Research from Water Tower Research, Water Tower Research

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

Thematic (Sector/Industry)

<ul><li>Global equities fell last week, as investors digested the latest CPI data and debt ceiling news. The MSCI World Index dropped 0.51%, while the S&amp;P 500 fell 0.25%.</li><li>The small-cap Russell 2000 slid 1.00%, while the NASDAQ bucked the trend and gained 0.40%.</li><li>After two strong weeks, cannabis stocks got crushed. The MSOS ETF ended -17.71% and blue-chip operator Trulieve was down 29.02% last week.</li></ul>

Global equities fell last week, as investors digested the latest CPI data and debt ceiling news. The MSCI World Index dropped 0.51%, while the S&amp;P 500 fell 0.25%.The small-cap Russell 2000 slid 1.00%, while the NASDAQ bucked the trend and gained 0.40%.After two strong weeks, cannabis stocks got crushed. The MSOS ETF ended -17.71% and blue-chip operator Trulieve was down 29.02% last week.

The Highlights : Cannabis News for the Week Ending May 12, 2023

Equity Bottom-Up

<ul><li>MariMed reported first-quarter revenue of $34.4 million, which exceeded our estimate of $32.5 million and consensus of $32.9 million.</li><li>This is a 9.90% Y/Y increase and a 3.91% decline Q/Q. 1Q is typically a seasonally softer quarter for cannabis companies.</li><li>With new stores opening in Massachusetts, Illinois, and Ohio, plus Maryland moving to adult-use sales in July, revenue should ramp up through 2023.</li></ul>

MariMed reported first-quarter revenue of $34.4 million, which exceeded our estimate of $32.5 million and consensus of $32.9 million.This is a 9.90% Y/Y increase and a 3.91% decline Q/Q. 1Q is typically a seasonally softer quarter for cannabis companies.With new stores opening in Massachusetts, Illinois, and Ohio, plus Maryland moving to adult-use sales in July, revenue should ramp up through 2023.

Marimed, Inc. - Exceeds 1Q Revenue and Adjusted EBITDA Estimates

<ul><li>It was a volatile week for stocks, as investors digested the latest interest rate news and jobs report.</li><li>On Wednesday, the Federal Reserve raised the benchmark rate by a quarter of a point, marking the 10th straight rate hike.</li><li>The Fed hinted it may soon pause the rate-hike cycle.</li></ul>

It was a volatile week for stocks, as investors digested the latest interest rate news and jobs report.On Wednesday, the Federal Reserve raised the benchmark rate by a quarter of a point, marking the 10th straight rate hike.The Fed hinted it may soon pause the rate-hike cycle.

The Highlights : Cannabis News for the Week Ending May 5, 2023

<ul><li>MariMed is a multi-state operator (MSO) in the US cannabis industry. It has a national footprint spanning six states: Illinois, Massachusetts, Maryland, Delaware, Ohio, and Missouri.</li><li>MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible.</li><li>MariMed has a long track record of strong financial performance.</li></ul>

MariMed is a multi-state operator (MSO) in the US cannabis industry. It has a national footprint spanning six states: Illinois, Massachusetts, Maryland, Delaware, Ohio, and Missouri.MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible.MariMed has a long track record of strong financial performance.

A Leading US Cannabis Company with a Strong Balance Sheet and Double-Digit Revenue Growth

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 May 12, 2023

After two strong weeks, cannabis stocks got crushed. The MSOS ETF ended -17.71% and blue-chip operator Trulieve was down 29.02% last week.

Water Tower Research

Marimed, Inc. - Exceeds 1Q Revenue and Adjusted EBITDA Estimates

MariMed reported first-quarter revenue of $34.4 million, which exceeded our estimate of $32.5 million and consensus of $32.9 million.

Water Tower Research

The Highlights : Cannabis News for the Week Ending May 5, 2023

On Wednesday, the Federal Reserve raised the benchmark rate by a quarter of a point, marking the 10th straight rate hike. The Fed hinted it may...

Water Tower Research

A Leading US Cannabis Company with a Strong Balance Sheet and Double-Digit Revenue Growth

MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible. MariMed has a long track record of strong...

Water Tower Research

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