Cannabis company MariMed Inc (OTCMKTS:MRMD) is among the select cannabis operators which operates across multiple states and on Thursday, the stock emerged as a notable gainer as it ended the day with gains of 2%.
Market Reaction
On Thursday, MRMD stock moved up 2.26% to $0.6600 with more than 325K shares, compared to its average volume of 592K shares. The stock moved within a range of $0.6517 – 0.6677 after opening trade at $0.6550.
MariMed Completes Acquisition of Kind Therapeutics USA, a Maryland Vertically Integrated Cannabis Business
In light of the gains made by the MariMed stock, it could be a good move to actually take a look at the announcement that led to the rally. The company announced yesterday that it had been successful in completing the acquisition of the firm Kind Therapeutics U. S. A. LLC. Kind Therapeutics is based out of Maryland and is regarded as one of the leaders in the vertically integrated cannabis space.
It goes without saying that the acquisition could in fact turn out to be a significant one for the company and hence, it was perhaps not a surprise that the stock enjoyed a rally on Thursday. The transfer of ownership to MariMed had been approved by the Maryland Medical Cannabis Commission back on April 13. However, it was not until April 27 that the deal was closed. It now remains to be seen if the stock can continue with its momentum and add to its gains in the coming days.
Key Quote
“As owners of Kind Therapeutics we are now able to expand its operations to be a leader in the Maryland cannabis industry for years to come,” said Tim Shaw, COO of MariMed.
Traders Review
MRMD stock is trading below the 20-Day and 50-Day Moving averages of $0.70 and $0.73 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.82.
