MariMed Posts $2.08 Million in Q1 2018 Revenue, an 81% Increase
MariMed’s management expertise in cannabis driving dramatic increased revenue at client facilities3 years of year over year quarterly earnings growthContinue to raise capital and reduce debtNEWTON, 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 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.”FINANCIAL HIGHLIGHTSRevenue: $2.08 million in first quarter of 2018, compared to $1.15 million first quarter of 2017, an increase of 81%. The increase is primarily due to the expanding operations of MariMed’s medical marijuana clients from real estate revenue, management fees and licensing fees.
Debt Reduction: reduced liabilities by $1.5 million through the conversion of $0.98 million of promissory notes into Common Stock and retiring $500,000 of additional promissory notes. OPERATIONS HIGHLIGHTS
Corporate: Capital Raised: raised approximately $1.5 million in equity through the sale of its 144 Common Stock in private placement in 2018 at prices averaging 15% below the market price.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