MariMed, Inc. (CSE: MRMD), (OTCQX: MRMD) began trading its common shares on the Canadian Securities Exchange (CSE) today, July 12, under the ticker symbol MRMD. MariMed’s shares will continue to trade on the OTCQX under the ticker symbol MRMD. MariMed believes trading on the CSE will increase liquidity for shareholders and provide easier access to Canadian retail and institutional investors, in addition to U.S. investors on the OTCQX market.
“We are excited to announce this significant milestone of our dual listing on the CSE,” said Robert Fireman, Chief Executive Officer of MariMed. “We believe listing on the CSE will increase liquidity for our shareholders and provide access to a significant pool of prospective retail and institutional investors, as well as potential additional Wall Street analyst coverage.”
In May, MariMed reported its first-quarter revenue of $31 million, which increased 27% from the previous year’s revenue of $24 million for the same time period. At the time MariMed maintained its previous financial guidance for fiscal year 2022 revenue of $145 million to $150 million. The company also forecast its gross margin in line with fiscal 2021 gross margin of 54% to 55% and non-GAAP Adjusted EBITDA of $47 million to $52 million. The capital expenditures are estimated to be of approximately $25 million.
“We ended the first quarter with a cash balance of $33.5 million and generated positive cash flow from operations of $8.5 million. Our strong first-quarter financials during an industry-wide slowdown, gives us confidence we will meet or beat our financial guidance for 2022,” said Jon Levine, Chief Financial Officer of MariMed.
Since the first quarter closed, MariMed closed on its acquisition of Kind Therapeutics, a leading vertically integrated cannabis operation in Maryland, that MariMed developed and managed for several years. The company now operates a cultivation and processing facility in a 180,000 square foot industrial building in Hagerstown and plans to open and operate a medical dispensary in Annapolis later this summer. MariMed also closed on the acquisition of a craft cannabis license in Illinois, enabling MariMed to become fully vertical in this high-growth state. Construction of a new cultivation and processing facility in Mount Vernon, Illinois is underway. When completed, the company expects to sell its portfolio of award-winning brands in its four Thrive dispensaries and into the Illinois wholesale marketplace. The Company expects this will lead to increased revenue and gross margins in Illinois beginning in late 2022.
The company will report its second-quarter 2022 financial results on August 8, 2022, after the market closes.