MariMed is a cannabis stock that deserves a spot in investors’ portfolios

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The cannabis company’s stock rose 32% in midday trading yesterday

Penny Stocks may be back in the spotlight owing to the major change in the political climate in the US and the apparent discovery of a vaccine to control the COVID-19 pandemic that has been ravaging the country since the first of the year. Finding good penny stocks should be easier than ever, given all of the information available on the internet these days.

One penny stock dealing in cannabis is drawing some attention. On November 25, one of the biggest gainers was MariMed Inc., which pushed up by 32% during midday trading. MariMed Inc. is a consulting service for the cannabis industry that advises on the complicated procedures involved in the cultivation of cannabis, including production as well as dispensary operations. It also acts as an adviser on the development of the facilities producing the various cannabis-infused products.

Earlier this month, MariMed reported its third-quarter financials, indicating a gross profit of $8.7 million. This represents “a massive 221% increase: over the same period last year. Additionally, the company had a positive EBITDA of $4.4 million compared to an EBITDA loss of $733,000 during the same period last year.

The CEO of MariMed, Bob Fireman, recently stated, “These strong quarterly results reflect the tremendous growth of our cannabis business units coupled with the consolidation of our Massachusetts and Illinois business units into our company. Our reported financial results now include revenue for these two states, where we generate revenue from both adult-use and medical cannabis programs.”

The indications from President-elect Joe Biden and VP-elect Kamala Harris are that they will work from day one to decriminalize cannabis nationwide, which is one of the main reasons for being bullish about MariMed (MRMD).