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MariMed Closes Acquisition of Second Maryland Dispensary

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MariMed Inc. announced the acquisition of Medleaf's operating assets in Maryland, obtaining an adult-use license for retail cannabis sales. The company aims to reopen the dispensary in the second quarter, expanding its presence in the high-growth Maryland market.
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NORWOOD, Mass., April 09, 2024 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed,” “the Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced the closing of its acquisition of the operating assets of Our Community Wellness & Compassionate Care Center, Inc. ("Medleaf") in Prince George's County, Maryland on April 5th. Just prior to closing, MariMed paid the state’s adult-use conversion fee and subsequently received an adult-use license to sell retail cannabis products from the Maryland Cannabis Administration (“MCA”). The acquired dispensary has been closed since July 1st, 2023. The Company expects to reopen the dispensary and begin adult-use retail sales by the end of the second quarter, upon regulatory approvals.

This marks MariMed’s second adult-use Thrive Wellness dispensary in Maryland that the company owns and will be located at 9520 Marlboro Pike in Upper Marlboro, Maryland. MariMed also owns and operates a Thrive Wellness dispensary in Annapolis and a cultivation and processing facility in Hagerstown. MariMed plans to continue seeking additional dispensary acquisitions to achieve the maximum of four allowed in the state.

“We are thrilled to announce the closing of this acquisition,” said Jon Levine, MariMed’s Chief Executive Officer. “Maryland is a fantastic, high-growth, adult-use market. Maximizing our footprint there has long been one of our top strategic priorities, and this agreement gets us closer to that goal.”

Thrive Wellness in Upper Marlboro will offer a curated selection of products across MariMed’s award-winning brand portfolio, including Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations drink mixes, and the full suite of its InHouse branded products. MariMed’s branded cannabis products are distributed to virtually every dispensary in the state of Maryland.

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.

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

When did MariMed close the acquisition of Medleaf's operating assets?

MariMed closed the acquisition of Medleaf's operating assets on April 5th, 2024.

What type of license did MariMed receive for the acquired dispensary in Maryland?

MariMed received an adult-use license from the Maryland Cannabis Administration for the dispensary.

Where will MariMed's second adult-use Thrive Wellness dispensary in Maryland be located?

MariMed's second adult-use Thrive Wellness dispensary in Maryland will be located at 9520 Marlboro Pike in Upper Marlboro.

What are some of the products that will be offered at MariMed's Thrive Wellness in Upper Marlboro?

Some products that will be offered at MariMed's Thrive Wellness in Upper Marlboro include Nature's Heritage flower and concentrates, Betty's Eddies fruit chews, Bubby's Baked soft-baked goods, Vibations drink mixes, and InHouse branded products.

How many dispensary acquisitions does MariMed plan to achieve in the state of Maryland?

MariMed plans to achieve a maximum of four dispensary acquisitions in the state of Maryland.

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