MariMed To Launch Award-Winning Brands in Michigan Adult-Use Cannabis Market

Rhea-AI Summary

MariMed (CSE: MRMD) has announced a licensing agreement with 42 Degrees, a licensed cannabis producer in Michigan, to manufacture and distribute its brands, starting with the Betty’s Eddies full-spectrum fruit chews. This partnership aims to penetrate Michigan's rapidly growing cannabis market, which reported $1.8 billion in sales in 2021. The deal is aligned with MariMed's strategic growth plan, anticipating further product rollouts in 2023. Michigan's adult-use market is projected to reach $2.1 billion by 2025, representing significant growth potential for MariMed.

Positive

• Agreement with 42 Degrees positions MariMed to expand in Michigan, a large cannabis market.
• Market potential evident, with Michigan cannabis sales reaching $1.8 billion in 2021 and projected to grow to $2.1 billion by 2025.

Negative

• None.

NORWOOD, Mass., Sept. 13, 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 an agreement with 42 Degrees, a Michigan licensed cannabis producer and distributer, to manufacture and distribute MariMed’s award-winning brands and products in the state. 42 Degrees currently wholesales products into 340 dispensaries, representing approximately 75 percent of the operating dispensaries in Michigan. The agreement provides initially for the manufacture, sales, and distribution of MariMed’s Betty’s Eddies full-spectrum fruit chews into the adult-use market. The intention longer-term is to roll out other brands in MariMed’s portfolio, including Bubby’s Baked soft and chewy baked goods and Vibations: High + Energy powder energy drink mix.

The licensing deal is aligned with the Company’s strategic growth plan to distribute its brands in legal cannabis states across the country. The Company anticipates Betty’s Eddies will be available in the Michigan retail market in early 2023.

“We are thrilled to partner with 42 Degrees for the production and distribution of our award-winning Betty’s Eddies branded products in the Michigan adult-use cannabis market,” said Ryan Crandall, Chief Revenue Officer for MariMed. “Michigan is one of the largest cannabis markets in the country and we could not be more pleased to introduce our brands to these great cannabis consumers within the state.”

According to the Michigan’s Cannabis Regulatory Agency, Michigan reported approximately $1.8 billion in total legal cannabis sales in 2021, which was up about 80% versus 2020. With a population of over 10 million and $1.8 billion in legal cannabis sales, Michigan is one of the largest, fastest-growing cannabis markets in the U.S. The adult-use cannabis market in Michigan is projected to grow to $2.1 billion dollars in 2025 according to Cowen Research.

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

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

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

FAQ

What is MariMed's recent agreement in Michigan?

MariMed has signed a licensing agreement with 42 Degrees to manufacture and distribute its products, starting with Betty's Eddies fruit chews.

What are the expected sales for Michigan's cannabis market?

Michigan's adult-use cannabis market is projected to grow to $2.1 billion by 2025.

When will MariMed's products be available in Michigan?

Betty's Eddies is expected to be available in the Michigan retail market in early 2023.

How significant is the partnership with 42 Degrees for MariMed?

The partnership allows MariMed to tap into Michigan's cannabis market, which covers approximately 75% of the dispensaries in the state.