Marimed Inc (OTCMKTS: MRMD) closed higher on Monday. Will it continue?
On Monday, MRMD gained 3.41% or $0.0281 to end the session at $0.852. Total volume for the session stood at 1.70 million shares, above its average volume of 888K. The stock opened at $0.82 and moved within a narrow range of $0.8001 -0.8700.
MRMD Issues Earnings Late Monday
MariMed Q1 2021 Results Reflect Highest Core Cannabis Revenue and Profitability
- Generated net income of $4.3 million or $0.01 per share, compared to a net loss of $2.3 million or $0.01 loss per share in Q1 2020.
- Delivered $6.8 million in cash flows from operations, an increase of $7.2 million from cash flows used in operations of $0.4 million in Q1 2020.
- Achieved EBITDA of $7.6 million, a 764% increase over $0.9 million in Q1 2020.
- Achieved highest ever quarter of core cannabis revenue and profitability, tracking 2021 full year guidance.
- Generated core cannabis revenue of $24.6 million, a 230% increase over $7.5 million in Q1 2020.
- Recently opened the Company’s fourth recreational Illinois dispensary, “Thrive Metropolis.” This is the only dispensary in Metropolis, the home to the “Superman Museum” and a regional tourism area located on the Ohio River and Illinois/Kentucky border.
“We are thrilled with our Q1 performance,” said Bob Fireman, CEO of MariMed. “We delivered significant top-line revenue growth together with improved earnings to our shareholders. Our previously announced consolidation plan is working – we are building a strong, consolidated platform of great assets and brands that consumers love, led by deeply experienced corporate and local state level management. We have a new financial partner to support the Company and enable management to meet its growth objectives.