MariMed Reports Year End 2019 Results Other OTC:MRMD – GlobeNewswire

NORWOOD, Mass., April 01, 2020 (GLOBE NEWSWIRE) — MariMed Inc. (MRMD:OTCQX) (the “Company” or MariMed), a leading multi-state cannabis and hemp operator focused on health and wellness, today reported financial and operating results for the three and twelve months ended December 31, 2019.
FY 2019 Financial Highlights:Total Company fiscal year 2019 revenues of $45.6 millionCore cannabis sales of $16.6 million for fiscal year 2019, a 40.0% increase compared with $11.9 million in 2018Gross profit for fiscal 2019 up 139.4% to $18.7 millionMassachusetts Highlights:In Q4 2019, MariMed’s licensed subsidiary, ARL Healthcare (ARL) received approval from the Massachusetts Cannabis Control Commission (CCC) to open its 70,000 square foot cannabis cultivation and production facility in New Bedford, and its medical cannabis dispensary Panacea Wellness™ in Middleborough. The Panacea Wellness Dispensary opened on December 19, 2019 and has experienced sales growth each month since opening. The cultivation and production facility also opened in December 2019 and commenced cultivation and the production of its branded cannabis infused products.  It has recently completed its first harvest of its proprietary cannabis genetics.Since opening, the Company has introduced its proprietary genetics and strains to the Massachusetts market under its flower brand Nature’s Heritage™, as well as its infused product brands Betty’s Eddies™, Kalm Fusion™ and “Bourne Baking Company”. The Company is planning to roll out other exclusive brands such as Tropizen Hot Sauces, Binske and Tikun Olam in 2020.The Massachusetts operations are expected to contribute to significant revenue growth in 2020 reflecting the shortage of product across the state and the growing demand by consumers. Furthermore, the Company expects to receive approval from the CCC over the next few months to commence adult-use sales at its Middleborough dispensary, pending a final inspection by the agency.Illinois Highlights:
In Q4 2019, MariMed received Illinois state approval and rolled up the ownership of its

Read More Here...

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top