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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<ul><li>MariMed has begun manufacturing and processing cannabis products in its new kitchen in Mount Vernon, Illinois.</li><li>As often happens in cannabis, there were construction and regulatory delays, but the company expects to have its award-winning edibles in Illinois stores in time for the holidays.</li><li>Illinois is the sixth-most populated state with 12.7 million residents.</li></ul>

MariMed has begun manufacturing and processing cannabis products in its new kitchen in Mount Vernon, Illinois.As often happens in cannabis, there were construction and regulatory delays, but the company expects to have its award-winning edibles in Illinois stores in time for the holidays.Illinois is the sixth-most populated state with 12.7 million residents.

MariMed, Inc. - Begins Manufacturing and Processing in Illinois

Thematic (Sector/Industry)

<ul><li>It was a holiday-shortened week for US stocks, and this will be a briefer edition of The Highlights.</li><li>The US cannabis MSOS ended the week -2.32%, while the global YOLO ETF was +2.43%.</li><li>Volumes were light, especially on Friday, when Ascend’s (CSE: AAWH, OTCQX: AAWH) US listing traded just $11,553 in volume.</li></ul>

It was a holiday-shortened week for US stocks, and this will be a briefer edition of The Highlights.The US cannabis MSOS ended the week -2.32%, while the global YOLO ETF was +2.43%.Volumes were light, especially on Friday, when Ascend’s (CSE: AAWH, OTCQX: AAWH) US listing traded just $11,553 in volume.

The Highlights - Cannabis News for the Week Ending November 24, 2023

<ul><li>MariMed closed a $58.7 million secured credit facility with a US chartered bank on November 17, 2023.</li><li>The refinancing will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the next four years.</li><li>MariMed estimates its new weighted average cost of debt is now about 8%, down from more than 11% previously.</li></ul>

MariMed closed a $58.7 million secured credit facility with a US chartered bank on November 17, 2023.The refinancing will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the next four years.MariMed estimates its new weighted average cost of debt is now about 8%, down from more than 11% previously.

MariMed, Inc. - Closes $58.7 Million Debt Refinancing

<ul><li>Cannabis stocks had another good week, with the US cannabis MSOS ETF gaining 5.50% and the global YOLO increasing 2.49%.</li><li>As the potential DEA news inches closer, US cannabis stocks continue to outperform Canadian counterparts. MTD, MSOS is +22.86%, while YOLO is +10.34%.</li><li>Ayr Wellness (CSE: AYR, OTCQX: AYRWF) was +27.29% and led the way for the larger operators. </li></ul>

Cannabis stocks had another good week, with the US cannabis MSOS ETF gaining 5.50% and the global YOLO increasing 2.49%.As the potential DEA news inches closer, US cannabis stocks continue to outperform Canadian counterparts. MTD, MSOS is +22.86%, while YOLO is +10.34%.Ayr Wellness (CSE: AYR, OTCQX: AYRWF) was +27.29% and led the way for the larger operators. 

Cannabis News for the Week Ending November 17, 2023

<ul><li>Cannabis stocks had an excellent week, with the US cannabis MSOS ETF surging 11.39% and the global YOLO ETF ending +4.07%. YTD, MSOS is -6.29% and YOLO is -21.94%, indicating that US cannabis has been outperforming Canadian and other global names.</li><li>The week started with BAT (LSE: BATS, NYSE: BTI) making a C$124.6 million investment into Canadian operator Organigram (TSX: OGI, OTCQX: OGI).</li><li>Most of the capital is to create Jupiter, a strategic investment pool designed to expand Organigram’s footprint and capitalize on strategic growth opportunities.</li></ul>

Cannabis stocks had an excellent week, with the US cannabis MSOS ETF surging 11.39% and the global YOLO ETF ending +4.07%. YTD, MSOS is -6.29% and YOLO is -21.94%, indicating that US cannabis has been outperforming Canadian and other global names.The week started with BAT (LSE: BATS, NYSE: BTI) making a C$124.6 million investment into Canadian operator Organigram (TSX: OGI, OTCQX: OGI).Most of the capital is to create Jupiter, a strategic investment pool designed to expand Organigram’s footprint and capitalize on strategic growth opportunities.

The Highlights - Cannabis News for the Week Ending November 10, 2023

United States

MariMed, Inc. operates as a pharmaceutical company. The Company specializes in designing, development, operation, funding, and optimization of medical cannabis cultivation, production centers, and dispensaries. MariMed serves customers in the State of Massachusetts.

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MariMed (MRMD US)

MariMed, Inc. - Begins Manufacturing and Processing in Illinois

As often happens in cannabis, there were construction and regulatory delays, but the company expects to have its award-winning edibles in Illinois...

Water Tower Research

The Highlights - Cannabis News for the Week Ending November 24, 2023

It was a holiday-shortened week for US stocks, and this will be a briefer edition of The Highlights. The US cannabis MSOS ended the week -2.32%,...

Water Tower Research

MariMed, Inc. - Closes $58.7 Million Debt Refinancing

The refinancing will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the...

Water Tower Research

Cannabis News for the Week Ending November 17, 2023

Cannabis stocks had another good week, with the US cannabis MSOS ETF gaining 5.50% and the global YOLO increasing 2.49%.

Water Tower Research

The Highlights - Cannabis News for the Week Ending November 10, 2023

Cannabis stocks had an excellent week, with the US cannabis MSOS ETF surging 11.39% and the global YOLO ETF ending +4.07%. YTD, MSOS is -6.29% and...

Water Tower Research

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