MariMed Announces Kitchen Expansion in Maryland

Rhea-AI Summary

MariMed, Inc. (CSE: MRMD, OTCQX: MRMD) announced its subsidiary, Kind Therapeutics USA, has received approval to expand its production kitchen in Hagerstown, Maryland. This expansion boosts production capacity to meet rising demand for its branded cannabis products. Currently, their products are available in nearly all of Maryland's 100 dispensaries. With expected increases in demand following potential adult-use cannabis legalization in November, the company aims for GMP certification, promoting health and safety standards. Maryland achieved over $500 million in medical cannabis sales in 2021.

Positive

• Expansion of production kitchen increases capacity to meet demand.
• Products available in nearly all of Maryland's 100 dispensaries.
• Potential for increased demand with anticipated adult-use cannabis legalization in November.
• Plans for GMP certification enhance product safety and quality.

Negative

• None.

Enhanced Capabilities and Capacity Allow for Increased Product Offerings and Sales

NORWOOD, Mass., July 18, 2022 (GLOBE NEWSWIRE) -- MariMed, Inc   (CSE: MRMD), (OTCQX: MRMD), (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced its wholly owned subsidiary, Kind Therapeutics USA (“Kind”), has received approval from the Maryland Medical Cannabis Commission (“MMCC”) to operate its state-of-the-art expanded production kitchen at its Hagerstown, Maryland cultivation and production facility.

The expanded kitchen significantly increases Kind’s production capabilities and capacity to meet the heavy demand for its branded products throughout the state. Today, the Company’s products are available in nearly all of Maryland’s approximately 100 dispensaries. MariMed expects the demand for its branded products to significantly increase if Maryland voters approve adult-use cannabis sales this November, as expected.

The kitchen expansion allows Kind to produce MariMed’s award-winning infused products, including Betty’s Eddies full-spectrum fruit chews, which has been a top-selling edible in Maryland, Bubby’s Baked soft and chewy baked goods, Vibations: High + Energy powdered drink mix, and K Fusion chewable tablets.

MariMed designed and will operate the expanded kitchen with the intention of receiving Good Manufacturing Practices (“GMP”) certification sometime in the future. Being GMP certified ensures consumers and employees may rest easy that the kitchen operates at the highest standards for food production, health, and safety. Once certified, the facility will be one of the only GMP-certified cannabis production kitchens in Maryland.

The expanded kitchen is one of several initiatives MariMed is undertaking to seize market share in this high-growth state. According to the MCCC, Maryland has generated more than $500 million in medical cannabis sales in 2021, with more than 139,000 registered medical cannabis patients, and receives approximately 200 new applications daily.

Kind expects to open its first Maryland dispensary, located in Annapolis, later this year.

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, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com

Media Contact:
Trailblaze PR
Email: marimed@trailblaze.co

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com

FAQ

What did MariMed, Inc. announce on July 18, 2022?

MariMed announced the expansion of its production kitchen at Kind Therapeutics USA, increasing capacity to meet rising demand for its cannabis products.

How will the expanded production kitchen affect MariMed's operations?

The expansion will enable MariMed to produce more branded products to meet demand, especially with potential adult-use cannabis sales in Maryland.

What are the key products from MariMed's expanded kitchen?

Key products include Betty's Eddies fruit chews, Bubby's Baked goods, Vibations powdered drink mix, and K Fusion tablets.

What is Maryland's status in cannabis sales?

Maryland generated over $500 million in medical cannabis sales in 2021, with a rapidly growing patient base.

When is MariMed expected to open its first dispensary in Maryland?

MariMed expects to open its first dispensary in Annapolis later this year.