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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.

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Equity Bottom-Up

<ul><li>MariMed report 3Q revenue of $38.8 million, which was slightly ahead of our estimate of $38.5 million.</li><li>This represents a 6.3% increase Q/Q and a 14.4% improvement Y/Y.</li><li>The revenue increase was driven primarily by Maryland. MariMed has a dispensary in Annapolis that converted to adult-use on July 1 and sales grew 88% Q/Q. </li></ul>

MariMed report 3Q revenue of $38.8 million, which was slightly ahead of our estimate of $38.5 million.This represents a 6.3% increase Q/Q and a 14.4% improvement Y/Y.The revenue increase was driven primarily by Maryland. MariMed has a dispensary in Annapolis that converted to adult-use on July 1 and sales grew 88% Q/Q. 

MariMed, Inc. - 3Q23 Revenue Exceeds Estimates; Adjusted EBITDA In Line

Thematic (Sector/Industry)

<ul><li>Cannabis is a state-led growth story with a series of hard-to-time political catalysts.</li><li>Slower-than expected state rollouts and a drought of political progress have contributed to the US cannabis MSOS ETF falling more than 90% since its peak on February 10, 2021.</li><li>Valuations are compressed and there are a series of potential new states and political catalysts ahead.</li></ul>

Cannabis is a state-led growth story with a series of hard-to-time political catalysts.Slower-than expected state rollouts and a drought of political progress have contributed to the US cannabis MSOS ETF falling more than 90% since its peak on February 10, 2021.Valuations are compressed and there are a series of potential new states and political catalysts ahead.

Cannabis Catalysts - Five Factors That May Drive Change in 2024

<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.

<ul><li>Stocks got hammered again this week, with the MSCI World Index falling 2.24% and the S&amp;P 500 losing 2.50%.</li><li>The S&amp;P is off 10.61% from its July 7 high, which is formally a correction. Higher yields and mixed mega-cap tech earnings have driven the decline.</li><li>Cannabis stocks continued their six-week slide. The US cannabis MSOS ETF lost 21.56% this week and is -46.93% since its high on September 15.</li></ul>

Stocks got hammered again this week, with the MSCI World Index falling 2.24% and the S&amp;P 500 losing 2.50%.The S&amp;P is off 10.61% from its July 7 high, which is formally a correction. Higher yields and mixed mega-cap tech earnings have driven the decline.Cannabis stocks continued their six-week slide. The US cannabis MSOS ETF lost 21.56% this week and is -46.93% since its high on September 15.

The Highlights - Cannabis News for the Week Ending October 27, 2023

<ul><li>Global equities continued their decline this week, with the MSCI World Index falling 2.51% and the S&amp;P dropping 2.39%.</li><li>The small-cap Russell 2000 lost 2.25%, while the NASDAQ was hit hardest at -3.16% over the last five sessions.</li><li>Concerns around higher interest rates and geopolitical tension led to the losses. </li></ul>

Global equities continued their decline this week, with the MSCI World Index falling 2.51% and the S&amp;P dropping 2.39%.The small-cap Russell 2000 lost 2.25%, while the NASDAQ was hit hardest at -3.16% over the last five sessions.Concerns around higher interest rates and geopolitical tension led to the losses. 

The Highlights - Cannabis News for the Week Ending October 20, 2023

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. - 3Q23 Revenue Exceeds Estimates; Adjusted EBITDA In Line

MariMed report 3Q revenue of $38.8 million, which was slightly ahead of our estimate of $38.5 million. This represents a 6.3% increase Q/Q and a...

Water Tower Research

Cannabis Catalysts - Five Factors That May Drive Change in 2024

Slower-than expected state rollouts and a drought of political progress have contributed to the US cannabis MSOS ETF falling more than 90% since...

Water Tower Research

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

The Highlights - Cannabis News for the Week Ending October 27, 2023

Stocks got hammered again this week, with the MSCI World Index falling 2.24% and the S&P 500 losing 2.50%. The S&P is off 10.61% from its July 7...

Water Tower Research

The Highlights - Cannabis News for the Week Ending October 20, 2023

The small-cap Russell 2000 lost 2.25%, while the NASDAQ was hit hardest at -3.16% over the last five sessions. Concerns around higher interest...

Water Tower Research

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