MariMed Inc. (OTCQB: MRMD) provides consulting services for the design, development, operation, funding, and optimization of medical cannabis cultivation, production, and dispensary facilities.
The company also develops and manages facilities for the cultivation, production, and dispensing of legal cannabis and cannabis-infused products under the Kalm Fusion brand name. In addition, it offers legal, accounting, human resources, and other corporate and administrative services. As of December 31, 2017, it developed and managed six operating cannabis facilities for clients in Delaware, Illinois, Nevada, and Maryland.
Canada is set to implement their legalization of recreational cannabis use on October 17th. In the U.S., 30 states have some form of legal medical cannabis use and 9 states have approved recreational cannabis use along with many municipalities. In November voters will decide on ballot proposals for recreational cannabis use in Michigan and N. Dakota. Utah and Missouri voters will be deciding if they want a medical marijuana law on their books.
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Recent Events
September 27, 2018. MariMed announced it had consummated its strategic investment in Sprout, an all-in-one CRM and marketing software company for marijuana dispensaries and cannabis brands. This completes the previously announced MariMed LOI for investment in Cannabis Venture Partners, parent company of Sprout. Sprout’s CRM and marketing automation software combines technology, data and content to help dispensaries and cannabis brands increase sales, improve customer loyalty and reach more customers. https://finance.yahoo.com/news/marimed-completes-strategic-investment-sprout-130107001.html
Services
Design & Development
If providing safe and secure access for medical cannabis patients is a priority for your organization let MariMed Advisors provide real estate selection consultation and professional build-out planning for your facility.
Operation & Funding
MariMed offers a full complement of business planning services, including detailed financial models, business and operational plans.
Optimization
MariMed has a strong team of experts from multiple cannabis consulting disciplines to assist you in accelerating the growth of your business.
About
MariMed Inc. provides consulting services for the design, development, operation, funding, and optimization of medical cannabis cultivation, production, and dispensary facilities. The company also develops and manages facilities for the cultivation, production, and dispensing of legal cannabis and cannabis-infused products under the Kalm Fusion brand name. In addition, it offers legal, accounting, human resources, and other corporate and administrative services. As of December 31, 2017, it developed and managed six operating cannabis facilities for clients in Delaware, Illinois, Nevada, and Maryland. MariMed Inc. was incorporated in 2011 and is based in Newton, Massachusetts.
Financial review
Q2 Results
Revenue: Increased 81.2% to $2.9 million in Q2 2018, compared to $1.6 million in Q2 2017.
Assets: Tripled in size to $45.4 million at June 30, 2018 from $15.4 million at June 30, 2017.
EBITDA: Increased 50% to $1.02 million for three months ended June 30, 2018 from $682,000 for the comparable period ended 2017.
Debt Reduction: Reduced promissory note balances by $1.98 million for the six month period ended June 30, 2018 through the conversion of $1.28 million into common stock and the retiring of $700,000.
Cash on Hand: Increased to $5.1 million at June 30, 2018 from $1.3 million on December 31, 2017.
For the three and six months ended June 30, 2018, the Company realized a net loss of approximately $6.3 million and $8.1 million, respectively. This compares to net income of approximately $505,000 and $614,000 for the comparable periods in 2017. The is due to two non-cash items—issuance of stock options and warrants, and the settlements of debt via the issuance of common stock. These non-cash items had no effect on the operating earnings or liquidity of the Company. Excluding these non-cash items, net income for the three and six months ended June 30, 2018 was approximately $575,000 and $530,000, respectively.
Corporate highlights
Raised $10.4 million during the six months ended June 30, 2018 to fund operations, facility development and expansion of branded licensing.
Acquired iRollie LLC, a manufacturer of branded cannabis products and accessories for consumers, and custom product and packaging for companies in the cannabis industry.
Expanded distribution of MariMed’s new Nature’s Heritage Cannabis™ branded strains and products to 45 dispensaries via MariMed licensed client Kind Therapeutics USA.
Began distribution from first harvests of Tikun Olam™ branded cannabis strains that have been proven effective in clinical research trials.
Stock influences and risk factors
Continuing efforts to legalize cannabis across North America could be a catalyst for the company shares.
Marijuana remains illegal under federal law. It is a Schedule I controlled substance. Even in those jurisdictions in which the use of medical marijuana has been legalized at the state level, its prescription is a violation of federal law.
Their clients may have difficulty accessing the service of banks, which may make it difficult for them to purchase our products and services.
Demand and market acceptance for their licensed branded new cannabis infused products are subject to a high level of uncertainty.
Stock chart
On Wednesday, October 10, 2018, MRMD shares were at $4.18 on traded volume of 801K shares. The current RSI (14) is 56.83
At $4.18, MRMD shares are trading above their 50 DMA and 200 DMA of $3.08 and $1.96 respectively.
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