MariMed Announces Approval of Adult-Use Sales At Panacea Wellness Dispensary in Quincy, Massachusetts and Updates for Ohio and Maryland

Rhea-AI Summary

MariMed, a leading multi-state cannabis operator, has received approval to commence adult-use retail sales at its Panacea Wellness dispensary in Quincy, Massachusetts. This makes it MariMed's third adult-use dispensary in the state, hitting the maximum allowed by law. The Quincy location began adult-use sales on July 2, 2024, offering a variety of products including Nature's Heritage flower and concentrates, Betty's Eddies fruit chews, and Bubby's Baked goods.

Additionally, MariMed announced regulatory updates in Ohio and Maryland. They received a provisional dual-use license for recreational sales in Tiffin, Ohio, pending final state inspection. In Maryland, MariMed received approval to operate a newly expanded cultivation facility in Hagerstown and expects to commence operations at a second Thrive dispensary in Upper Marlboro later this month.

These developments are expected to positively impact MariMed's future operational and financial results.

Positive

• Approval to commence adult-use sales at Quincy Panacea Wellness dispensary, starting July 2, 2024.
• MariMed now operates three adult-use dispensaries in Massachusetts, the maximum allowed by state law.
• Provisional dual-use license received in Tiffin, Ohio, pending final state inspection.
• Approval to operate expanded cultivation facility in Hagerstown, Maryland.
• Expected commencement of operations at a second Thrive dispensary in Upper Marlboro, Maryland, later this month.

Negative

• None.

NORWOOD, Mass., July 02, 2024 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced that it received approval of the Massachusetts Cannabis Control Commission (“MCCC”) to commence adult-use retail sales at its Quincy Panacea Wellness dispensary. Panacea Wellness Quincy is the third MariMed dispensary in Massachusetts that offers adult-use sales, which is the maximum permissible by state law. The other two adult-use dispensaries are in Beverly and Middleboro.

The Company commenced adult-use sales in Quincy on July 2, 2024. The dispensary, which has been operating as a medical-only location, offers a curated selection of products from across the Company’s award-winning brand portfolio. They include Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations hydrating cannabis drink mixes, and the full suite of our InHouse branded products.

In addition to the three Panacea Wellness locations, MariMed’s branded cannabis products are distributed to over 200 dispensaries in the Massachusetts cannabis market, which, according to the MCCC, generated $1.8 billion in total cannabis sales during 2023.

The Company also announced regulatory approval updates that may have a positive impact on our future operational and financial results. These include:

Ohio: Receipt of a provisional dual-use license to add recreational sales to our medical dispensary in Tiffin. Upon state final inspection, MariMed expects to commence adult-use sales.

Maryland: Receipt of a Certificate of Occupancy and state approval to commence operations in the newly expanded area of our cultivation facility in Hagerstown, Maryland. MariMed will begin growing in the new flower rooms immediately to meet the high demand for its Nature’s Heritage flower and other branded products in that state.

Also in Maryland, the pre-occupancy inspection of our second Thrive dispensary in the state is expected to occur today. The Company hopes to commence adult-use operations in this dispensary, located in Upper Marlboro, a town in Prince George’s County, later this month.

“We are thrilled with the number of positive regulatory developments that we have achieved over the past week,” said Jon Levine, MariMed’s Chief Executive Officer. “Many of these have been in the works for more than a year and only the Hagerstown expansion was included in our 2024 financial outlook. Having these assets potentially coming online in the near future is a very positive development for MariMed.”

About MariMed
MariMed Inc, a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty's Eddies™, Nature’s Heritage™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™, and Vibations™. For additional information, visit www.marimedinc.com.

IMPORTANT CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2024, including management’s belief that it will report its fifth consecutive year of positive operating cash flow, anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements. Without limiting the foregoing, the words “anticipates”, “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations. These statements are not a guarantee 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 law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

FAQ

What recent regulatory approval did MariMed receive in Massachusetts?

MariMed received approval from the Massachusetts Cannabis Control Commission to commence adult-use retail sales at its Quincy Panacea Wellness dispensary, starting July 2, 2024.

How many adult-use dispensaries does MariMed operate in Massachusetts?

MariMed operates three adult-use dispensaries in Massachusetts, located in Quincy, Beverly, and Middleboro.

What updates did MariMed announce for its operations in Ohio?

MariMed received a provisional dual-use license to add recreational sales to its medical dispensary in Tiffin, Ohio, pending final state inspection.

What are the recent developments for MariMed in Maryland?

MariMed received approval to operate an expanded cultivation facility in Hagerstown and expects to commence operations at a second Thrive dispensary in Upper Marlboro later this month.

What types of products does MariMed offer at its Quincy dispensary?

At its Quincy dispensary, MariMed offers products like Nature's Heritage flower and concentrates, Betty's Eddies fruit chews, and Bubby's Baked goods.