MRMD stock has been an investor favorite since 2018. MariMed (OTCQB:MRMD) built its name by providing consulting services to the US cannabis industry—operating in the ancillary sector has proven very lucrative for many. Now, however, it is buying its own customers outright.
At the time of writing, these shares are down almost 4%, selling for $3.36 on the OTCQB. Should you keep an eye on MRMD stock? Let's check it out.
MRMD Stock
MariMed grew its business exponentially in 2018. It began simple, providing consulting and advisory services to the US cannabis industry. Its services were in demand so much so that MariMed quickly became "one of the best-performing marijuana stocks of 2018," growing its stock over 300% in the year.
Services included advice on designing, developing, funding, and operating medical cannabis cultivation and production facilities and retail dispensaries.
Cannabis Operations
Now, the company has moved into cannabis operations itself. And with operations in six states already, it's moving fast. It made the jump from consulting to doing by buying its own clients.
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One of its most significant acquisitions was of hemp-based cannabidiol company GenCanna, in November 2018. With this purchase, MRMD stock made the move into US hemp just in time for when hemp became legal across the US in December.
With its eyes on the "$22 billion by 2022" hemp-derived CBD industry, MariMed then created the MariMed Hemp subsidiary in January. This arm of the company will focus exclusively on hemp CBD products.
Only in its infancy, the hemp-derived CBD market is going to be huge, making hemp one of the US's biggest commodities.
The Takeaway
With years of consulting expertise, MariMed is an assurance to investors that management knows how to successfully navigate its own operations in this industry. How could it not?
The US is warming to cannabis with more and more states legalizing medical and/or recreational marijuana. So with that in mind, MariMed is at the helm of further expansion opportunities.
For now, though, it is making its mark as one to watch in the US cannabis industry. For $3.36 USD per share at present, MRMD stock may offer investors a lot of potential for a low price.
Featured Image: Canva
