MariMed's CEO On Humbling Times In The Cannabis Industry
This special presentation from MariMed Inc. is from Benzinga’s June 1 Virtual Cannabis Capital Conference. Click here for more coverage of this event, with presentations from some of the top CEOs, investors and lenders in the cannabis space.
As many in cannabis know, 2019 was a humbling time for the industry. The struggle to raise capital, grow to other states and be seen as essential by institutions was discouraging. But many in the space continued to believe in the industry’s potential and are reaping the rewards.
Javier Hasse, managing director of Benzinga Cannabis, spoke with MariMed Inc (OTC:MRMD) President and CEO Robert Fireman about the business, innovation and wellness.
MariMed is a multi-state cannabis operator based in Boston, Massachusetts. The company specializes in designing, development, funding and optimization of medical cannabis cultivation.
The company is a fully integrated operator in six states, Fireman said.
Refocusing MariMed's Business
When asked why the company has stayed in six states, Fireman reflected on the last year.
“All the crazy deals that were going on from Boston to California and all the prices that were being floated when capital was much easier to find have now humbled us all,” he said.
The company has refocused its business by refocusing its core assets, with plans to finish its consolidation strategy.
“My father used to say, put the blinkers on, develop your own assets, grow your own business, expand within your space and your revenue and your earnings will be reflected in your stock at some point in time,” the CEO said.
It’s Not All About The Money
The cannabis industry needs to delve further into innovation and science, said Fireman.
MariMed has established a scientific board of advisors and is talking to universities about testing and trials, figuring out how to make cannabis more mainstream and more routine in people’s lives, he said.
In the CEO's view, quality and consistency are of utmost importance to the consumer, so they know the product they're consuming will give them the relief they need.
“It’s not all about money. Our company has had a focus on wellness and working with people that were in the streets fighting for legalization. And I think at the end of the day, we should talk about what cannabis can do to help improve the wellness of people’s lives.”
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