MRMD stock continues to gain momentum on Wednesday after MariMed (OTCQX:MRMD) reached an exclusive agreement with one of the largest beverage distributors located in the Northeast US.
The cannabis sector may have gone through a fair bit of trouble over the past few months, and many stocks may have lost have much of their gains, but most companies are still working towards expanding their businesses. Multi-state operator hemp and premium cannabis firm MariMed made a major announcement today with regards to one of its subsidiaries.
The company announced that HempEngine, one of its subsidiaries, has reached an exclusive agreement with one of the biggest beverage distributors in the business. The distributor in question is directly linked to as many as 8,500 retail locations.
The deal is a hugely significant one for HempEngine. By way of the deal, the HempEngine platform will now be seen in retail outlets, department stores, and liquor stores located in Rhode Island and Connecticut. HempEngine has created its very own ‘store within a store’ package that allows the retailer to set up a CBD store very quickly and in addition to that, it would also include Sprout, the re-marketing platform that comes along with HempEngine.
At the time of writing, MRMD stock is up 2.50% at $1.17.
The Chief Executive Officer of MariMed, Bob Fireman, spoke about the developments: “This major distribution agreement enables MariMed Hemp to further penetrate the fast-growing hemp CBD space. Its revolutionary platform creates powerful new distribution opportunities for our hemp-derived CBD brands.”
For those who are interested in acquiring MRMD stock, the best argument in its favor is the fact that MariMed is growing at a highly impressive pace. In the very first quarter, the company managed to generate revenues that were 69% more than what it was in the prior-year period.
The company’s growth could sustain for a long period considering the fact that after it started off as an advisory services provider to companies in the medical cannabis industry, it became an operator of its own. That’s an indication of the sort of growth it has enjoyed.
MRMD stock has recovered about 45% in the past one week after hitting a low of $0.79.
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