NEWTON, MA, May 16, 2018 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQB: MRMD), a professional management company in the emerging medical cannabis industry, today reported first quarter financial results for 2018, posting consecutive year over year increased Q1 quarterly revenue since 2015.
|MariMed Quarterly Revenue|
“MariMed continues on a solid trajectory of year over year growth that it has achieved each quarter since 2015,” stated Robert Fireman, CEO of MariMed Inc. “Our new Maryland cultivation and production facility, which came online in Q1, will bring increased rent, management and licensing fees, adding to our existing revenue streams from facilities in Illinois, Delaware, and Nevada. We anticipate increases in our revenue from our assets as the cannabis business in Maryland and Massachusetts continues to expand.”
Growth in Multiple States: MariMed continued expanding its operations in cannabis-licensed states:
·Kind Therapeutics USA began production of products from first crops under MariMed guidance.
·Began distribution of Nature’s Heritage Cannabis™, MariMed’s new branded strains and products.
·Began cultivation of Tikun Olam™ branded cannabis strains that have been proven effective in clinical research trials.
Delaware, Illinois, Maine
“We raised approximately $1.5 million in capital and reduced our debt by approximately $ 1.5 million in the quarter,” noted Jon Levine, MariMed CFO. “We are displaying to investors and shareholders our consistent performance on quarter over quarter growth.”
MariMed had $251,166 of operating income in first quarter of 2018, an increase from $228,552 in the comparable quarter in 2017. MariMed incurred a net loss of $1.83 million in the first quarter of 2018, versus net income of $0.11 million in the first quarter of 2017. The loss is primarily due to non-cash equity compensation and debt settlements in 2018 that have no impact on operations/cashflow.
Outlook for 2018
“As cannabis legalization takes effect on July 1 in Massachusetts, we expect to supply dispensaries with our branded marijuana products across the state,” said Mr. Fireman. “We are scheduled to open our first dispensary in Massachusetts the third quarter of 2018, further bolstering our ongoing revenue streams from managed services and the leasing of our cannabis facilities.”
“With each new client, we generate significant revenue from fees for leases, licenses and managed services,” Jon Levine, continued. “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.”
“Building upon our diverse platform, we are continuing to raise capital for new business and product development, strategic acquisitions and expansion of infrastructure that will enable us to take advantage of this critical time in the industry,” concluded Mr. Fireman.
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About MariMed Inc.:
MariMed designs, develops, finances, and optimizes the success of medical cannabis cultivation, production, and dispensary facilities through its validated management. MariMed’s team has developed or is in the process of developing state-of-the-art regulatory-compliant facilities in DE, IL, NV, MD, MA, and RI. These facilities are models of excellence in horticultural principals, cannabis production, product development, and dispensary operations. In addition, MariMed is on the forefront of precision dosed branded products for the treatment of specific medical symptoms. MariMed currently distributes its branded products in select states and is expanding licensing and distribution to numerous additional states encompassing thousands of dispensaries. MariMed Inc. is one of the 17 top-performing public cannabis companies in the U.S. tracked on the U.S. Marijuana Index, (www.marijuanaindex.com). For additional information, visit www.MariMedAdvisors.com
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the law and its enforcement and changes in the economic environment. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
Media Contacts: For MariMed Business Development Jon Levine, CFO, MariMed info@MariMedAdvisors.com 781-559-8713 Investor Relations Tyler Troup, Circadian Group firstname.lastname@example.org +1 (866) 950 8300 Media Relations Julie Shepherd, Accentuate PR Julie@accentuatepr.com 847-275-3643