MariMed (OTCQB:MRMD) made a huge announcement today for the company, with an expansion into the new and growing CBD and hemp industry. Thanks to its new subsidiary, MRMD stock may see a green 2019.
MariMed Expansion
MariMed is a consulting company that offers consultations for design, operation, funding, development, and optimization of medical cannabis production and dispensing. In addition to consultation services, the company also develops and manages facilities for the cultivation and production of cannabis products. MariMed is headquartered in Newton, Massachusetts.
Early this morning, MariMed announced that it would be entering the US hemp space with the formation of MariMed Hemp, Inc. This announcement is most likely the cause of the recent spike in MRMD stock, considering the current cannabis bear market.
MariMed Hemp Inc. will be a wholly-owned subsidiary of MariMed Inc and will focus specifically on hemp-derived CBD products.
“With the recent signing of the U.S. Farm Bill that declared hemp fully legal at the federal level, we believe the hemp CBD industry may grow even faster than the cannabis industry,” said Robert Fireman, CEO of the company. “Consumers and retailers alike seek the highest quality, trustworthy products. While many niche players may try to compete, the reality is that only a handful of suppliers can reliably deliver top-quality CBD products at scale that can serve the needs of major retailers.”
>> CBWTF Stock: Auxly Cannabis Group is the Army Knife Cannabis Stock
Many large cannabis companies are making a shift to hemp as well. This is a positive step for MariMed to compete with the big players in the cannabis industry.
MRMD Stock Today
This morning, MRMD is among a small group of cannabis penny stocks that are trading green. The stock has had a positive month of movement and it seems its latest announcement has pushed its shares even higher.
At press time, MRMD stock is trading at $3.72 a share, up +$0.06 (+1.64%). In the last five days, the cannabis stock is up 7.5% and for the month, MRMD is up 17%.
Featured Image: Facebook
