PP
The Meet Kevin Pricing Power ETF
stock NYSE

was für Gründe das sind, zum Beispiel. Ob diese Gründe sich noch mal relativieren können etc. PP.

It is a good time to buy PP Flexi Cap

**------. Liabilities "Under the Hood": The Forensic Reality**
The $137.8M in GAAP total liabilities, plus $14.7M in Series B mezzanine equity sitting above that line, brings the full economic liability stack to approximately $152.6M against $202.6M in total assets — a leverage ratio that is the primary driver of MariMed's distressed valuation. But a line-by-line decomposition reveals that the composition of this stack matters as much as its size, and that significant portions carry either non-cash characteristics, long-dated maturities, or direct regulatory optionality.
**280E Tax Payable ($26.98M — Highest Binary Optionality)** The single largest current liability on the balance sheet is $26.98M in income taxes payable, up from $21.9M at year-end 2024 — a $5.1M YoY increase that reflects continued 280E accrual under federal cannabis scheduling. At 3.04x cash on hand ($8.9M), this liability is the most acute overhang on the stock, but it is also the most asymmetric. Should cannabis be rescheduled to Schedule III, this accrual does not represent a cash payment owed for normal business activity — it represents a regulatory artifact that could be materially restructured. No other line item on MariMed's balance sheet carries this kind of event-driven resolution potential.
**Debt Stack ($72.7M total notes — Quality Over Quantity)** Long-term mortgages and notes payable stand at $70.2M, with a current-portion of $2.6M — implying minimal near-term principal pressure. The 10-K confirms the debt is predominantly secured real estate mortgage debt across Illinois, Delaware, and Massachusetts properties, carrying rates in the 8–9% range. This is collateralized, asset-backed financing, not the predatory 14–18% unsecured working capital notes that have destroyed equity value across the sector. The current portion of just $2.6M represents a debt service coverage profile that is manageable relative to the company's $16.9M adjusted EBITDA.
**Lease Liabilities ($12.6M total — Structural, Not Distress)** Under ASC 842, MariMed carries $8.6M in operating lease liabilities ($2.0M current / $6.6M long-term) and $4.0M in finance lease liabilities ($2.1M current / $2.0M long-term). Combined, these represent $12.6M in total lease obligations. These are non-debt, contractual obligations tied to operating facilities — they are a fixed cash drag, but they are also the cost of the physical infrastructure generating the revenue. There is no covenant risk, no acceleration risk, and no refinancing event associated with these obligations.
**Series B Restructuring ($14.7M — Near-Term Risk Extinguished)** The $14.7M Series B Convertible Preferred Stock, classified in mezzanine equity, was the most acute near-term liquidity risk on the capital structure. The mandatory conversion deadline of February 28, 2026 had functioned as a hard clock on management's balance sheet flexibility. The March 2, 2026 restructuring agreement eliminated that deadline and replaced it with a package of long-dated instruments extending the weighted average maturity by 4.6 years. The result: no material debt or preferred equity maturity for the foreseeable future. As CFO Mario Pinho noted in the earnings release, MariMed now operates with "a clean balance sheet that contains no material debt maturities in the near-term."
**Residual Current Liabilities ($25.5M — Operational, Not Structural)** The remaining current liability stack — $14.6M accounts payable, $9.5M accrued expenses, $1.4M deferred revenue — is ordinary operating accrual. Accounts payable of $14.6M against $159.8M in revenue implies a payable days ratio of roughly 33 days, which is tight and operationally healthy. The $9.5M jump in accrued expenses versus $4.4M at year-end 2024 warrants monitoring in Q1 2026 disclosures but does not indicate structural impairment.
**Net Assessment** Strip out the 280E tax liability and the lease obligations — both non-debt items with specific resolution pathways — and MariMed's true financial debt load is approximately $72.7M against $89.4M in net PP&E alone. The liability stack is not clean, but it is not the existential threat the headline number implies. The risk is concentrated in one line item — the 280E accrual — and that risk is more a function of federal cannabis policy than of operational performance.

There are, they just all have a PP

**2025 Highlights**
* Revenue of $159.8 million
* Sixth consecutive year of positive Adjusted EBITDA
* Wholesale revenue increased 11%
* Distribution expanded to 85% of dispensaries in core markets
* Betty’s Eddies ranked #1 edible across four states
* Completed restructuring of Series B obligation, extending maturity 4.6 years
**MariMed (MRMD): The Wholesale Powerhouse & Deep Value Analysis**
**1. The Operational Engine: "Wholesale Beast" Dominance**
MariMed has successfully pivoted from a simple retailer to the **essential infrastructure layer** of the East Coast and Midwest cannabis markets.
* **Record Revenue**: FY2025 hit an all-time high of **$159.8M**.
* **Wholesale Surge**: Wholesale revenue grew **11% to $69.6M** (now **44%** of the business).
* **The "85% Club"**: They have reached **85% dispensary penetration** in core markets.
* **Maryland**: Distribution in **108 of 109** dispensaries (near 100% saturation).
* **Illinois**: Wholesale revenue skyrocketed **39%**, hitting **82%** of all shops.
* **Category Captains**: *Betty’s Eddies* remains the **#1 ranked edible** in 4 states. This creates "inelastic demand"—third-party retailers *must* stock MariMed to keep their customers, giving MRMD massive leverage over their **$19.7M in high-quality Accounts Receivable**.
**2. The "Harvest Phase": A 90% Capex Collapse**
The most bullish "hidden" metric is the pivot from "Builder" to "Earner." The heavy lifting of construction is over.
* **Capex Cliff**: Capital spending dropped from **$10.9M in 2024 to just $1.2M in 2025**.
* **Unlocking Cash**: Almost every dollar of their **$16.9M Adjusted EBITDA** (6th consecutive positive year) is now "free." They are no longer pouring cash into concrete; they are using it to service the balance sheet.
* **Efficiency**: With **$110.5M in net PP&E**, MariMed generates significantly more revenue per dollar of equipment than its "Tier 1" peers.
**3. Deep Value: Buying Assets at a 65% Discount**
The market is currently pricing MariMed as if its facilities are worthless, creating a "liquidation-floor" opportunity.
* **The PP&E Gap**: MariMed holds **$110.5M in net Property, Plant, and Equipment**. With a market cap near **$35M**, you are buying the physical "bricks and mortar" for **\~$0.32 on the dollar**.
* **Tangible Book Value (TBV)**: After stripping out $32M in goodwill/intangibles, the stock trades near its **liquidation floor**. You are essentially getting the licenses, the #1 brands, and the 85% distribution network **for free**.
**4. Liabilities "Under the Hood": The Forensic Reality**
To understand the "distressed" price, you must look at the **$152.6M total liability stack**, including "ghost" obligations.
* **The 280E Tax "Ghost"**: The biggest weight is **$26.98M in tax-related liabilities** (3x their $8.9M cash). This makes MariMed the **#1 beneficiary of Schedule III**. Rescheduling would evaporate this burden and re-rate the stock.
* **The Lease Liability Trap**: Per ASC 842, MariMed must record **future lease payments as liabilities**. They carry **$8.6M in lease obligations**. While a "paper" liability, it is a fixed cash drain management is currently optimizing.
* **Series B Restructuring**: A tactical masterclass. They pushed **$14.7M in Preferred Stock out by 4.6 years** to 2031, removing the "liquidity gun" from the company’s head for the next half-decade.
* **Debt Quality**: Most of the **$70.2M in notes** is mortgage-backed at **8-9%**. This is sustainable real estate debt, not the predatory 15% unsecured notes seen elsewhere.
**5. Margin Compression: The "Kitchen Sink" Quarter**
The Q4 GAAP gross margin of **25.2%** looks like a red flag, but it was an intentional "clearing of the decks."
* **Inventory Purge**: They took a **$5.6M inventory revaluation hit** in Q4 to flush old stock and optimize for the high-margin **2026 Ohio launch**.
* **Adjusted Stability**: Excluding one-time hits and Missouri exit costs, **Non-GAAP Gross Margin remained healthy at 40%**.
**6. 2026 Growth Catalysts**
* **The Ohio Gold Mine**: The upcoming **Columbus, Ohio** dispensary opening is a major high-margin catalyst.
* **Delaware Adult-Use**: Saw **37% sequential growth** in wholesale; MariMed's early-mover status is poised to dominate as the market matures.
* **Missouri Exit**: By cutting underperforming MO assets in October 2025, they’ve optimized for **pure profitability** in 2026.
**The Verdict**: MariMed is a **distribution beast** trading at a **fire-sale valuation**. They have neutralized their biggest debt threat (Series B) and slashed spending by 90%. If you believe in **Federal tax reform**, you are buying a $110M asset base for $35M.

Yes FF only way to many fees and issues with PP purchases.
I don’t have 2026 in yet the market is to unstable to order.
I do have a lot of 88 1/10th maples in

Super Micro PP always in the middle of some crazy drama lol

Workaround: Du kannst deinen gewünschten Anteil in PP verkaufen und siehst dann in „geschlossene Trades“ deinen Bruttogewinn. Darauf kannst du dann deine Steuer von Hand berechnen. Ist jetzt nicht komplett automatisch aber zumindest bekommst du den richtigen Gewinn raus.

PP ist top.
Das einzige was mir fehlt sind Steuerdaten und -simulation.
Wäre toll wenn es z.B Steuer für Teilverkäufe simulieren könnte.

The PP team

How does apparently a 10% efficiency gain in PP lead to a 30% difference in GRM? They are just cheats that game the system and rely on economic scale. PSU refinery has age old refineries that has to abide by all govt rules and acts like vessel of the govt. They need to invest in refineries to improve the ls:hs ratio while at the same time investing in green energy/pp ofc they'll prioritize the latter.

Reliance PP is over 10% cheaper than the next competitor. The plastics industry barely even has that much margin. Yeah, thats efficiency. And their pricing has been like this since 20 yrs as far I know. 

Small PP

You are not from the chemicals field. I am. If reliance enters a business, everyone else exits. Not because of regulatory shit but because reliance produces on an efficiency lvl that is unheard of. To give a small example, Indian oil also produces PP on a large scale but they are nowhere near RIL's rates. That comes from their plant. That is innovation which a layman will not understand. 

Whacha saying is that we do NOT want PP to pack our fries... I can also believe that.

PP is likely over by the Summer. He’s just posting his greatest hits and doing a show every 3 weeks now. He probably has a real job at this point

When the MA is this close, gravity takes over and you have to touch/test it.
It's like a big PP dangling in front of your face, you can't help yourself... you have to touch it.

PP must be rolling his eyes at these amateurs trying to take some of his grift. Not to say that he's good at it either, but at least he's grifting somebody.

I mean you could even throw PP and Kais in there. The moment all of these clowns get into crypto they know the grift is almost over and it is the last cash grab. Kais stopped doing stuff, PP has pretty much stopped streaming, don't follow ABC enough to know. This Epstein stuff isn't making him efamous like he thought it would. Wonder if he thought this would be his exit scam like the rest of them.

Only if u got big PP vids