MRMD stock is the biggest gainer in the marijuana sector this week with a gain of over 40% in the past three trading sessions after MariMed (OTCQB:MRMD) announced a partnership with cannabis brand Binske.
MariMed Inc has been one of the biggest gainers this week after the Massachusetts-based company made a major announcement this week. On July 29, the company announced that it had entered into a partnership agreement with multi-state cannabis company Binske.
It is a significantly important deal for both companies as it will increase the number of offerings for MariMed and also allow Binske to expand its footprint into states in which it currently has no presence. Binske, which manufactures concentrates, tropicals, and edibles, has its footprint in important markets like Florida, Nevada, Colorado, and California.
However, the partnership with MariMed will allow it to expand into all the other seven states in the United States in which medical marijuana is legal. In other words, it will have a presence in all the states in which cannabis has been legalized.
After the news of the deal broke, MRMD stock skyrocketed, surging by as much as 40% this week. MariMed started life as a company that provided advisory services to firms within the cannabis industry, but in the fullness of time, it becomes a multi-state cannabis company of its own. It is growing at an impressive clip as well, having recorded year-on-year revenue growth of 76% in Q1 2019.
The company is now working assiduously to become a major player among multi-state cannabis operators, and once it operates at its full strength, MRMD will have interests in Illinois, Maryland, Nevada, and its home state Massachusetts. According to experts, the company’s revenues will grow significantly once the pending deals are finalized. In addition to that, MariMed is also primed to enter the lucrative CBD market in the United States.
To that end, it has acquired a large holding in one of the biggest CBD producers in the United States, GenCanna Global. The CBD market could be worth $22 billion in three years, and MariMed is making important moves that should help it in positioning itself as one of the major operators.
At the time of writing, MRMD stock is up a whopping 29% at $1.90.
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