Marimed Stock Price, News & Analysis

MariMed (OTCQX: MRMD) has announced a licensing agreement with East Coast Cannabis Company for the adult-use distribution of its popular Betty’s Eddies full-spectrum fruit chews in Maine. This strategic move aims to expand MariMed’s brand presence in the cannabis market, which is projected to grow to $500 million by 2025. Betty’s Eddies has been a top seller in states where it is available, and this agreement builds on an earlier partnership for medical cannabis distribution. The company plans to introduce more products in the future.

MariMed Inc. (OTCQX: MRMD) announced its "World’s Largest Cannabis Brownie" campaign received two prestigious communications awards for effectiveness in promoting the company and its Bubby’s Baked product line. The 850-pound brownie, infused with 20,000 mg of THC, garnered over five billion consumer impressions, being featured in major media outlets worldwide. The campaign won a Gold "Stevie®" Award and was a finalist for a Public Relations Society of America award. This recognition highlights MariMed’s innovative marketing approach amidst regulatory challenges in the cannabis industry.

MariMed Inc. (OTCQX: MRMD) has been awarded a provisional dispensary license by the Ohio Board of Pharmacy, enabling the development of a medical dispensary in Tiffin, Ohio. This license was secured through Ohio's lottery process, and the company must complete the buildout and pass inspection by February 2023. MariMed plans to expand its operations in Ohio, aiming to maximize its cannabis licenses under state regulations. With over $350 million in medical cannabis sales in 2021 and 260,000 registered patients, Ohio presents significant growth opportunities for MariMed.

MariMed Inc. announced key leadership changes effective May 12, 2022, promoting Jon Levine to Chief Administration Officer (CAO) and appointing Susan Villare as Chief Financial Officer (CFO). Jon Levine, a co-founder and former CFO, will oversee operations, sales, marketing, and external communications as CAO, aiming to execute the company’s strategic growth plan. Susan Villare brings nearly 30 years of finance experience, having previously held senior roles in various organizations. These appointments are expected to enhance MariMed's market position in the multi-state cannabis industry.

MariMed, Inc. (OTCQX: MRMD) reported a strong first quarter for 2022, with revenues of $31.3 million, a 27% increase from the previous year. Non-GAAP Adjusted EBITDA grew 29% to $10.4 million, indicating a solid operational performance. The company maintained its 2022 guidance, anticipating revenues between $145 million and $150 million. Recent acquisitions in Maryland and Illinois are expected to enhance growth and revenue generation. Despite industry challenges, MariMed generated positive cash flow of $8.5 million and ended the quarter with a cash balance of $33.5 million.

MariMed, Inc. (OTCQX: MRMD) has successfully closed its acquisition of Green Growth Group, Inc., enhancing its cannabis operations in Illinois. This deal enables MariMed to integrate cultivation, manufacturing, and distribution alongside its retail operations. A new state-of-the-art facility is under construction in Mt. Vernon, expected to begin operations in Q4 2022. This vertical integration aims to boost margins and introduce new revenue streams through wholesale distribution of its award-winning brands. Illinois’ cannabis market reported $1.8 billion in sales in 2021, marking significant growth.

MariMed, Inc. (OTCQX: MRMD), a prominent multi-state cannabis operator, has announced its participation in several upcoming conferences in May and June 2022. These include the Canaccord Genuity Virtual Cannabis Conference on May 11, and the Wolfe Research Virtual Consumer Conference on May 13, where management will engage in fireside chats and one-on-one investor meetings. Additionally, MariMed's 'World’s Largest Pot Brownie' PR campaign is a finalist for the PRSA Silver Anvils, marking a significant recognition for a cannabis company, with winners announced on May 19.

MariMed Inc. (OTCQX: MRMD) has completed the acquisition of Kind Therapeutics U.S.A., LLC, a vertically integrated cannabis business in Maryland. The Maryland Medical Cannabis Commission approved the transfer on April 13, 2022, with the deal closing on April 27, 2022. This acquisition allows MariMed to expand Kind's operations, including adding 40,000 square feet of cultivation space and a new GMP kitchen. MariMed will now report 100% of Kind’s revenues and profits, showcasing its commitment to strategic growth in the cannabis industry.

MariMed Inc. (OTCQX: MRMD) has received approval from the Maryland Medical Cannabis Commission to acquire 100% ownership of Kind Therapeutics U.S.A., LLC. This decision was made during the MMCC’s Full Commission Meeting on April 13, 2022. Following the completion of the transaction, Kind will become a wholly owned subsidiary, consolidating its financials with MariMed’s. Kind operates a cannabis cultivation facility in Maryland and is developing a dispensary. Maryland's medical cannabis program has over 139,000 registered patients and generated over $500 million in sales in 2021.