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Wednesday, November 30, 2022

MariMed Inc (OTCMKTS: MRMD) Major Move Northbound as Cannabis Operator Reports Rapid Growth & Record Revenues and Opens Dispensary in Maryland

MariMed Inc (OTCMKTS: MRMD) has been rocketing up the charts in recent trading from lows of $0.40 to recent highs of $0.70 per share on a surge of trading volume trading 2.3 million shares on Friday alone or about $1.5 million in dollar volume. MariMed has seen a huge transition over the past few years from an advisory firm to a direct owner and operator of cannabis licenses in high-growth states. Revenues increased 139% to approximately $121.5 million in 2021 from $50.9 million in 2020; Total assets increased to approximately $123.2 million in 2021 from $76.4 million in 2020; and Cash and cash equivalents increased to approximately $29.7 million in 2021 from $3.0 million in 2020. 

MRMD is northward bound ever since the Company announced the opening of its first dispensary in Maryland. Operated by the Company’s wholly owned subsidiary, Kind Therapeutics USA (“Kind”), the 5,000 square foot, Panacea Wellness-branded dispensary features MariMed’s portfolio of award-winning brands, including Nature’s Heritage craft flower and concentrates, Betty’s Eddies all-natural fruit chews, and Bubby’s Baked soft baked goods. The dispensary is located at 2061 Generals Highway in Annapolis. With the opening of the dispensary in Annapolis, MariMed is a fully vertical cannabis operator in the state of Maryland. The Company operates a 90,000 square foot cultivation and production facility in Hagerstown. MariMed’s branded cannabis products are distributed to virtually all the approximately 100 dispensaries in the Maryland medical cannabis program. 

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MariMed Inc (OTCMKTS: MRMD) is a multi-state operator in the United States cannabis industry. The Company develops, operates, manages, and optimizes over 300,000 square feet of state-of-the-art, regulatory-compliant facilities for the cultivation, production and dispensing of medicinal and recreational cannabis. Over the last few years MariMed has transitioned to a direct owner and operator of cannabis licenses in high-growth states.  The transition to a fully integrated muti-state cannabis operator (“MSO”) is part of a strategic growth plan the Company is implementing to drive its revenues and profitability. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibrations: High + Energy.  

The Company markets its high-quality cannabis flowers and concentrates under the award-winning1 Nature’s Heritage brand; cannabis-infused chewable tables and powder drink mixes under the brand names Kalm Fusion and K Fusion; all natural fruit chews under the award-winning1 Betty’s Eddies brand; and brownies, cookies, and other social sweets under the Bubby’s Baked brand. The Company’s cannabis-infused brands have been top-selling products in Maryland and Massachusetts. 

MariMed has strategic alliances with prominent brands. The Company has partnered with renowned ice cream maker Emack & Bolio’s® to create a line-up of cannabis-infused vegan and dairy ice cream. Additionally, the Company has secured distribution rights for the Binske® line of cannabis products crafted from premium artisan ingredients, the Healer line of medical full-spectrum cannabis tinctures, and the clinically-tested medicinal cannabis strains developed in Israel by global medical cannabis research pioneer Tikun Olam. 

In September MariMed announced an agreement with 42 Degrees, a Michigan licensed cannabis producer and distributer, to manufacture and distribute MariMed’s award-winning brands and products in the state. 42 Degrees currently wholesales products into 340 dispensaries, representing approximately 75 percent of the operating dispensaries in Michigan. The agreement provides initially for the manufacture, sales, and distribution of MariMed’s Betty’s Eddies full-spectrum fruit chews into the adult-use market. The intention longer-term is to roll out other brands in MariMed’s portfolio, including Bubby’s Baked soft and chewy baked goods and Vibations: High + Energy powder energy drink mix. 

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On October 5 MRMD announced the opening of its first dispensary in Maryland. Operated by the Company’s wholly owned subsidiary, Kind Therapeutics USA (“Kind”), the 5,000 square foot, Panacea Wellness-branded dispensary features MariMed’s portfolio of award-winning brands, including Nature’s Heritage craft flower and concentrates, Betty’s Eddies all-natural fruit chews, and Bubby’s Baked soft baked goods. The dispensary is located at 2061 Generals Highway in Annapolis. More information about the dispensary is available at www.panaceawellness.com. 

A grand opening celebration for medical patients and local officials will be held at the dispensary on Tuesday, October 18, 2022. The event will kick off at 9:30 a.m. ET with a ribbon-cutting ceremony featuring remarks from Maryland State Senator Sarah Elfreth (D-Anne Arundel County), Maryland State Senator Brian Feldman (D-Montgomery County), Anne Arundel County Executive Steuart Pittman (D), Annapolis Mayor Gavin Buckley (D), MariMed President Jon Levine, and the Company’s Maryland General Manager Jeff Jones. 

“We are proud to serve patients in the Annapolis region with our premium product offerings delivered by our highly trained team,” said MariMed President Jon Levine. “The recent expansion of our state-of-the-art production kitchen in Hagerstown enables us to offer our full portfolio of quality products at a time when the state’s medical cannabis patients are looking for new and innovative offerings. We are particularly optimistic about the future of our business in Maryland as an adult-use referendum is expected to pass in November 2022.” 

In addition to Panacea Wellness Annapolis, under state regulations MariMed can own up to three additional dispensaries in Maryland. MariMed also currently owns or manages dispensaries in Illinois, Massachusetts, and Delaware, with additional sites under development in Illinois, Massachusetts, and Ohio. The Company continues to review accretive acquisitions in other legal cannabis states. 

With the opening of the dispensary in Annapolis, MariMed is a fully vertical cannabis operator in the state of Maryland. The Company operates a 90,000 square foot cultivation and production facility in Hagerstown. MariMed’s branded cannabis products are distributed to virtually all the approximately 100 dispensaries in the Maryland medical cannabis program. 

According to the Maryland Medical Cannabis Commission, the state generated more than $550 million in medical cannabis sales in 2021, with nearly 150,000 registered medical cannabis patients. According to Cowen Research, with a population of 6.2 million, Maryland’s medical cannabis program boasts some of the highest rates of registered medical consumers, and incidence usage and spending, on a per capita basis, among all legal medical cannabis programs in the United States. 

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Currently trading at a $200,000 million market valuation MRMD has 339,270,387 shares outstanding with 221,712,004 shares in the float. MRMD is an exciting story in small caps, fully reporting and trading on the OTCQX, MRMD is upward bound since the Company announced the opening of its first dispensary in Maryland. MariMed has seen a huge transition over the past few years from an advisory firm to a direct owner and operator of cannabis licenses in high-growth states. Revenues increased 139% to approximately $121.5 million in 2021 from $50.9 million in 2020; Adjusted EBITDA3 increased 144% to approximately $43.1 million in 2021 compared to $17.7 million in 2020; Total assets increased to approximately $123.2 million in 2021 from $76.4 million in 2020; and Cash and cash equivalents increased to approximately $29.7 million in 2021 from $3.0 million in 2020. The Company now has grown operations in Delaware, Maryland, Massachusetts, and Nevada with Dispensaries in Delaware, Illinois, and Massachusetts and Brand Distribution in Delaware, Illinois, Maine, Maryland, Massachusetts, Puerto Rico, and Rhode Island. We will be updating on MRMD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MRMD.

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Disclosure: we hold no position in MRMD either long or short and we have not been compensated for this article.

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