Shares of MariMed (NASDAQOTH:MRMD) jumped 18.9% in October, according to data from S&P Global Market Intelligence. The S&P 500 declined 6.8% last month.
MariMed, based in the Boston area, describes itself as a “multi-state cannabis organization that develops, owns and manages cannabis facilities and branded product lines.”
MariMed stock’s performance last month was notable since nearly all the stocks in the marijuana sector took a beating, except for it, fellow U.S.-based player MedMen (a high-end retailer and grower), and Canada’s Origin House (formerly known as CannaRoyalty, a grower that’s targeting the California market), as fellow Fool contributor Sean Williams wrote. For instance, shares of Tilray (NASDAQ:TLRY), Canopy Growth Corp. (NYSE:CGC), and Aurora Cannabis (NYSE:ACB) — the three largest marijuana stocks by market cap, in that order — plunged 34%, 24.2%, and 29.2%, respectively, in October…
So what
We can attribute MariMed stock’s October performance to its announcement on Oct. 29 that it had closed on its acquisition of BSC Group, a New Jersey-based cannabis licensing and consulting firm. (The acquisition price was not disclosed, nor was information on how the deal was financed.) Shares had been in the red about 7% for the month through the date of this news, when they closed up 11.1%. Over the three-day period through Oct. 31, MariMed stock gained more than 27%, bringing its monthly gain to 18.9%…
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