MariMed issued its financial report for the first quarter of its 2018 year.
MariMed (OTCQB:MRMD) issued its financial report for the first quarter of its 2018 year.
As quoted in the press release:
“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.”
- Revenue: $2.08 million in first quarter of 2018, compared to $1.15 million first quarter of 2017, an increase of 81 [percent]. 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.
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 [percent] below the market price.