MariMed Inc. to Write-Down $63 Million for its Investment and Receivables
Have you suffered losses investing in MariMed Inc.? If so, the securities attorneys at The White Law group may be able to help you to recover your losses through FINRA Arbitration.
MariMed, Inc. reportedly engages in direct owning of cannabis licenses and management of seed-to-sale operations. The company develops precision-dosed cannabis-infused products designed for specific medical conditions and related symptoms.
In late 2018, the cannabis company announced a $30 Million investment into GenCanna Global, a Kentucky-based hemp company, to reportedly help it expand its processing facilities.
According to in an SEC Form NT 10-K last week, the company reportedly revealed that it has written off not only its investment in the company, which declared bankruptcy in February, but also an additional $33 million related to its $29 million receivables balance with GenCanna as well as its $4 million unearned revenue.
Unfortunately for investors, the share price for MariMed has declined -72.16% YTD. The company’s stock closed at $0.17 yesterday, down from it’s all-time high of $5.80 set in late 2018, according to reports.
Recovery of Investment Losses
The White Law Group is investigating FINRA arbitration claims involving broker dealers who may have improperly recommended MariMed Inc. to investors.
Brokerage firms are required to perform due diligence on any investment they recommend. They must ensure that the investment is suitable for a particular investor in light of that investor’s age, investment objectives, income, net worth, and investment experience.
If you have suffered losses in MariMed Inc., please call the securities attorneys of The White Law Group at (888)637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on the firm, please visit https://www.whitesecuritieslaw.com.