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MariMed Reports Third Quarter 2022 Earnings

Nov 8, 2022 • 10:07 AM EST
15 MIN READ  •  By Michael Berger
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NORWOOD, Mass., Nov. 07, 2022 (GLOBE NEWSWIRE) — MariMed, Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2022.

“I am pleased to report we grew revenue both year-over-year and sequentially, despite continued headwinds facing the entire industry,” said Bob Fireman, Chief Executive Officer. “MariMed continues to outperform these industry dynamics on the strength of our outstanding retail and wholesale operations, high quality and innovative product mix, and exceptional customer service.”

Financial Highlights1

The following table summarizes the consolidated financial highlights for the three months ended September 30, 2022 and 2021 (in millions, except percentage amounts):

Three months ended
September 30,
Gross margin48%55%
GAAP Net income$2.7$2.1
Non-GAAP Adjusted EBITDA$8.6$12.6
Non-GAAP Adjusted EBITDA margin25%38%

1 See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.

MariMed management will host a conference call on Tuesday, November 8, 2022, to discuss these results at 8:00 a.m. Eastern time. The conference call may be accessed through MariMed’s Investor Relations website by clicking the following link: MariMed Q322 Earnings Webcast.


During the third quarter, the Company announced the following facets of its strategic growth plan, including:

  • July 18: The approval of its expanded state-of-the-art kitchen in Maryland. The nearly ten-fold expansion allows the Company to produce all its award-winning branded products including Betty’s Eddies fruit chews, Bubby’s Baked baked goods, K Fusion chewable tablets, and Vibations High + Energy powdered drink mixes. The Company also introduced a line of gummies in the Maryland medical cannabis market, under the In-House brand.
  • August 4: The launch of its new Betty’s Eddies ice cream in partnership with Boston-based Emack & Bolio’s® ice cream company. Betty’s Eddies ice cream is currently available in select cannabis dispensaries in Massachusetts.
  • August 8: The acquisition of a conditional dispensary license in central eastern Illinois close to the Indiana border. Once open, it will mark the fifth Thrive branded dispensary the Company owns and operates in Illinois. MariMed currently owns and operates four adult-use dispensaries in Anna, Harrisburg, Metropolis, and Mt. Vernon.
  • August 30: The launch of its Nature’s Heritage “LIVE Flower,” the freshest cannabis available. The unparalleled freshness is made possible through MariMed’s proprietary FreshCure curing process, which delivers buds that are bigger and brighter than conventional flower, bursting with more vibrant colors and stronger aromas while delivering a smoother smoke.
  • September 12: The agreement to develop and manage a state-of-the-art production kitchen to manufacture and wholesale its award winning branded products in Missouri. Voters are expected to approve an adult use measure on the ballot this fall, and the Company expects its branded products will be available on the wholesale market before adult-use sales commence.
  • September 13: The agreement with 42 Degrees, a Michigan licensed cannabis producer and distributor, to manufacture and distribute MariMed’s award-winning brands and products throughout the state. 42 Degrees currently wholesales products into 340 dispensaries, representing approximately 75 percent of the operating dispensaries in Michigan.


Subsequent to the end of the third quarter, the Company announced the following business developments:

  • October 5: The opening of its first medical dispensary in Annapolis, Maryland, marking the beginning of the Company’s fully vertical operations in that state. The Panacea Wellnessdispensary is the eighth retail location across four states that MariMed either owns or manages. MariMed hosted a grand opening ceremony with several local, county, and state dignitaries in attendance to celebrate commencement of operations. Voters are expected to approve an adult use measure on the ballot this fall and MariMed expects to build out its footprint in Maryland to include the maximum allowable four dispensaries over time.
  • October 25: The evolution of its award-winning and top-selling Betty’s Eddies fruit chews line to address consumer demand for cannabis edibles that meet specific needs. Each new or improved chew has been custom formulated to help aid sleep, relaxation, pain relief, heightened libido, and more.

“We remain bullish for continued revenue and earnings growth,” said Jon Levine, President. “Fueling our confidence are several new and expanded assets in our existing markets that will come online in 2023. Additionally, we look forward to our entry next year into additional high-growth cannabis markets, including Ohio, Missouri, and Michigan.”


MariMed remains committed to its proven strategic growth plan and continues to operate some of the best cannabis facilities with some of the highest margins and returns in the cannabis industry. Due to continued regulatory delays with opening dispensaries, the Company’s guidance for full year 2022 has been revised and is as follows:

  • Revenue of $132 million to $135 million.
  • Gross margin of 48% to 49%.
  • Non-GAAP Adjusted EBITDA of $32 million to $35 million.
  • Capital expenditures of $16 million to $17 million.

“Our financial results remain some of the best in the industry, as we have improved gross margins and delivered positive adjusted EBITDA for the eleventh consecutive quarter,” said Susan Villare, Chief Financial Officer. “Our ability to generate positive cash flow from operations in this challenging macro environment is a testament to the outstanding asset base that MariMed has developed and maintained.”


The Company has provided in this release several non-GAAP financial measures: Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, as a supplement to Revenue, Gross margin, and other financial measures prepared in accordance with GAAP.

Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company’s financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

Management defines non-GAAP Adjusted EBITDA as net income, determined in accordance with GAAP, excluding the following items:

  • interest income and interest expense;
  • income taxes;
  • depreciation of fixed assets;
  • amortization of acquired intangible assets;
  • Impairment or write-downs of intangible assets;
  • stock-based compensation;
  • legal settlements;
  • acquisition-related and other;
  • other income and other expense;
  • and discontinued operations.

For further information, please refer to the Company’s Quarterly Report on Form 10-Q for the three month period ended September 30, 2022 available on MariMed’s Investor Relationswebsite, on the SEC’s Edgar website in the U.S., or on the Canadian securities regulatory authorities’ SEDAR website in Canada.

MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit


This release contains certain forward-looking statements and information relating to MariMed Inc. that are based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current view of the Company with respect to future events, including consummation of pending transactions, launch of new products, expanded distribution of existing products, obtaining new licenses, estimates and projections of revenue, EBITDA and Adjusted EBITDA and other information about its business, business prospects and strategic growth plan, which are based on certain assumptions of its management, including those described in this release. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional risk factors are included in the Company’s public filings with the Securities and Exchange Commission. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “planned, “estimated,” “preparing,” “potential,” “expected,” “looks” or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.

All trademarks and service marks are the property of their respective owners.

For More Information Contact:

Investor Relations:
Steve West, Vice President, Investor Relations
Phone: (781) 277-0007

Media Contact:
Trailblaze PR

Company Contact:
Howard Schacter, Chief Communications Officer
Phone: (781) 277-0007

MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)

September 30,
December 31,
Current assets:
Cash and cash equivalents$11,113$29,683
Accounts receivable, net6,5601,666
Deferred rents receivable7251,678
Notes receivable, current portion134127
Investments, current274251
Other current assets3,7681,440
Total current assets40,88344,613
Property and equipment, net70,39662,150
Intangible assets, net9,469162
Notes receivable, net of current9,1608,987
Operating lease right-of-use assets4,9545,081
Finance lease right-of-use assets74746
Other assets1,01098
Total assets$144,698$123,205
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion$2,825$1,410
Accounts payable7,9735,099
Accrued expenses and other3,2653,149
Income taxes payable11,66316,467
Operating lease liabilities, current portion1,2841,071
Finance lease liabilities, current portion24127
Total current liabilities27,25127,223
Mortgages and notes payable, net of current23,04817,262
Operating lease liabilities, net of current4,2144,574
Finance lease liabilities, net of current48322
Other liabilities100100
Total liabilities55,09649,181
Commitments and contingencies
Mezzanine equity:
Series B convertible preferred stock14,72514,725
Series C convertible preferred stock23,00023,000
Total mezzanine equity37,72537,725
Stockholders’ equity
Common stock339334
Common stock subscribed but not issued41
Additional paid-in capital141,652134,920
Accumulated deficit(88,675)(97,392)
Noncontrolling interests(1,480)(1,563)
Total stockholders’ equity51,87736,299
Total liabilities, mezzanine equity and stockholders’ equity$144,698$123,205

MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)

Three months endedNine months ended
September 30,September 30,
Cost of revenue17,74815,02750,03539,647
Gross profit16,16418,18148,14550,773
Gross margin47.7%54.7%49.0%56.2%
Operating expenses:
Marketing and promotion1,4025632,8541,058
General and administrative5,0979,48116,89016,934
Acquisition-related and other143897
Bad debt4036541,855
Total operating expenses10,42811,56130,86525,113
Income from operations5,7366,62017,28025,660
Interest and other (expense) income:
Interest expense(518)(300)(1,271)(2,077)
Interest income2392672096
Other (expense) income, net(251)(214)24(631)
Total interest and other expense(530)(488)(527)(2,612)
Income before income taxes5,2066,13216,75323,048
Provision for income taxes2,4844,0097,8949,026
Net income2,7222,1238,85914,022
Less: Net income attributable to noncontrolling interests16103142289
Net income attributable to common stockholders$2,706$2,020$8,717$13,733
Net income per share attributable to common stockholders:
Weighted average common shares outstanding:

MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)

Nine months ended
September 30,
Cash flows from operating activities:
Net income attributable to common stockholders$8,717$13,733
Net income attributable to noncontrolling interests142289
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization of property and equipment2,4691,499
Amortization of intangible assets854518
Stock-based compensation6,3967,152
Amortization of standalone warrant issuances776
Amortization of warrants attached to debt539
Amortization of beneficial conversion feature177
Amortization of original issue discount52
Bad debt expense541,855
Obligations settled with common stock637375
Loss on obligations settled with equity3
Gain on sale of investment(309)
Loss on changes in fair value of investments930937
Other investment income(954)
Changes in operating assets and liabilities:
Accounts receivable, net(4,856)(3,886)
Deferred rents receivable111192
Other current assets(1,973)(1,641)
Other assets(113)(17)
Accounts payable2,3722,098
Accrued expenses and other(193)8,069
Income taxes payable(4,804)
Net cash provided by operating activities5,57428,248
Cash flows from investing activities:
Purchases of property and equipment(9,985)(14,649)
Business acquisitions, net of cash acquired(12,746)
Advances toward future business acquisitions(800)
Purchases of cannabis licenses(330)(638)
Proceeds from sale of investment1,475
Proceeds from notes receivable130407
Net cash used in investing activities(23,731)(13,405)
Cash flows from financing activities:
Proceeds from issuance of preferred stock23,000
Equity issuance costs(387)
Proceeds from issuance of promissory notes35
Principal payments of mortgages and promissory notes(1,033)(16,248)
Proceeds from mortgages3,0002,700
Proceeds from exercise of stock options1031
Proceeds from exercise of warrants93
Repayment of loans from related parties(1,158)
Principal payments of finance leases(166)(26)
Redemption of minority interests(2,000)
Net cash (used in) provided by financing activities(413)7,739
Net (decrease) increase in cash and cash equivalents(18,570)22,582
Cash and equivalents, beginning of year29,6832,999
Cash and cash equivalents, end of period$11,113$25,581

MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)

Three months endedNine months ended
September 30,September 30,
Non-GAAP Adjusted EBITDA
GAAP Net income$2,722$2,123$8,859$14,022
Interest expense, net2792745511,981
Income tax provision2,4844,0097,8949,026
Depreciation and amortization of property and equipment9175362,4691,499
Amortization of acquired intangible assets429172854518
EBITDA (earnings before interest, taxes, depreciation and amortization)6,8317,11420,62727,046
Stock-based compensation1,3725,5526,3967,152
Settlement of litigation(266)(266)
Acquisition-related and other143897
Other expense (income), net251214(24)631
Adjusted EBITDA$8,597$12,614$27,896$34,563
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Net income8.0%6.4%9.0%15.5%
Interest expense, net0.8%0.8%0.6%2.2%
Income tax provision7.3%12.1%8.0%9.9%
Depreciation and amortization of property and equipment2.7%1.6%2.5%1.7%
Amortization of acquired intangible assets1.3%0.5%0.9%0.6%
EBITDA margin20.1%21.4%21.0%29.9%
Stock-based compensation4.1%16.8%6.5%7.9%
Settlement of litigation%(0.8%)0.9%(0.3%)
Acquisition-related and other0.4%%%%
Other expense (income), net0.8%0.6%%0.7%
Adjusted EBITDA margin25.4%38.0%28.4%38.2%

MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)

Three months endedNine months ended
September 30,September 30,
Product revenue:
Product revenue – retail23,59323,45468,12159,230
Product revenue – wholesale9,0096,63323,02920,536
Total product revenue32,60230,08791,15079,766
Other revenue1,3103,1217,03010,654
Total revenue$33,912$33,208$98,180$90,420

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T420 is responsible for the T420 opinions provided in this disclosure except all sources or information provided by other parties were not verified or authenticated and T420 does not undertake to confirm or substantiate or be responsible for such information provided by other parties.

Any Content posted regarding a Profiled Issuer is not a solicitation or recommendation to buy, sell or hold securities. We cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. All information should be independently verified. We are not responsible for errors or omissions in our publications, and any opinions expressed are subject to change, without notice. We do not, nor are we under any obligation to undertake due diligence or investigation or authenticate and verify whatsoever regarding Profiled Issuers or any Content posted in relation thereto and we do not receive any verification from the Profiled Issuer regarding the Content we disseminate. Similarly, while we endeavor to facilitate the provision of quality information, we are not responsible for any loss or damages caused or alleged to have been caused by its use nor verify or authenticate or update such information.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.


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