MariMed Inc. (OTC:MRMD) is a Massachusetts-based cannabis consulting company that has developed five medical cannabis facilities in three states and is in the process of developing six more facilities in two additional states.
Now Read: MariMed Client Opens Nevada MMJ Cultivation Facility
Earlier today, MariMed announced that the company's board of directors has appointed a new CEO and a new CFO in the final stage of the company's transition to focus solely on cannabis.
In May, the company's wholly-owned, cannabis focused subsidiary, MariMed Advisors, Inc. acquired the remaining equity position of Sigal Consulting LLC, changed the company's name to MariMed Inc., and changed its ticker from "WORX" to "MRMD". In accordance with this transition, MariMed has appointed the former CEO and the former CFO of MariMed Advisors, Mr. Robert Fireman and Jon Levine to their respective roles in the "new" MariMed Inc.
Mr. Fireman and Mr. Levine founded MariMed Advisors and have 10 years of experience in the legal cannabis industry. Additionally, they both have proven successful track records in a variety of other industries.
Mr. Fireman had this to say about the transition:
“This change in management, completes our orderly transition to focus solely on cannabis services. These roles will allow us to fully maximize each of our capabilities and experience to drive MariMed’s strategic growth It is in the company’s best interest to have management with in-depth knowledge across a wide spectrum of legal cannabis areas. We have a solid team in place to accelerate our momentum as we finish the development of the six cannabis facilities currently underway, expand the distribution of our new licensed product brands and grow our client base for cannabis facility managed services.”
In early trading Tuesday, shares of MariMed are flat on extremely light trading volume. We'll be watching to see if any additional volume or volatility comes into the market on today's news, or even just the additional media exposure regarding MariMed as this transition was much anticipated and doesn't really represent a material change to the company's prospects.
Although the company had some cannabis industry exposure previously, since MariMed's May 11th announcement of their transition to focus solely on the cannabis consulting business, shares of MRMD have surged more than 110%!
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