Marimed Inc (OTCMKTS:MRMD) stock ended slightly lower on Wednesday despite analyst at Colliers Securities started coverage on the stock with a Buy rating and set a price target of $2.25.
MariMed initiated earlier with a Buy at Colliers Securities; tgt $2.25
Colliers Securities initiates MRMD with a Buy and price target of $2.25. Analyst Kyle Bauser said, “While the positive secular trends provide a favorable backdrop for MRMD, the stock is also currently trading well below its peers despite having a premium financial profile. MRMD is a multi-state operator (MSO) in the cannabis industry, and is vertically integrated (seed-to-sale) in Massachusetts and Illinois with additional revenue streams (from rental income, management fees, and licensing royalties) in Maryland, Nevada, and Delaware.
Current annualized sales levels for US-listed cannabis companies are growing 40%+ with states continuing to relax cannabis restrictions. While full legalization will likely not be a near-term event, the SAFE Banking Act and other legislative measures should pave the way for access to traditional banking offerings and NASDAQ/NYSE up-listings. In the meantime, we believe MRMD should begin to trade in-line with comps as awareness builds.”