MariMed Inc (OTCQB:MRMD): MariMed shares are gaining positive momentum since the start of this year albeit sideways movement in the marijuana index. The North American marijuana index remains range-bound over the last two months after a sharp rally at the beginning of the year. The index continues trading in the range of 250 to 270 points.
MariMed shares, on the other hand, are rising at a steady pace. Its stock price soared 178% in the last three months, moving the year-to-date rally to 319%. MRMD stock has a 52-week trading range of $0.20 to $4.07 per share – with the market cap of $591 million.
MariMed offers turnkey solutions to cannabis cultivators, producers, and dispensaries. It has already developed cannabis facilities in six states, aiming to become the largest publicly traded cannabis company in the U.S.
Financial Numbers are Expanding
The company has generated year-over-year growth in its revenue base over the last three years. Its revenue rose 81% in the first quarter to $2.08 million. The company has also reported positive income from continuing operation in the first quarter.
MariMed expects its revenue to increase substantially in the following quarters, amid increasing revenue streams from licenses, real estate, and management fees.
CFO and co-founder Jon Levine said, “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.”
Cash Position Strengthens its Growth Prospects
The company has raised $1.5 million in the latest quarter and its current assets were standing around $5.5 million at the end of the first quarter. MariMed has also reduced its debt by $1.5 million in the latest quarter. The company believes they are in a healthy cash position to support their growth activities.
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