MariMed Commences Operations In Newly Expanded Area of Maryland Cultivation Facility
Rhea-AI Summary
MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) has commenced operations in the newly expanded area of its cultivation and processing facility in Hagerstown, Maryland. This expansion will double the facility's flower capacity, enabling MariMed to meet growing demand for its products in the state. The company plans to fill all nine new grow rooms with plantings over the next two months, with the first harvest expected to be ready for sale in Q4 2024.
CEO Jon Levine emphasized the importance of increasing flower production capacity in Maryland, a high-growth adult-use market. In addition to the expanded cultivation facility, MariMed operates a GMP-certified kitchen in Hagerstown and a Thrive Wellness Dispensary in Annapolis, offering products from its award-winning brand portfolio.
Positive
- Expansion doubles flower capacity at Maryland facility
- First harvest from new grow rooms expected in Q4 2024
- Increased capacity to meet growing demand in Maryland's adult-use market
- Company operates GMP-certified kitchen and retail dispensary in Maryland
Negative
- None.
News Market Reaction – MRMD
On the day this news was published, MRMD declined 0.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Seedlings Planed in New Grow Rooms, In Time for Retail and Wholesale Distribution of Products During Fourth Quarter of 2024
NORWOOD, Mass., July 22, 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 it recently commenced operations in the newly expanded area of its cultivation and processing facility in Hagerstown, Maryland. The expansion will double the facility’s flower capacity, enabling MariMed to meet the growing demand for its flower, concentrates, and edibles products in the state.
MariMed is on track to fill all nine new grow rooms with new plantings over the next two months. The Company anticipates its first harvest will be ready for sale through both retail and wholesale channels during the fourth quarter of this year.
“We are thrilled to announce the commencement of cultivation operations in the new wing of our cultivation facility in Hagerstown,” said Jon Levine, MariMed’s Chief Executive Officer. “Maryland is a fantastic, high-growth, adult-use market. Increasing flower production capacity in Maryland was one of our strategic priorities and was necessary to meet the growing demand for our products throughout the state.”
In addition to the expanded cultivation facility, MariMed operates a state of the art, GMP-certified kitchen in the Hagerstown facility, and a Thrive Wellness Dispensary in Annapolis, which offers a curated selection of products across its award-winning brand portfolio, including Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations hydrating drink mixes, and the full suite of its InHouse branded products.
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
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