MariMed Inc (OTCMKTS: MRMD), the US based multi-state cannabis operator, has officially launched their ‘Bubby’s Baked’ brand. To commemorate today’s launch, the brand baked up the world’s largest cannabis-infused brownie, ironically enough on what is considered to be National Brownie Day.
This new line of products is just another continuation of MariMed Inc’s goal of producing cannabis-infused health and wellness products for public consumption, and the Bubby’s Baked brand looks to do so by combining organic ingredients with cannabis to recreate classic favorites.
MariMed CEO Bob Fireman joins The Dales Report today to talk about this new product line and to update cannabis investors on the brand’s future direction.
Cannabis continues to be a hot topic, and Fireman discusses MariMed’s ongoing goal of transforming the brand into a seed-to-sale operation.
“The challenge of MariMed was to get its messaging out and tell the world that we transformed from a consulting advisory company to a full seed integrated seed to sale multi state operator. So, in 2020, we focused on our cannabis business, and we doubled our revenue to $51 million. And with great earnings, and I think at that time, with Massachusetts, rolling into our corporate umbrella and Ella noi, in both those states going recreational as well as May, we now could show sustainable revenue. So we gave guidance, at that time for the first time of 100 million in revenue for 21. And projected earnings, EBITDA of 30 million.”
“In the first two quarters, we increased that guidance to 118,000,040 2 million and adjusted EBITDA. And as you said, a lot of our fellow MSOs and public cannabis companies, their stocks have come down because of the market conditions, the political environment, and all the challenges we have.”
While cannabis’ popularity is at an all-time high in the United States, many marijuana stocks have struggled to report gains on the financial markets. MariMed has emerged as one of the few publicly traded cannabis brands that has managed to see their share prices increase while competitors have struggled.
“Our company’s a little different,” claims Fireman. “We didn’t go out and raise a ton of money like some of our other partners. We didn’t do the CSE and raise hundreds of millions and start buying other companies to try to assimilate them into some culture. All our businesses are organically developed. We won the licenses. We built the facilities. We hired the salesforce. They’re our brands, our people, our SOPs. So we’re an organically grown company.”
“In February this year, we took on an equity investment from the Hadron company in Europe. We paid off all our debt. So yeah, I think they look at Merriman dead free. Positive cashflow, profitable, and our revenues doubling every year. So I think it would validate management with the top selling brands. We’re no longer what Benzinga called us last year, ‘The best kept secret in cannabis’. And as good as you think it is, we still think we’re the most undervalued stock. If we got some of the multiples of our MSO peers, our market cap and our stock price would be much higher today.”
With a 147% increase year over year, a 213% increase in adjusted EBITDA year over year, MariMed is proving to defy the trends plaguing the cannabis stock sector at the moment. FOr all of the reasons highlighted by Fireman, investors both trust and believe in the brand’s mission and roadmap to dominance in the North American cannabis marketplace.
The interview continues to cover a range of topics, and cannabis investors would be smart to listen as Dales and Fireman dive deeper into one of the most promising cannabis stocks on the market today.