Report
Jesse Redmond

Building Strong Brands with COO Tim Shaw

On February 7, we hosted a fireside chat with COO Tim Shaw. This report contains a transcript of the conversation, which can be accessed on-demand in our full report. MariMed is a leading multi-state operator (MSO) in the US cannabis industry. It has a national footprint spanning six states: Illinois, Massachusetts, Maryland, Delaware, Ohio, and Missouri. MariMed focuses on limited-license markets and strives to be vertically integrated wherever possible. MariMed has strong brands and products people like. Brands in the cannabis industry drive loyalty and help preserve pricing power. Nature’s Heritage is MariMed’s top-shelf brand. Shaw shared with us how the company grows this high-end flower and makes premium products. He explained genetics selection, the cultivation process, and the importance of proper drying and curing. With consumer wallets feeling stretched, value brands are increasingly important. MariMed’s In-House brand offers access to compelling products at a more affordable price point. Shaw covered how the company hits the lower price point without compromising on quality. Consumers have been gravitating toward convenience and discretion. MariMed has a full suite of increasingly popular categories like vapor cartridges, pre-rolls, and edibles. Vibations is MariMed’s ready-to-consume drink mix. It can be added to any beverage and overcomes many of the challenges with pre-made drinks. Bubby’s Baked are savory baked goods. Offerings include infused Blueberry Muffin Bites and Brownie Bites. Shaw explained how the company created delicious products with a long-lasting shelf life. Betty’s Eddies are MariMed’s hand-crafted fruit chews. These come in a range of effects-based formulas, ranging from energy to sleep-based formulations, and just returned to stores in Illinois. MariMed reports 4Q and full-year 2023 earnings on March 6. We have adjusted our estimates to reflect the delays in Illinois and slower revenue build.
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Water Tower Research
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Analysts
Jesse Redmond

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