MariMed Appoints Jon Levine as Interim Chief Executive Officer

Rhea-AI Summary

MariMed, a multi-state cannabis operator, has appointed Jon Levine as Interim CEO following the passing of Robert Fireman. Levine, who has been with the company since its inception and has managed daily operations as President, brings extensive knowledge of MariMed's strategies. The Board is actively seeking a permanent CEO, with no timeline provided for the selection process. The company continues to focus on high-quality cannabis products and has successfully developed award-winning brands.

Positive

• Jon Levine's extensive experience and knowledge of the company's operations may provide stability during the transition.
• Continued commitment to high-quality cannabis products and established brands may strengthen market position.

Negative

• Concerns about leadership continuity during the transitional period could impact investor confidence.
• The lack of a defined timeline for selecting a permanent CEO may create uncertainty in strategic direction.

NORWOOD, Mass., Dec. 14, 2022 (GLOBE NEWSWIRE) -- MariMed, Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its Board of Directors (the “Board”) appointed Jon Levine, MariMed’s President, as Interim Chief Executive Officer.

“With a heavy heart on the news of Robert Fireman’s passing, appointing Jon Levine as Interim Chief Executive Officer was an easy decision,” said Edward Gildea, one of MariMed’s independent directors. “As President, Jon has managed the day-to-day facets of MariMed’s operations, and as co-founder of MariMed, has the experience and knowledge of the Company’s innerworkings and growth strategy that are crucial at this juncture.”

The Board will conduct a process to identify a permanent Chief Executive Officer for MariMed, which may include external and internal candidates. The Company will announce an update on the process upon completion. No timing was provided for the duration of the process.

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.

For More Information, Contact:

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

Media Contact:
Howard Schacter, Chief Communications Officer
Email: info@marimedinc.com
Phone: (781) 277-0007

FAQ

Who is the new Interim CEO of MariMed?

Jon Levine has been appointed as Interim Chief Executive Officer of MariMed.

Why was Jon Levine appointed as Interim CEO?

Jon Levine was appointed Interim CEO following the passing of Robert Fireman, providing continuity due to his experience as President and co-founder.

Is MariMed looking for a permanent CEO?

Yes, MariMed's Board of Directors is currently searching for a permanent Chief Executive Officer.

What is the timeline for selecting a permanent CEO at MariMed?

No specific timeline has been provided for the selection process of a permanent CEO.