MariMed Archives - Green Market Report

Debra BorchardtAugust 9, 2022
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3min60

After the close on Monday, MariMed, Inc.  (CSE: MRMD) (OTCQX: MRMD) delivered its financial results for the second quarter ended June 30, 2022. MariMed’s revenue of $33 million just barely edged out the previous year’s revenue of $32 million and was higher than the first quarter’s revenue of $31 million. However, it missed the Yahoo Finance average analyst estimate for revenues of $36 million. The company reported a net income of $1.9 million versus last year’s net income of $7.6 million.

The company also cut its guidance for revenue to a range of $135 million to $140 million versus the previous range of $145 million to $150 million. The non-GAAP Adjusted EBITDA was changed to $35 million to $40 million versus the previous range of $47 million to $52 million.

“We executed on our strategic plan, growing revenue both year-over-year and sequentially,” said Bob Fireman, Chief Executive Officer of MariMed. “Our growth was driven by increased traffic in our dispensaries despite the headwinds facing the entire industry and inflation in the U.S. being at a 40-year high. We continue to report some of the strongest financial results in the industry and remain poised for reaccelerated revenue and earnings growth in 2023 and beyond.”

“The second quarter brought some challenges to the industry and MariMed that were primarily outside of our control. We took assertive actions that drove additional traffic into our dispensaries and launched multiple new products that are increasing our sales within our wholesale business,” said Susan Villare, Chief Financial Officer of MariMed. “We are confident that the financial and operational decisions we are making positions us for accelerating growth in the near term and beyond.”

On a positive note, the company also announced the acquisition of a conditional dispensary license in the central-eastern part of Illinois bordering Indiana. Once open, it will mark the fifth Thrive branded dispensary the Company owns and operates in Illinois. MariMed currently owns and operates four adult-use dispensaries in Anna, Harrisburg, Metropolis, and Mt. Vernon.

In July, MariMed announced the dual listing of its common shares on the Canadian Securities Exchange (“CSE”) under the stock symbol MRMD. Management said it believes a dual listing on the CSE allows easier access for institutional and retail investors in Canada and North America to acquire MariMed stock. The company said it has already seen new institutional investors taking equity positions in the Company’s common stock.


StaffJuly 12, 2022
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9min220

The Daily Hit is a recap of the top cannabis business stories for July 12, 2022.

ON THE SITE

MariMed Begins Trading On The CSE

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. Read more here.

New York Has Potential To Be Number One, If It Can Beat Illicit Dealers

New York is often considered a likely major player in the US cannabis market. While reasonable, the state’s immense unlicensed consumption habits have some wondering if it will face problems as California has. If so, what might happen to New York’s licensed operators, including social equity license holders, a priority component of the state’s Marijuana Regulation and Taxation Act. Read more here.

Netflix Launches Psychedelic Pollan Series

Netflix (NASDAQ: NFLX) has launched four episodes of “How to Change Your Mind” based on the Michael Pollan book of the same name. The four-part docu-series was executive produced by Alex Gibney and directed by Alison Ellwood. The series is based on The New York Times best-selling book and it dives into the science of psychedelics while touching on consciousness, dying, addiction, depression, and transcendence. Each episode targets a different mind-altering substance: LSD, psilocybin, MDMA, and mescaline. Read more here.

The Dangers of Popularizing Psychedelics

So much good news from trusted sources about psychedelics today has really made the topic part of the zeitgeist of a world looking for help, as we all struggle to deal with many mental health and wellness issues within the context of a worldwide pandemic showing new signs of continuing. Read more here.

IN OTHER NEWS

Cryomass Technologies Inc.

OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Cryomass Technologies Inc. (OTCQX: CRYM), a company preparing to manufacture and operate field-mobile equipment for the handling of harvested cannabis, hemp and other high-value plant material, has qualified to trade on the OTCQX® Best Market. Cryomass Technologies Inc. upgraded to OTCQX from the OTCQB® Venture Market. Read more here.

Jushi Holdings Inc.

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that Ed Kremer has resigned from his position as Chief Financial Officer to accept a role at a competing large cannabis multi-state operator. Mr. Kremer’s resignation will take effect today, July 12, 2022.  Mr. Kremer is party to an employment agreement with Jushi, which, among other things, prohibits him from working for a competitor for a 12-month period. While Jushi is appreciative of Mr. Kremer’s hard work to support the timely filing of audited financials, the Company takes such post-employment obligations seriously and will take steps to enforce its contractual rights. Read more here.

AmeriCann Inc.

AmeriCann Inc. (OTCQB:ACAN), a cannabis company that develops cultivation, product manufacturing and distribution facilities, today provided financial and operational updates for its Massachusetts cannabis cultivation, product manufacturing and distribution campus. The company achieved a significant increase in year-over-year quarterly revenue, increasing over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,902. Read more here.

Medical Marijuana, Inc., Kannaway® Japan

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States that has launched cannabis-derived nutraceutical products, brands, and supply chain, announced today that in June, its subsidiary Kannaway® has achieved its largest revenue month in the company’s history for its Japan division. Read more here.

Akanda Corp., Tetra Bio-Pharma

Akanda Corp. (NASDAQ: AKAN) and Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA: JAM1), today jointly announced that Akanda will supply Tetra with pharmaceutical grade cannabis flower in a microdose cap form, for use in a Storz & Bickel Mighty Medic Vaporizer for global commercialization of Tetra’s QIXLEEFTM and related products. In addition, Akanda will act as a contract development and manufacturing organization (CDMO) for Tetra’s clinical drug and commercial supply programs. With this project, Akanda becomes a CDMO in addition to being an EU GMP cannabis manufacturer, marking Akanda’s first entry into cannabinoid drug development. Read more here.

China Infrastructure Construction Corp., Cannabis Bioscience International Holdings, Inc.

China Infrastructure Construction Corp., a company traded on the OTC Markets Pink tier under the symbol CHNC, announces that, in addition to completing its public audit on March 21, 2022, its independent registered public accounting firm, PWR CPA LLP, has completed its review of the company’s financial statements for the first three quarters of the fiscal year that ended May 31, 2022. This review is a significant step in the prompt completion of audited financial statements for the fiscal year then ended, as well as in preparing for the change of the company’s corporate name to Cannabis Bioscience International Holdings, Inc., which it plans to accomplish as soon as it is able to comply with regulatory requirements. Read more here.

Rodedawg International Industries, Inc.

Rodedawg International Industries, Inc. (OTC Pink: RWGI) announced the acquisition of Tree Moguls™, a premium cannabis lifestyle brand based in Southern California. Christopher Swartz, CEO, states, “This acquisition is an immediate revenue producing opportunity and allows Rodedawg to enter into the $6 billion dollar California cannabis market through licensing and distribution opportunities. As part of the acquisition, Rodedawg also acquires a deep technology stack which includes Augmented Reality (AR) and Virtual Reality (VR) embedded branding for the Tree Moguls™ brand.” Read more here.

Zoned Properties®, Inc.

Zoned Properties®, Inc. (OTCQB: ZDPY), a real estate development firm for emerging and highly regulated industries including legalized cannabis, today announced the company has secured an initial debt facility of up to $4.5 million. Read more here.

Pacific Stone

Pacific Stone, a seed-to-sale company producing 6.5 percent of the licensed California market’s cannabis flower, announces its ongoing partnership with RIP Medical Debt and participating California retailers with the goal of alleviating $3 million in medical debt for families across the state of California. Read more here.


StaffJuly 12, 2022
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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.


StaffMay 18, 2022
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9min100

The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.

ON THE SITE

Canopy Growth Acquires Jetty Extracts for $69 Million

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.

Bright Green Listed on NASDAQ

Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.

Cresco Revenues Fall

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF)  released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.

GMR Women’s Leadership Awards: Ralina Shaw

Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT,  a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.

 Psychedelics on the World Stage

Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.

 Women Creating Cannabis Brands (VIDEO)

On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.

IN OTHER NEWS

Ayr Wellness Inc.

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.

American Green, Inc.

American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009.  The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.

MariMed Inc.

MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.

Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.

Steep Hill Michigan

Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.

First Columbia Gold Corp., Green Diamond Farm

First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.


Julie AitchesonFebruary 14, 2022
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To celebrate winter’s sexiest holiday, multi-state cannabis company MariMed (OTC: MRMD) compiled a survey for their edible brand Betty’s Eddies. The results suggest that you might want to consider picking up your Valentine’s favorite brand of cannabis edible to heat things up this February 14th. According to MariMed’s survey, 72% of cannabis consumers are already planning to incorporate cannabis into their Valentine’s Day festivities, with more than half saying they would like to receive cannabis as a gift for the lover’s holiday.

More broadly, the survey found that of the 76% of cannabis users who reported being sexually active, cannabis users have more sex than non-cannabis users. 50% of cannabis-consuming respondents said they get intimate several times a week compared with only 35% of non-users. Most people would agree that, when it comes to sex, it’s not just the quantity but the quality that counts. Nearly two-thirds of cannabis users who responded to the MariMed survey reported that cannabis enhances their sex lives overall. 

When it comes to getting in the mood for sex, 63% credit cannabis for stimulating their desire for intimacy. In fact, more than half of cannabis consumers believe that cannabis is a natural aphrodisiac, and 30% rank it as number one in terms of effectiveness. That finding makes a jump among consumers aged 35-44, 40% of whom rank cannabis as the most effective aphrodisiac. Among those households with children (a common outcome of sex, but also a common deterrent), 61% of cannabis consumers reported that cannabis helps their partner get in the mood. This might explain why a whopping 82% of cannabis users with children in the household and 82% of parents with a child under the age of 18 say they will be incorporating cannabis into their Valentine’s Day celebration. That’s almost 20% more than those without children.

Edibles Are The Winner

And what is the preferred cannabis consumable to set the stage for sexy times? You guessed it. A full 52% of consumers surveyed prefer edibles over smoking cannabis to get those loving feelings flowing. The Brightfield Group produced a report on cannabis distribution trends in the US focused specifically on cannabis chocolates, which credits improved edibles technology with taking the taste of cannabis chocolate to the next level and increasing its popularity. 

While plain still holds down most of the space on shelves, flavors like mint, caramel, espresso, raspberry and almond have also been popular pairings with chocolate. The rising star on the flavor scene, however, is pomegranate, which has tripled from 0.1% to 0.3% in nationwide distribution since September 2021. Brightfield also found that a strong majority of consumers surveyed preferred their cannabis chocolates on the milder side (10 mg) in terms of potency. So rather you’ve been plotting the perfect Valentine’s surprise with the focused precision of a Navy Seal captain or making a panicked last-minute purchase on your way home from work on Monday, chances are that if your sweetie is a cannabis consumer, they might be hoping for a greener version of the Whitman’s Sampler this year.


StaffJanuary 5, 2022
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MariMed Inc. (OTCQX: MRMD) is buying Maryland-based Kind Therapeutics U.S.A., LLC in a deal valued at $20 Million. MariMed will also buy the minority interests of one of the current owners of Kind in two subsidiaries of the company that owns cannabis facilities in Maryland and Delaware for $2 million.

Bob Fireman, Chief Executive Officer of MariMed said, “This acquisition will deliver another transformational year for MariMed in 2022, building on two consecutive years of more than 100% cannabis revenue and Adjusted EBITDA growth.” This deal will make this the third state, in addition to Massachusetts and Illinois, in which MariMed will have acquired a licensed cannabis business it manages and assisted in developing. Once acquired, Kind’s financial results with be reported by the company on a consolidated basis.

Kind, which holds cannabis licenses for cultivation and production, as well as a provisional license for a dispensary, currently leases from Mari Holdings MD, LLC, a MariMed subsidiary, a 180,000 square foot cultivation and processing facility in Hagerstown, which MariMed developed. Mari Holdings MD, LLC also owns and is developing a dispensary facility for Kind in Annapolis, which is expected to open in early 2022. Under MariMed’s management, Kind has been successfully manufacturing and distributing cannabis and cannabis products into Maryland’s robust wholesale cannabis industry, which has grown to 103 dispensaries. These products include MariMed’s award-winning products and brands including Nature’s Heritage craft flower, Betty’s Eddies fruit chews, and k FUSION chewable tablets. Betty’s Eddies has been a top-selling edible brand in the state. MariMed went on to say that upon the closing of these transactions, all Kind related litigation will be dismissed with prejudice.

Maryland’s legal medical cannabis program currently has more than 139,000 registered patients and, according to the Maryland Medical Cannabis Commission the state receives more than 200 applications for medical cannabis cards every day. Maryland’s medical cannabis program was on pace to generate more than $500 million in sales in 2021. According to Cowen Research, with a population of 6.2 million, Maryland’s medical cannabis program boasts some of the highest rates of registered medical consumers, incidence usage and spending, on a per capita basis, among all legal medical cannabis programs in the U.S. The state legislature is reviewing proposals to implement an adult-use cannabis program in the future.


StaffDecember 8, 2021
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5min190

December 8 is National Brownie Day and what better way to celebrate than creating the world’s largest edible – an infused brownie. MariMed, Inc. (OTCQX: MRMD) unveiled the world’s largest cannabis-infused brownie in celebration of the launch of its new brand Bubby’s Baked and National Brownie Day.

To commemorate the launch of Bubby’s, MariMed’s craft confectioners in Massachusetts baked a larger-than-life version of a Bubby’s soft-baked brownie that is believed to be the world’s largest THC-infused brownie ever made. The confection measures 3 feet wide by 3 feet long and 15 inches tall, weighs a whopping 850 pounds and contains 20,000mg of THC.

Brownies Are The First Edible

Brownies are a significant part of cannabis edible history. The Alice B. Toklas Cookbook first published in 1954 included a recipe for a Moroccan hashish fudge and was ultimately Americanized to become a brownie. Toklas actually didn’t know that a friend of hers had included the recipe and was surprised by the controversy. The book didn’t originally include the recipe in the first American printing, but it was included in the second, which was printed in the early 1960’s. That was just in time for the hippie culture to make it their own and it was referenced in the 1968 film, I Love You Alice B. Toklas. In the movie, a hippie girl makes pot brownies and serves them to her straight-laced guests.  The original recipe actually didn’t even have chocolate in it and was more of a dessert-like Turkish Delight.

Bubby’s Launch

The launch date and the National Brownie day seemed to happily collide. Bubby’s edibles were previously baked in Massachusetts under the name “Bourne Baking Co.” Bubby’s bites are made from scratch in small batches, and infused with precision-dosed, full-spectrum cannabis. Bubby’s comes in three classic confectionery recipes – brownie, chocolate chip, and snickerdoodle. The line is available throughout Massachusetts, including MariMed’s Panacea dispensary in Middleborough, Massachusetts. It is expected to hit dispensary shelves in Delaware and Maryland early next year.

“Bubby’s Baked fills a big hole in the edibles market that cannabis consumers crave – high-quality, delicious baked goods that stay moist and chewy,” said MariMed Chief Product Officer and SVP/Sales Ryan Crandall. “For many of us, homemade brownies were our first taste of cannabis-infused edibles. Bubby’s recreates and elevates that nostalgic experience, infusing full-spectrum, craft-quality cannabis into timeless recipes, for a reliable high reminiscent of simpler times. Strategically, Bubby’s is part of our effort at MariMed to build a house of brands that meets different consumer needs across a diverse range of occasions.”

For the regular consumer, each Bubby’s single-serving bite contains 5mg of THC in Massachusetts in compliance with state regulations.

 

 

According to Guinness World Records, the World’s Largest Brownie (not infused) was created in 2013 and was 243 pounds. MariMed’s infused brownie is 3x that – a whopping 850 pounds – and contains 20,000 mg of THC including:

  • Eggs – 1,344 eggs

  • Sugar – 250 lbs

  • Butter – 212 lbs

  • Vanilla Extract – 5.3 lbs

  • Flour – 81 lbs

  • Baking Powder – 2 lbs

  • Salt – 3 lbs

  • Cocoa Powder – 122 lbs


StaffSeptember 28, 2021
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Robert (Bob) Fireman has served as CEO and President of MariMed, Inc. since July 2017, and has served as a director of the company since its formation. Bob has been a driving force of the legal cannabis industry since 2010, when he and current MariMed CFO Jon Levine entered the industry through an investment in a California cannabis license. Over most of the next decade, the company served as advisors to license holders in multiple states, successfully helping them secure their licenses, hiring and training their staff, providing management services to them, designing and developing their facilities, and developing and licensing to them a number of high-quality, proprietary products.

Bob subsequently led the company’s successful transformation to a plant-touching, highly profitable multi-state operator that cultivates, produces and distributes award-winning cannabis products that are top-sellers in the markets in which they are available. They include the premium flower brand Nature’s Heritage, Betty’s Eddies fruit chews, K-Fusion precision-dosed, chewable mint tablets, and more.

Prior to MariMed, Bob developed a number of successful businesses across diverse industries. He created Consumer Card Marketing, Inc (CCMI), which pioneered the implementation of card-based loyalty marketing programs for 50,000 retail, grocery and drug stores and was later sold to a division of News Corporation. Later, he created and now sits on the Board of Directors of Sky Vegetables, a hydroponic farming company that delivers fresh produce to lower-income citizens in the Bronx, New York. 

Mr. Fireman holds a BA degree from the University of Wisconsin and a JD from Suffolk University Law School.

 

Robert (Bob) Fireman

Title: 

CEO and President

Company: 

MariMed, Inc. (OTCQX: MRMD)

Years at current company: 

8 years.

Education profile:

BA degree from the University of Wisconsin 

JD from Suffolk University Law School

Most successful professional accomplishment before cannabis:

I’m perhaps most proud to have devoted most of my professional and personal life to helping improve the lives of those less fortunate than me. That’s core to MariMed’s mission, but it’s been a consistent thread for decades. For example, I was a political activist and also served as a public defender in my early years as an attorney. Later, I founded an urban hydro-farming business that delivers fresh produce to lower-income citizens in the Bronx, NY.  

Company Mission:

MariMed is dedicated to improving lives every day through our products, actions, and values. 

Company’s most successful achievement:

We have built a successful and profitable business while maintaining a culture of collaboration, innovation, compassion, and integrity. I believe that’s what has driven the trust in our products that we’ve established with our customers, and ultimately why they are top sellers in the markets where they’re available.

Has the company raised any capital (yes or no): 

Yes.

If so, how much?:

$105 million.

Any plans on raising capital in the future?

Not at this time. Our strong balance sheet and cash position have positioned us to implement our strategic growth plan without the need to raise additional funds.

Most important company 5-year goal:

MariMed’s most important 5-year goal is to own the most beloved, trusted, and best-selling cannabis products in the country while being recognized as an exceptional corporate citizen. 


Debra BorchardtAugust 16, 2021
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MariMed, Inc. (OTCQX: MRMD) reported its financial and operating results for the quarter ending June 30, 2021, as revenue increased 239% to $32.6 million versus last year and jumped  32% sequentially. MariMed also delivered a net income of $7.6 million in the second quarter of 2021 versus a net loss of $1.1 million in the second quarter of 2020, and net income of $4.3 million versus the first quarter of 2021. The company also increased its revenue guidance in 2021 to $118 million.

“We are extremely pleased with our continued improving financial performance during the second quarter,” said Bob Fireman, CEO, and President of MariMed. “We continue to report some of the strongest revenue and EBIDTA growth in the entire cannabis industry. Our strong financial position is the result of our operational excellence combined with our financial discipline. I could not be more confident in our ability to maintain our trajectory to be a top-tier MSO and deliver improved stockholder value as we continue to execute on our Strategic Plan.”

The reported EBITDA of $12.3 million, was the sixth sequential quarter of positive EBITDA growth. Reported EBITDA increased 440% versus the second quarter of 2020, and an increase of 61% versus the first quarter of 2021. The reported adjusted EBITDA of $13.9 million, a 391% increase in the second quarter of 2020 versus an increase of 73% in the first quarter of 2021.

Massachusetts for the Win

MariMed noted that its solid quarter was due to a significant increase in wholesale sales, particularly in Massachusetts, where it benefited from higher production at the New Bedford, MA cultivation and manufacturing facility. The company said its retail locations in Massachusetts and Illinois also saw strong growth. MariMed said the Panacea Wellness dispensary in Middleborough, MA experienced higher customer counts and increasing revenue throughout the quarter. “Commencing operations in May, Thrive Metropolis, the fourth MariMed dispensary in southern Illinois, exceeded expectations. MariMed’s three other Thrive branded dispensaries in the state, located in AnnaHarrisburg and Mt. Vernon, all had strong quarterly results.”

The company also saw an increase in branded product sales and licensing fees from the product portfolio, including its Betty’s Eddies vegan chews brand, Nature’s Heritage premium flower, Kalm Fusion precision dose chewable tablets brand, and others. MariMed brands are now available in six states and Puerto Rico. Betty’s Eddies is the #1 cannabis product brand in Massachusetts and Maryland, according to BDSA data.

Looking Ahead

MariMed management said in a statement that it will move forward with its previously announced Consolidation Plan, that would consolidate the company’s existing clients into the public company. It also plans on increasing revenues in existing states, by increasing cultivation and production capacity and developing new assets within those states. The company plans on expanding through new license applications and M&A and building the portfolio brands.

“In light of MariMed’s significant organic growth, driven by the strong performance of our retail stores in Illinois and Massachusetts, stronger than expected wholesale sales, and other contributing factors, we are confident raising 2021 guidance,” said Jon Levine, MariMed’s Chief Financial Officer. “Based on these factors, we are increasing our 2021 revenue guidance to $118 million, EBITDA to $32 million, and including Adjusted EBITDA guidance for the first time of $42 million.”


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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