MRMD stock is up a whopping 11% today. This has been a stellar week for these shares. Let's check in with MariMed (OTCQB:MRMD) and see what might be causing all the action.
MRMD Stock
There's every chance a bullish sentiment has permeated through the market and is pulling MRMD up with it. The top five cannabis companies are in green; Aurora Cannabis (TSX:ACB) (NYSE:ACB), in particular, is a stand out with a 7% increase at the time of writing. Further down the listing, TGOD stock is showing, by far, the biggest gains of the day; The Green Organic Dutchman (TSX:TGOD) is up 14.43%.
Consultants
The company offers "total solutions for medical and legal cannabis business." In short, it offers help with everything needed to effectively start and run a cannabis business: from licensing, real estate, and navigating regulations, to ongoing consultations and financing.
So as a cannabis consulting firm, it's understandable that MRMD, in particular, would move with a current market trend. If the market looks to be heating up, the demand for MariMed's services will most likely heat up too.
MariMed Hemp
Market positivity is one thing. But there is every chance that the MRMD stock is still lighting up after the company's January 15th press release. The company announced the formation of MariMed Hemp Inc, a wholly owned subsidiary that focuses entirely on hemp-derived CBD products.
>> Cronos Group Up Over 40% this Month, Strikes Deal with CIBC and BMO
MariMed Hemp will run completely independently from MariMed, with its own executive team, brand, and product lines. It offers investors another revenue stream in the highly lucrative hemp sector.
GenCanna Global
The venture builds on MariMed's most recent investment in hemp cultivator and processor, GenCanna Global. With a focus on genetics and proprietary cultivation practices that produce quality CBD isolates and oils, GenCanna has estimated the planting and processing of over 10,000 acres of hemp in 2019.
GenCanna is in line to be one of America's biggest hemp producers and will be MariMed Hemp's key supplier.
Where do you think MRMD will go from here?
Featured Image: Facebook
