 OCEANA WAY, 2ND FLOOR

(Street)

NORWOOD MA 02062

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MARIMED INC. [ MRMD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	09/28/2025		M		6,046	A	$0(1)	733,713	D
Common stock	09/28/2025		F		1,775(2)	D	$0.143	731,938	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units (RSU)	(1)	09/28/2025		M			6,046	(3)	(3)	Common Stock, par value $.001 per share	6,046	$0	18,140	D

Explanation of Responses:

1. RSUs convert to shares of common stock on a one-for-one basis.

2. Reflects shares of common stock withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting of RSUs.

3. These RSUs were granted on September 28, 2024; the remaining RSUs will vest in three equal installments on each of March 28, 2026, September 28, 2026 and March 28, 2027 in accordance with the terms of an award agreement between the Issuer and the Reporting Person.

Remarks:

	/s/ Ryan Crandall	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did MRMD insider Ryan Crandall report on Form 4?

The report shows 6,046 RSUs vested on 09/28/2025, converting one-for-one to common shares, with 1,775 shares withheld for taxes.

How many MRMD shares does Ryan Crandall beneficially own after the transactions?

After the reported transactions the reporting person beneficially owns 731,938 shares.

Were any shares sold in the transactions reported on the Form 4?

No open-market sales were reported; the transactions are vesting of RSUs and tax-withholding disposals.

When will the remaining RSUs vest for Ryan Crandall?

The remaining RSUs will vest in three equal installments on 03/28/2026, 09/28/2026 and 03/28/2027.

What price is shown in the Form 4 for the withheld shares?

The Form 4 shows a price of $0.143 associated with the 1,775 shares withheld to satisfy tax obligations.