Ryan Crandall
About Ryan Crandall
Ryan Crandall, 46, is MariMed’s Chief Commercial Officer (appointed April 2025). He oversees all revenue generation (wholesale and retail), marketing, product development, and brand portfolio strategy; previously CRO (Jul 2022–Mar 2025) and Chief Product Officer/SVP Sales (Jan 2018–Jun 2022). Before cannabis, he held executive sales roles in cybersecurity and software at RSA Security and EMC2, and co‑created the Betty’s Eddies brand that MariMed acquired prior to his joining the company . Company context during his tenure includes sequential increases in quarterly revenue and Adjusted EBITDA in Q3 2025, reflecting wholesale expansion and operational efficiency improvements .
Company performance context (latest quarter)
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue ($USD Millions) | $40.6 | $40.8 |
| Adjusted EBITDA ($USD Millions) | $4.7 | $5.1 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MariMed Inc. | Chief Commercial Officer | Apr 2025–present | Oversees all revenue generation, marketing, product development, and brands portfolio |
| MariMed Inc. | Chief Revenue Officer | Jul 2022–Mar 2025 | Led wholesale/retail revenue; expanded distribution of owned brands |
| MariMed Inc. | Chief Product Officer; SVP Sales | Jan 2018–Jun 2022 | Co‑created/advanced Betty’s Eddies; product portfolio development and sales execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RSA Security | Executive sales roles | Not disclosed | Enterprise go‑to‑market experience; cybersecurity domain background |
| EMC2 | Executive sales roles | Not disclosed | Scaled software sales operations; enterprise customer relationships |
Fixed Compensation
The 2025 proxy’s Named Executives are CEO Levine, CFO Pinho, and COO Shaw; Mr. Crandall, who became an executive officer on April 7, 2025, is not a Named Executive in the 2024/2023 compensation tables. As a result, base salary, target bonus %, and actual bonus paid for Mr. Crandall are not disclosed in the latest proxy .
Performance Compensation
The company did not disclose Mr. Crandall’s specific annual incentive metrics, weighting, targets, or payouts in the proxy. Company RSU grants for Named Executives generally vest 1/3 after one year and 1/6 every six months over the following two years, indicating emphasis on time‑based equity; this schedule applies to CEO/COO awards cited and illustrates plan design, not Mr. Crandall’s awards . Stock‑based compensation is excluded from non‑GAAP Adjusted EBITDA calculations, underscoring transparency on equity expense impact .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (common + derivatives) | 2,652,002 shares beneficially owned; includes 2,000,000 shares underlying outstanding options and 54,000 shares underlying RSUs subject to vesting |
| Ownership as % of shares outstanding | Less than 1% of common shares outstanding as of the record date |
| Vested vs. unvested | Breakdown of Mr. Crandall’s vested vs. unvested shares not disclosed; 54,000 RSUs subject to vesting indicated |
| Options — exercisable vs. unexercisable and value | Not disclosed for Mr. Crandall beyond 2,000,000 underlying outstanding options |
| Hedging/Pledging | Company insider trading policy prohibits hedging (e.g., short sales, puts, calls); pledging is not explicitly referenced in the retrieved policy excerpt |
| Ownership guidelines | Stock ownership guidelines and Mr. Crandall’s compliance status not disclosed in the proxy |
Company‑wide equity program activity (context)
| Metric | 2024 YE | 9M 2025 |
|---|---|---|
| Stock options outstanding (shares; WA exercise) | 34,271,921; $0.79 | 31,510,921; $0.80 |
| RSUs outstanding (shares; WA grant FV) | 7,706,125; $0.27 | 8,531,790; $0.18 |
| RSUs granted (shares; WA grant FV) | — | 9,395,784; $0.10 |
| RSUs vested (shares; WA grant FV) | — | 7,693,754; $0.18 |
Employment Terms
| Term | Detail |
|---|---|
| Executive officer effective date | April 7, 2025 |
| Contract term, severance, CIC, non‑compete/non‑solicit | Not disclosed for Mr. Crandall in the latest proxy; employment agreement details provided for CEO/COO only |
Related Party Transactions (alignment red flags)
| Item | 2023 | 2024 |
|---|---|---|
| Royalties on Betty’s Eddies to entity owned by COO and CCO (rates vary by direct vs. licensed sales) | ~$722,000 | ~$634,000 |
| Royalty rate (direct sales) | 3.0% | 3.0% |
| Royalty rate (licensed sales) | 1.3%–2.5% | 1.3%–2.5% |
| Item | Q3 2024 | Q3 2025 | 9M 2024 | 9M 2025 |
|---|---|---|---|---|
| Royalties earned by the entity (quarterly/9M) | ~$178,000 | ~$154,000 | ~$427,000 | ~$472,000 |
| Updated licensed royalty rate range | — | 1.35%–2.5% | — | 1.35%–2.5% |
Implication: As co‑creator and current CCO tied to the Betty’s Eddies brand, Mr. Crandall is linked to a recurring related‑party royalty stream. While amounts are modest relative to revenue, this creates an inherent conflict requiring rigorous Audit Committee oversight to ensure arm’s‑length terms and transparent disclosures .
Performance & Track Record
- Oversaw distribution and commercialization of MariMed’s brand portfolio; the company reported sequential quarterly growth in wholesale and retail revenue and higher Adjusted EBITDA in Q3 2025 .
- Strategic initiatives included expanding Betty’s Eddies to Maine and entering managed services/licensing agreements to bring MariMed brands to Pennsylvania and New York, consistent with the “Expand the Brand” strategy .
- Non‑GAAP presentation excludes stock‑based compensation, offering clearer view of operating performance trendlines .
Compensation Committee & Governance (context)
- Compensation Committee comprises independent directors; responsibilities include approving executive compensation, performance objectives, and administering stock plans .
- Insider trading policy prohibits hedging; trades by Named Executives and certain personnel require pre‑approval by the chief compliance officer .
Investment Implications
- Alignment: Mr. Crandall holds 2.652M beneficial shares, including 2.0M options and 54k RSUs subject to vesting, but his ownership is <1%—skin‑in‑the‑game exists, though relatively modest vs. total shares outstanding .
- Equity overhang and selling pressure: Company‑wide RSU grants accelerated in 2025 (9.4M granted; 7.7M vested YTD), and options outstanding declined, indicating a shift from options to RSUs that can create predictable vest‑driven supply overhang and potential tax‑related share surrenders at vesting .
- Related‑party royalties: Ongoing royalties to an entity owned by the COO and CCO (Crandall) represent a structural conflict; amounts are recurring and should be monitored against brand revenue to detect misalignment or value leakage, with Audit Committee oversight as a mitigant .
- Retention risk & incentives: Specific salary/bonus metrics and CIC/severance terms for Mr. Crandall are not disclosed, limiting visibility into pay‑for‑performance and retention economics; investors should watch for future 8‑K or proxy updates detailing his employment terms .
- Execution: As CCO, delivery on cross‑state brand expansion and wholesale growth remains the core lever. Q3 2025 data shows steady revenue with improved Adjusted EBITDA; sustaining that trend while managing related‑party scrutiny and equity overhang will be key to investor confidence .