Cannabis companies being deemed "essential" during the COVID-19 Pandemic, in addition to booming online sales, has resulted in renewed vitality to an industry coming off of an unstable year. Companies are not only looking at ways to better serve communities and customers safely, but are also launching new products and using this downtime for R & D and license expansion.
Even so, health-care stocks in the U.S. were behind 0.7% on the scale Tuesday afternoon; in Canada, the drop was about 0.9%.
Norwood, Mass.-based MariMed Inc. (OTC:MRMD) saw its shares hike Tuesday afternoon on the release of preliminary financial results for the three-month period ending this past March.
Revenue proved to be $7.5 million, a 112% increase compared with $3.5 million in Q1 2019. MariMed also trumpeted gross profit of $4.6 million compared with $2.3 million in Q1 2019. EBITDA of $1.5 million, compared with an EBITDA loss of $4,000 in Q1 2019.
MariMed Inc. is a multi-state company which 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.
The company vaulted late in trading by 1.95 cents, or 14.6%, to 15.35 cents, on volume of just over a million shares.
On this side of the border, Delta, B.C.-based Cannabis Suisse Corp. (OTC: CSUI) just announced the addition of a new retail product to its variety of offerings. They range from helping consumers grow the company’s own cannabis plants to a revolutionary, pure base CBD vape liquid. During the global crisis, the company is not ceasing to create and deliver innovative ideas.
News clippings applaud the company’s efforts. "Since the cannabis industry has developed, the brands on the market have been working extensively on improving the production quantity and the quality of pre-rolled joints. They have become so popular among users of recreational cannabis due to their small size and compactness..”
CSUI shares lurched near the end of Tuesday’s trading day up nine cents, or 14.8%, to 70 cents, albeit on less-than-world-beating volume of 15,000 shares.
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