NORWOOD, Mass., Jan. 4, 2021 /PRNewswire/ -- MariMed Inc. (MRMD:OTCQX) (the "Company" or "MariMed"), a leading multi-state cannabis operator based in Massachusetts, is pleased to announce that Chief Executive Officer Bob Fireman and Chief Financial Officer Jon Levine will present live at VirtualInvestorConferences.com on Thursday, January 7th.
This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
In its Q3 2020 financial results, core cannabis revenues were $13.5 million, a 220% increase from $4.2 million in Q3 2019. Gross profit from the core cannabis business increased 221% to $8.7 million for Q3 compared with $2.7 million for the same period in 2019. EBITDA for Q3 was $4.4 million compared to an EBITDA loss of $733,000 for the same period in 2019.
MariMed received Massachusetts Cannabis Control Commission (CCC) approval for three adult-use licenses (cultivation, production, and retail), and commenced adult-use sales in September 2020 following the agency's final inspection. The Company's entry into Massachusetts' adult-use market is expected to continue to drive revenue growth in 2021.
In Illinois, the Company's three Thrive dispensaries in Anna, Harrisburg, and Mt. Vernon are thriving under the Illinois adult-use program. The Company is continuing negotiations for the location of its fourth Illinois dispensary, which it hopes to be operational by mid-2021.
The Company's Betty's Eddies all-natural cannabis-infused fruit chews continue to dominate the market and earn accolades including the recent "Edible of the Year' distinction from the Explore Maryland Cannabis Awards.
To be added to MariMed's email distribution list, please email [email protected] with "MRMD" in the subject.
About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to meet and present directly with investors.
A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
About MariMed MariMed Inc., a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units, keeping it at the forefront of cannabis science and innovation. Proprietary formulations created by the Company's technicians are embedded in its industry-leading products and brands, including Betty's Eddies™, Nature's Heritage™, Bourne Baking Co., and Kalm Fusion™. For additional information, visit marimedinc.com.
Important Caution Regarding 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," "looks" 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.
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