Worlds Online Reports 2016 Revenue Increase of 180% From Cannabis Business
Total Assets Increase 130%
BOSTON, MA -- (Marketwired) -- 04/20/17 -- Worlds Online, Inc. (Worlds Online) (OTCQB: WORX) announced today that the company recorded revenue of approximately $3,564,000 for the fiscal year ended December 31, 2016. This represents an increase of 180% when compared to the $1,270,000 recorded during the same period 2015. The Company also increased their total assets to $8,563,000 from $3,718,000, an increase of 130%, for the same 12 month period, as reported in its 10K SEC filing. These increases are a direct a result of growth of Worlds Online's subsidiary, MariMed Advisors, Inc. (MariMed). MariMed is an acclaimed leader in the development, management and operation of state-licensed cannabis cultivation, production, and dispensary facilities. MariMed has developed proprietary operating processes and procedures to provide best practices to state-licensed cannabis businesses in the burgeoning cannabis industry.
"MariMed Advisors is experiencing a strong growth trajectory as operations ramp up in multiple states," noted Mr. Thom Kidrin, CEO of Worlds Online. "Worlds Online currently owns 51% of MariMed, and is in the process of acquiring the remaining 49%. In order to eliminate confusion in the financial markets regarding Worlds Online's business focus, we are concurrently working toward spinning out our original 3D assets into a separate, new entity. This way, Worlds Online will focus solely on expanding its operations to service the rapidly growing $7 billion legal cannabis industry."
"MariMed is well-positioned to continue growing both its revenue and assets for the foreseeable future," stated Mr. Robert Fireman, CEO of MariMed. "We are currently managing operations and developing new facilities in five states, while working on new business and exploring strategic opportunities in many others. Cannabis has been legalized in 28 states and is under consideration in several other states. Due to the increased acceptance of cannabis, Cowen Research predicts that the industry will grow to $50 billion by 2026. Clearly, the potential for MariMed in the cannabis industry is substantial."
Mr. Fireman added, "Our experienced team has developed and manages some of the most acclaimed cannabis facilities in the country. Leveraging our industry expertise and strategic partnerships, we have also created Kalm Fusion branded lines of precision dosed cannabis products to meet the demand for non-smokeable products and generate an additional revenue stream. We are strategically expanding our operations and building a distribution network to offer our validated services and licensed products in all states where cannabis is legal."
About Worlds Online Inc.:
Worlds Online is a 3-D social network technology platform focusing on the development of virtual worlds, establishing strategic partnerships and pursuing synergistic next gen social network technology acquisitions related to online virtual world properties, technology platforms or development of mobile content, casual games, virtual currency/ micro transactions, online advertising and e-learning. For more information visit www.worldsonline.com.
About MariMed Advisors:
MariMed Advisors is an industry leader in the design, development, operation, funding and optimization of medical cannabis cultivation and production centers and dispensaries. The MariMed team has developed, state of the art and regulatory compliant facilities in multiple states across the country. These facilities are replicable and scalable model of excellence in horticultural principals, cannabis production, product development and dispensary operations. We are on the forefront of medical research working with physicians and scientists to create precision dosing to treat specific conditions. For further information visit marimedadvisors.com
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to Worlds Online Inc. that is based on the beliefs of Worlds Online management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in technology. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites of any other party referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
Source: Worlds Online Inc.
Released April 20, 2017