MARIMED Inc (OTCMKTS: MRMD) is a professional management company in the emerging medical cannabis industry which we have taken notice of recently for its eye opening move on the chart. This month alone, it has registered a low of 1.14, and a subsequent high of 1.98- an increase of slightly more than 74%
What draws us to the company today is the press announcement that came across the wires this morning with regard to Marimed’s quarterly report for Q1 2018.
MARIMED Inc (OTCMKTS: MRMD) today reported first quarter financial results, which includes posting consecutive year over year increased Q1 quarterly revenue since 2015, and achieving its first ever $2M Q1.
Revenues came in at $2.08 million in first quarter of 2018, compared to $1.15 million first quarter of 2017, an increase of 81%. The increase is primarily due to the expanding operations of MariMed’s medical marijuana clients from real estate revenue, management fees and licensing fees. The company also achieved a debt reduction, reducing liabilities by $1.5 million through the conversion of $0.98 million of promissory notes into Common Stock and retiring $500,000 of additional promissory notes.
“MariMed continues on a solid trajectory of year over year growth that it has achieved each quarter since 2015,” stated Robert Fireman, CEO of MariMed Inc. “Our new Maryland cultivation and production facility, which came online in Q1, will bring increased rent, management and licensing fees, adding to our existing revenue streams from facilities in Illinois, Delaware, and Nevada. We anticipate increases in our revenue from our assets as the cannabis business in Maryland and Massachusetts continues to expand.”
The CEO also provided extensive commentary on the company’s outlook for the remaining portion of 2018:
“As cannabis legalization takes effect on July 1 in Massachusetts, we expect to supply dispensaries with our branded marijuana products across the state,” said Mr. Fireman. “We are scheduled to open our first dispensary in Massachusetts the third quarter of 2018, further bolstering our ongoing revenue streams from managed services and the leasing of our cannabis facilities.”
“With each new client, we generate significant revenue from fees for leases, licenses and managed services,” Jon Levine, continued. “We expect incremental growth in licensing from new product lines and organic growth from product sales as our licensed Nature’s Heritage Cannabis, Kalm Fusion, Betty’s Eddies, Tikun Olam and Lucid Mood brands gain loyal followings in each current market and as we expand our national distribution network to additional states.”
“Building upon our diverse platform, we are continuing to raise capital for new business and product development, strategic acquisitions and expansion of infrastructure that will enable us to take advantage of this critical time in the industry,” concluded Mr. Fireman. (Source: Globe Newswire)
In the first quarter the company also introduced its new Nature’s Heritage Cannabis brand, MariMed’s branded products and flower grown by Kind TherapeuticsUSA to approximately 35 newly opened medical cannabis dispensaries in Maryland.
The Maryland General Assembly passed a law roughly four years ago, and it was only this year that Maryland residents finally gained access to cannabis as a medicine. MRMD is the first company we’ve run across with operations there, so we are especially interested in tracking its progress. We’ll be sure to continue looking out for key events. We’ll stay up on any further developments with MRMD and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free small cap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in MRMD stock, short or long.