- MRMD improved its adjusted EBITDA in Q1 2019 by 76 percent
- The company’s multipronged strategy for growth includes continued consolidation of cannabis operations and the launch of a subsidiary
- MariMed CEO identified the company as a “significant early mover” in the burgeoning CBD health and wellness market
MariMed Inc. (OTCQB: MRMD) recorded a 69 percent jump in revenues to $3,515,815 for the three months ended March 31, 2019, as compared to $2,082,950 for the comparable period of the prior year. The company’s gross profit for the quarter rose 90 percent, to $2,261,025, from $1,194,081 for the same period in 2018. MRMD is actively pursuing additional growth as it moves to expand brand licensing and open more cannabis facilities in several states (http://nnw.fm/T9Tz2).
MRMD’s adjusted EBITDA increased 76 percent to $585,000 in Q1 2019, up from $332,000 in the comparable period of the prior year. Reported net loss for the same quarter was $23,211, marking a 99 percent improvement from the $1,895,142 loss reported in the same period of 2018.
MariMed has adopted a multipronged strategy for growth in 2019. That strategy includes continuing consolidation of operations, which is expected to be completed over the next several months, and the launch of MariMed Hemp Inc., a wholly owned subsidiary in the hemp-based CBD market for health and wellness products. Marimed is developing new CBD brands and products that will be distributed to retailers and reps of health and medical businesses.
“We continue to see dynamic growth in our cannabis operations, even as we have become a significant early mover in the burgeoning CBD health and wellness market,” MRMD CEO Bob Fireman stated in a news release (http://nnw.fm/T9Tz2). “We are encouraged by our continued strong operating performance, and look forward to realizing the benefits of investments and initiatives undertaken over the last two quarters, which includes the ongoing consolidation of cannabis operations, the opening of additional cannabis facilities in several states, expanding the licensing of our brands and products into additional licensed states, and our multipronged entry into the CBD market.”
MRMD offers a full range of cannabis products, operates dispensaries in six states and is focused on the development of MariMed Hemp. MariMed Hemp owns a significant share of Kentucky-based GenCanna Global Inc., an industrial hemp genetic innovator. MRMD recently converted debt investment (debentures) in GenCanna Global into a significant equity position in that company, which is a leader in vertically integrated hemp cultivation and a producer of Good Manufacturing Practices-compliant CBD products.
For more information, visit the company’s website at www.MariMedAdvisors.com
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