MariMed Inc (OTCQB:MRMD) share price rose more than 16% after reporting 81% year over year revenue growth for the first quarter. Its stock has hit the all-time high of $1.97 a share amid impressive quarterly results and solid full-year outlook. MRMD stock currently trades around $1.88 a share – with the market capitalization of $337 million.
MariMed offers turnkey solutions to cannabis cultivators, producers, and dispensaries. Its revenue for the first quarter increased 81% year over year to $2.08 million. The substantial increase in revenue was the result of its expanding medical marijuana clients from real estate revenue, licensing fees and management fees.
“MariMed continues on a solid trajectory of the year over year growth that it has achieved each quarter since 2015,” stated Robert Fireman, CEO of MariMed Inc.
Outlook Is Bullish
The company has presented the bullish outlook for the full year after reporting strong financial achievements in the first quarter. The legalization of cannabis in Massachusetts in the second half of this year will allow it to explore new business opportunities.
Its new Maryland cultivation and production facility is likely to generate additional revenue through management, rent, and licensing fees.
The CEO says, “We expect incremental growth in licensing from new product lines and organic growth from product sales as our licensed Nature’s Heritage Cannabis, Kalm Fusion, Betty’s Eddies, Tikun Olam and Lucid Mood brands gain loyal followings in each current market and as we expand our national distribution network to additional states.”
Along with supplying branded marijuana products across the state, the company is planning to open its first dispensary in Massachusetts in Q3 this year. The cannabis company also appears strong regarding the liquidity position. MariMed has raised capital of almost $1.5 million in the latest quarter to reduce the debt burden.
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