MARIMED INC. 10-K

Item 2. Properties As of December 31, 2025, the Company maintained the following principal facilities: Massachusetts Beverly The Company operates a dispensary in Beverly in a retail space under a lease that expires in July 2026, with options to extend the term for three additional five-year periods through 2041. New Bedford The Company owns an industrial property, of which the Company has developed approximately half into a cannabis cultivation and processing facility in which it conducts wholesale operations. The remaining portion of the property was rented to a non-cannabis manufacturing company through November 2023. The Company intends to expand its cannabis wholesale operations to include the entire property. The mortgage on this property and the Middleborough, Massachusetts property described below was previously held by Bank of New England; however, in November 2023, the Company repaid this mortgage and refinanced both properties in connection with a new Construction to Permanent Commercial Real Estate Mortgage Loan with Needham Bank (the "CREM Loan"). As a result, the mortgage on the New Bedford and Middleborough properties is now held by Needham Bank, and matures in 2033. 20 Norwood The Company leases its corporate headquarters under a lease that expires in 2028 and which includes a five-year extension option. Middleborough The Company owns and operates a retail and warehouse building located in a high-traffic area. A portion of the building houses the Company's flagship Massachusetts retail dispensary, with the remaining square footage used as a warehouse. The mortgage on this property and the New Bedford, Massachusetts property described above was previously held by Bank of New England; however, in November 2023, the Company repaid this mortgage and refinanced both properties in connection with the CREM Loan. As a result, the mortgage on the New Bedford and Middleborough properties is now held by Needham Bank, and matures in 2033. Quincy The Company leases a building that houses both a dispensary and a cultivation facility under a lease that expires in 2038. Delaware Lewes The Company leases retail space located in a multi-use building under a lease that expires in 2027 in which in operates a dispensary. Milford The Company leases a warehouse, 60% of which it developed into a cultivation facility, with plans to develop the remaining square footage into a processing facility. The lease term expires in March 2030, with an option to extend the term for three additional five-year periods. Wilmington The Company owns a cannabis cultivation, processing, and dispensary facility located in a business park. The property is secured under a mortgage with the Bank of New England that matures in 2031. Illinois Anna The Company owns and operates a free-standing cannabis dispensary in a building that is secured under a mortgage with DuQuoin State Bank that matures in May 2045 (the "DSQ Mortgage"). Casey The Company owns and operates a free-standing cannabis dispensary. Harrisburg The Company owns and operates a free-standing cannabis dispensary, also secured under the DSQ Mortgage. Metropolis The Company owns and operates a free-standing cannabis dispensary, secured under a mortgage with DuQuoin State Bank that matures in 2041. Mt. Vernon The Company owns and operates a grow and production facility. The premises are secured under a mortgage with DuQuoin State Bank that matures in 2042. The Company also owns and operates a free-standing cannabis dispensary, secured under a mortgage with DuQuoin State Bank that matures in 2041. Maryland Annapolis The Company owns a free standing industrial building in which it operates a cannabis dispensary. 21 Hagerstown The Company owns a manufacturing facility that it has developed into and in which it operates a cannabis cultivation and production facility. Upper Marlboro The Company operates a cannabis dispensary in a space that it rents on a month-to-month basis. Ohio Tiffin The Company operates a dispensary in Tiffin under a lease that expires in 2033.