MariMed Inc. - MRMD stock
Introduction[edit]
MariMed Inc. (OTC: MRMD) is a multi-state cannabis operator in the cannabis industry. It develops, operates, manages, and optimizes facilities for the cultivation, production, and distribution of medicinal and recreational cannabis both within and outside the United States. The company provides cannabis genetics produce flowers and concentrates under the Nature's Heritage brand; cannabis-infused products in the form of chewable tablets and powder drink mixes under the brand Kalm Fusion; natural fruit chews under the Betty's Eddies brand; brownies, cookies, and other social sweets under the Bubby's Baked brand; and cannabidiol formulations under the Florance brand. The firm also licenses its brands, product formulations, and cannabis facilities in domestic and overseas markets. The company offers its clients ongoing regulatory, accounting, real estate, human resources, and administrative services as well.[1] MariMed was founded by Robert N. Fireman and Jon Levine on January 25, 2011, and is based in Norwood, Massachusetts. Its common stock publicly trades on OTCQX under the ‘MRMD’ symbol.[2]
Company Operations[edit]
MariMed operates in every vertical of the cannabis business. The company focuses on improving lives through its cannabis and hemp-infused products by offering quality and people-tailored products to ensure safety to its existing and potential customers. It employs and develops innovative technologies that back its outstanding grow and production process. It also utilizes a robust technology infrastructure to analyze industry and market data to formalize accurate and informed business decisions. The firm’s involvement in the industry spans more than ten years and it commands massive experience in legal cannabis business operations including licensing for cultivation, processing, and dispensing. The Marimed team has achieved 17 cannabis licenses in 6 states and manages more than 300,000 square feet of premier cannabis facilities.[3] The company produces reliable, safe, and scientifically formulated brands with all-natural combinations of THC, CBD, terpenes, flavonoids, and full-spectrum cannabinoids. Its portfolio of brands incorporates Nature’s heritage, Betty’s Eddies, Bubby’s Baked, Vibations: High + Energy, and K Fusion. Florance substitutes the firm’s Hemp CBD Products. The company works in hand with renowned international brand partners including Healer, Tikun Olam, and Binske. Its owned retail brands are Thrive and Penacea Wellness. Thrive dispensary leverages MariMed’s technology stacks and best business practices in its four Illinois dispensaries. Penacea wellness is a state-of-the-art medical and recreational dispensary brand with stations in Massachusetts.[4]
MRMD Corporate Background[edit]
MeriMed Inc was initially incorporated as a wholly-owned subsidiary of Worlds Inc. in January 2011 under the name Worlds Online Inc. In May 2011, Worlds Inc. began the spin-off of the company, which was engulfed after the Securities and Exchange Commission (“SEC”) review in May 2012. The company shifted its operational focus to the then emerging cannabis market in early 2014. The company, through its wholly-owned subsidiary MariMed Advisors Inc., acquired Sigal Consulting LLC, a company operating in the cannabis industry in May 2014 to facilitate its adaptation into the new market. The company changed its name to MariMed Inc. in the first half of the 2017-calender, a move that saw its common and preferred shares increase to 500 million and 50 million, respectively. MariMed proceeded and purchased the remaining 49% interest in MariMed Advisors Inc. in exchange for 75 million shares of common stock.[5]
Company and Industry News[edit]
The company, on September 12, 2022, announced the existence of an agreement that will see MariMed bring its award-winning portfolio of cannabis-infused edibles to Missouri. The firm will build and run a state-of-the-art production kitchen. The firm anticipates completing the construction process in the first quarter of 2023 with wholesale sales to commence thereafter.[6]
On August 08, 2022, the company released its financial and operational results for the second quarter ended June 30, 2022. The highlights include:
- Revenue was $33 million compared to $32.6 million in the same quarter, 2021
- GAAP Net Income was $1.9 million against $7.6 million last year
- Non-GAAP Adjusted EBITDA was 8.9 million versus 13.9 million in the same quarter of 2021
- Working capital was $8.3 million compared to $20.9 million in 2021
- Acquired Kind Therapeutics USA, a Maryland cannabis operator specializing in the cultivation, production, and wholesale sales of cannabis flower, concentrates, and other edibles from its 180,000-square-foot facility in Hagerstown.
- Completed the acquisition and received final approval of an Illinois wholesale “craft grow” license transfer. MariMed subsequently acquired a facility in Mt. Vernon, Illinois, and began construction on this new cultivation and processing facility
- Made a licensing deal with a partner to sell its award-winning Betty’s Eddies fruit chews into the Maine adult-use cannabis market, beginning later this year[7]
Management[edit]
Corporate Governance[edit]
Source [8].
- Robert Fireman, CEO, and President
- Over 10 years of experience in the legal cannabis business to the company
- Has seen the company receive legal cannabis licenses in multiple states and developed over 300,000 square feet of state-of-the-art, regulatory-compliant cannabis cultivation, production, and retail facilities under his leadership
- Practicing attorney for over 30 years
- Jon Levine, President, and Director
- President of MariMed, Inc. since 2022, and a Director of the company since 2016
- More than 10 years of experience in the legal cannabis industry
- Massive financial services, real estate transactions, and healthcare management experience to his role overseeing the company’s sales, marketing, operations, financial reporting, and communications function
- Previously worked for 13 years in credit management and as a controller in the banking and manufacturing industries
- Edward Gildea, Director
- Became a director on January 10, 2014
- Expertise in areas of mergers & acquisitions, strategic planning, funding, business development, and executive leadership
- Former CEO, President, and Chairman of the Board Of Directors of Converted Organics Inc.
- Was also a lawyer for, and COO of, QualityMetric Inc. (healthcare) from 2000-2005 and Grolier Incorporated (publishing) from 1980-1989
- Currently a member of the board of directors of Finjan Holdings Inc. (Intellectual property security software) and WPCS International Inc.
Company ESG[edit]
Code of Ethics[edit]
The company has adopted a code of ethics [9] that apply to its Board, executive officers, and employees. It was engineered with the intention to expel unethical conduct and promote:
- Honest and ethical conduct, including the ethical handling of actual and/or apparent conflicts of interest between personal and professional relationships
- Full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the U.S. Securities and Exchange Commission (“SEC”) and in other public communications we make
- Compliance with applicable governmental laws, rules, and regulations
- The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code and
- Accountability for adherence to the code.
- ↑ cnbc.com/quotes/MRMD/PROFILE - CNBC News. Accessed on 9/21/2022
- ↑ wsj.com/market-data/quotes/MRMD/company-people – Wall Street Journal
- ↑ MariMed company operation/What we do – MariMed Inc. Official Website
- ↑ marimedinc.com/brands/ - MariMed official company Website
- ↑ MariMed Inc. Financials - The Rest of the Story – Corporate Background – seeking alpha
- ↑ Company’s Award Winning “Betty’s Eddies,” “Bubby’s Baked,” and “Vibations: High + Energy” to be Sold in Robust Medical Cannabis Program – Seeking Alpha. Retrieved on 9/22/2022
- ↑ MariMed Reports Second Quarter 2022 Earnings – Yahoo Finance
- ↑ Corporate Governance - Governance at a Glance – Marimed Official Website. Retrieved 0n 9/22/2022
- ↑ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A – Marimed Inc. Page 5
OTC Symbol: MRMD | OTC Tier: OTCQX U.S.
