MariMed, Inc. Reports 2018 Fourth Quarter and Year End Results; Strong Revenue and EBITDA Growth
April 18th, 2019
NORWOOD, April 17, 2019 (GLOBE NEWSWIRE) — – MariMed Inc. (OTCQB: MRMD) one of the largest multi-state cannabis and hemp operators in the U.S., today announced 2018 4th Quarter and Full Year results.
Continued Strong Revenue Growth – In the fourth quarter ended December 31, 2018, revenues grew 118% to $3.44 million, compared to $1.58 million in 2017.
For the full year 2018, revenues grew to $11.85 million, up 95% over $6.07 million reported for 2017; Adjusted EBITDA grew 53% to $2.4M.
Reported net loss for the year of $13.6 million was the result of non-cash amortization relating to equity compensation granted during the year ($13.97 million). Loss per share was $0.71 for the full year.
Financial strength and improved operational cash flow – At year end, MariMed’s balance sheet was considerably stronger year over year; cash and current assets more than tripled during 2018, partially as a result of capital raised during the year, and total debt to equity improved to .34 from 1.93 at the end of FY2017. Net cash from operations grew 78% to $3.6 million.
MariMed CEO Bob Fireman noted, “We are encouraged that the Company maintained its strong operating performance and dynamic growth. We made a series of key investments to leverage opportunities we see for the years ahead, from branding and marketing to a major investment in GenCanna Global, perhaps the world’s leader in industrial hemp genetics and production. Demand for cannabis and CBD products is driven by consumers’ recognition of the health and wellness benefits available from the compounds found in cannabis and hemp for a growing variety of conditions. We expect to continue to enhance shareholder value in this exciting segment of our industry.”
Additional achievements of FY 2018 include:
Consolidation of Client Licenses – In 2018, MariMed began a process to consolidate the ownership of its clients’ licensed cannabis businesses in seven states, which MariMed developed and continues to manage. The Company anticipates completing this process by fiscal year 2020. As consolidations are completed on a state by state basis, total revenues of these operations will be reflected in the Company’s reported results.
Strategic Acquisitions and Investments – MariMed completed several strategic transactions that it believes will enhance its vertical integration, competitive position and long-term profitability:
- Marketing, CRM and Data – In August 2018, the Company made a strategic investment in Sprout, a company that provides a customer relationship management and marketing platform specifically designed for companies in the cannabis industry. The Company will help market Sprout to companies within the cannabis industry.
- Technology and New Products – In December 2018, the Company made a strategic investment in Iconic Ventures Inc. based upon their new product DabTabs™ and other technology under development. MariMed secured the exclusive distribution rights in multiple states.
- Hemp-based CBD – In November 2018, MariMed made a $30 million investment in GenCanna Global USA Inc. Based in Kentucky, GenCanna is a global innovator in hemp genetics, and with MariMed support will be one of the largest US producers of CBD derived from hemp. MariMed has established a new division, MariMed Hemp which will develop CBD brands and products, as well as pursue other high-margin business opportunities, as the hemp CBD industry separates from the cannabis industry.
MariMed CEO Bob Fireman concluded, “Our ongoing consolidation and these strategic investments position us for continued growth, geographic expansion, and brand development. We look forward to continuing rapid growth in the coming year.”
MariMed’s 10-K SEC filing is available at www.SEC.gov
A photo accompanying this announcement is available at “Quarterly Revenue Growth“
About MariMed Inc.
MariMed, Inc. is dedicated to improving health and wellness with the highest quality hemp and cannabis products. The company offers a full range of cannabis products, operates state of the art cannabis dispensaries in six states, and has recently announced the formation of a separate division, MariMed Hemp is focused on the development of industrial hemp-derived CBD products. MariMed owns a significant stake in Kentucky-based GenCanna, a recognized genetic innovator in industrial hemp, and recently acquired MediTaurus, a purveyor of high-quality CBD wellness products in the US and Europe under the Florance™ brand. Across its branded products, MariMed is in the forefront of precision dosed products for the treatment of specific medical symptoms. MariMed currently distributes its branded hemp and CBD products in select states and is expanding licensing and distribution to numerous additional markets encompassing thousands of dispensaries, pharmacies and wholesalers.
For additional information, visit www.MariMedAdvisors.com. Search MariMed and post on social media with the hash tag #MedicatedByMarimed:
Twitter: @MariMedInc Facebook: @MariMedInc Instagram: MariMedInc YouTube: MariMedInc
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.
Media: Julie Shepherd, Accentuate PR
Investors: Jon Levine, CFO, MariMed
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.