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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

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<ul><li>Global equities had a strong week, with the MSCI World Index +2.62% and the S&amp;P 500 +2.55%.</li><li>The NASDAQ jumped 3.25%, while small caps led the rally this week, finishing up 3.69%.</li><li>The advance was driven by signs of a softening labor market that may make the Fed pause further interest rate hikes.</li></ul>

Global equities had a strong week, with the MSCI World Index +2.62% and the S&amp;P 500 +2.55%.The NASDAQ jumped 3.25%, while small caps led the rally this week, finishing up 3.69%.The advance was driven by signs of a softening labor market that may make the Fed pause further interest rate hikes.

The Highlights - Cannabis News for the Week Ending September 1, 2023

<ul><li><span style="font-size: var(--content-font-size);"> NVIDIA ended the week -2.02% but is still +215.02% YTD.</span></li><li><span style="font-size: var(--content-font-size);">It was a quiet week for cannabis stocks and the US cannabis MSOS ETF drifted 1.21% lower.</span></li><li><span style="font-size: var(--content-font-size);"> Curaleaf (CSE: CURA, OTCQX: CURLF) +3.94% and MariMed (CSE: MRMD, OTCQX: MRMD) +3.30% were among the bright spots, while Ascend (CSE: AAWH, OTCQX: AAWH) -13.14% was hit hard again this week.</span></li></ul>

 NVIDIA ended the week -2.02% but is still +215.02% YTD.It was a quiet week for cannabis stocks and the US cannabis MSOS ETF drifted 1.21% lower. Curaleaf (CSE: CURA, OTCQX: CURLF) +3.94% and MariMed (CSE: MRMD, OTCQX: MRMD) +3.30% were among the bright spots, while Ascend (CSE: AAWH, OTCQX: AAWH) -13.14% was hit hard again this week.

The Highlights - Cannabis News for the Week Ending August 25, 2023

<div><div><div><ul><li>Revenue of $129.2 million was +3.8% Q/Q, -0.3% Y/Y, and above consensus of $125.0 million.</li><li>Adjusted gross margins of 40.4% improved 2.1% Q/Q, declined 2.20% Y/Y, and exceeded estimates of 39.0%.</li><li>Expanding East Coast markets drove revenue growth and higher quarterly margins, and were partially offset by price compression in Florida, Illinois, and Massachusetts.</li></ul></div></div></div>

Revenue of $129.2 million was +3.8% Q/Q, -0.3% Y/Y, and above consensus of $125.0 million.Adjusted gross margins of 40.4% improved 2.1% Q/Q, declined 2.20% Y/Y, and exceeded estimates of 39.0%.Expanding East Coast markets drove revenue growth and higher quarterly margins, and were partially offset by price compression in Florida, Illinois, and Massachusetts.

Cannabis - Cannabis News for the Week Ending August 18, 2023

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Global equities slipped this week, with the MSCI World Index down 0.28% and the S&amp;P 500 down 0.26%.</p></li><li><p>The MSCI World and S&amp;P 500 are down 2.85% and 2.65% in August, respectively.</p></li><li><p>After a strong rally from March through July, markets are taking a breather. </p></li></ul></div></div></div></div>

Global equities slipped this week, with the MSCI World Index down 0.28% and the S&amp;P 500 down 0.26%.The MSCI World and S&amp;P 500 are down 2.85% and 2.65% in August, respectively.After a strong rally from March through July, markets are taking a breather. 

The Highlights - Cannabis News for the Week Ending August 11, 2023

Equity Bottom-Up

<div><div><div><div><ul style="list-style-type: disc;"><li><p>MariMed reported second-quarter revenue of $36.5 million, which was modestly ahead of our estimate of $36.0 million.</p></li><li><p>This is a 10.6% Y/Y increase in revenue and a 6.2% improvement Q/Q.</p></li><li><p>Higher revenue was driven by the opening of the adult-use Panacea Wellness Store in Beverly Massachusetts on April 25 and the Thrive Wellness medical dispensary in Tiffin, Ohio that opened on June 12. During 2Q, MariMed also benefited from its recent approval to begin manufacturing and selling high- dose edibles in Maryland.</p></li></ul></div></div></div></div>

MariMed reported second-quarter revenue of $36.5 million, which was modestly ahead of our estimate of $36.0 million.This is a 10.6% Y/Y increase in revenue and a 6.2% improvement Q/Q.Higher revenue was driven by the opening of the adult-use Panacea Wellness Store in Beverly Massachusetts on April 25 and the Thrive Wellness medical dispensary in Tiffin, Ohio that opened on June 12. During 2Q, MariMed also benefited from its recent approval to begin manufacturing and selling high- dose edibles in Maryland.

MariMed, Inc. - 2Q Revenue Expands While Adjusted EBITDA Declines

United States

MariMed, Inc. operates as a pharmaceutical company. The Company specializes in designing, development, operation, funding, and optimization of medical cannabis cultivation, production centers, and dispensaries. MariMed serves customers in the State of Massachusetts.

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MariMed (MRMD US)

The Highlights - Cannabis News for the Week Ending September 1, 2023

Global equities had a strong week, with the MSCI World Index +2.62% and the S&P 500 +2.55%. The NASDAQ jumped 3.25%, while small caps led the rally...

Water Tower Research

The Highlights - Cannabis News for the Week Ending August 25, 2023

NVIDIA ended the week -2.02% but is still +215.02% YTD. It was a quiet week for cannabis stocks and the US cannabis MSOS ETF drifted 1.21% lower.

Water Tower Research

Cannabis - Cannabis News for the Week Ending August 18, 2023

Revenue of $129.2 million was +3.8% Q/Q, -0.3% Y/Y, and above consensus of $125.0 million. Adjusted gross margins of 40.4% improved 2.1% Q/Q,...

Water Tower Research

The Highlights - Cannabis News for the Week Ending August 11, 2023

Global equities slipped this week, with the MSCI World Index down 0.28% and the S&P 500 down 0.26%. The MSCI World and S&P 500 are down 2.85% and...

Water Tower Research

MariMed, Inc. - 2Q Revenue Expands While Adjusted EBITDA Declines

MariMed reported second-quarter revenue of $36.5 million, which was modestly ahead of our estimate of $36.0 million. This is a 10.6% Y/Y increase...

Water Tower Research

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