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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.

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<ul><li>MariMed reports 3Q earnings on November 8 after the close.</li><li>Q/Q, we are expecting 5.4% revenue growth and a slight contraction in AEBITDA.</li><li>Maryland should be the most significant driver of the top-line improvement.</li></ul>

MariMed reports 3Q earnings on November 8 after the close.Q/Q, we are expecting 5.4% revenue growth and a slight contraction in AEBITDA.Maryland should be the most significant driver of the top-line improvement.

<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

Thematic (Sector/Industry)

<ul><li>It was a good week for cannabis stocks, with the US cannabis MSOS ETF gaining 6.15% and global YOLO increasing 5.15%.</li><li>The Cannabist (NEO: CBST, OTCQX: CBSTF) +16.67% was the biggest winner among the larger MSOs, while MariMed (CSE: MRMD, OTCQX: MRMD) -10.53% lost the most.</li><li>Politics continue to drive prices and cannabis investors are showing that they prefer a democratic ticket headlined by Vice President Harris rather than President Biden.</li></ul>

It was a good week for cannabis stocks, with the US cannabis MSOS ETF gaining 6.15% and global YOLO increasing 5.15%.The Cannabist (NEO: CBST, OTCQX: CBSTF) +16.67% was the biggest winner among the larger MSOs, while MariMed (CSE: MRMD, OTCQX: MRMD) -10.53% lost the most.Politics continue to drive prices and cannabis investors are showing that they prefer a democratic ticket headlined by Vice President Harris rather than President Biden.

The Highlights - Cannabis News for the Week Ending July 12, 2024

<ul><li>Cannabis stocks had a volatile week but finished almost exactly flat.</li><li>The US cannabis MSOS ETF ended the five days down 0.27%, while the global YOLO ETF gained 0.43%.</li><li>Among the larger MSOs, Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) at +6.11% and Verano (NEO: VRNO, OTCQX: VRNOF) at +5.49% performed best, while Jushi (CSE: JUSH, OTQCX: JUSHF) had the largest weekly loss.</li></ul>

Cannabis stocks had a volatile week but finished almost exactly flat.The US cannabis MSOS ETF ended the five days down 0.27%, while the global YOLO ETF gained 0.43%.Among the larger MSOs, Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) at +6.11% and Verano (NEO: VRNO, OTCQX: VRNOF) at +5.49% performed best, while Jushi (CSE: JUSH, OTQCX: JUSHF) had the largest weekly loss.

The Highlights - Cannabis News for the Week Ending June 28, 2024

<ul><li>US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.</li><li>Among the larger MSOs, Verano (NEO: VRNO, OTCQX: VRNOF) had the best week, jumping 9.84%.</li><li>Verano rose after sharing it authorized a $50 million share repurchase program on Monday. </li></ul>

US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.Among the larger MSOs, Verano (NEO: VRNO, OTCQX: VRNOF) had the best week, jumping 9.84%.Verano rose after sharing it authorized a $50 million share repurchase program on Monday. 

The Highlights - Cannabis News for the Week Ending June 21, 2024

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)

MariMed, Inc. - 3Q Earnings Preview

MariMed reports 3Q earnings on November 8 after the close. Q/Q, we are expecting 5.4% revenue growth and a slight contraction in AEBITDA.

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

The Highlights - Cannabis News for the Week Ending July 12, 2024

The Cannabist (NEO: CBST, OTCQX: CBSTF) +16.67% was the biggest winner among the larger MSOs, while MariMed (CSE: MRMD, OTCQX: MRMD) -10.53% lost...

Water Tower Research

The Highlights - Cannabis News for the Week Ending June 28, 2024

Cannabis stocks had a volatile week but finished almost exactly flat. The US cannabis MSOS ETF ended the five days down 0.27%, while the global...

Water Tower Research

The Highlights - Cannabis News for the Week Ending June 21, 2024

US cannabis stocks climbed higher last week, with the US cannabis MSOS ETF gaining 5.15%, while the global YOLO ETF lost 2.04%.

Water Tower Research

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