MARIMED INC - MRMD STOCK NEWS

MariMed, Inc. (CSE: MRMD) has successfully completed the acquisition of Ermont Inc.'s operating assets, enhancing its presence in Massachusetts as the second medical dispensary opens under the Panacea Wellness brand. This acquisition, finalized on March 9, 2023, follows the Company’s goal of maximizing its footprint within state regulations. The deal includes two Host Community Agreements, one for adult-use cannabis sales, and plans to expand operations to meet growing demand. The transaction, the first cannabis receivership in New England, was approved by the Massachusetts Cannabis Control Commission, offering a strategic advantage in the evolving cannabis market.

MariMed reported its financial results for Q4 and full-year 2022, highlighting a revenue increase to $35.8 million for the quarter, up from $31 million in Q4 2021. Full-year revenue reached $134 million, marking a growth from $121.5 million in 2021. The company achieved a GAAP net income of $4.8 million, a positive turnaround from a loss of $6.4 million in Q4 2021. Positive cash flows from operations were maintained for the third consecutive year. For 2023, MariMed anticipates revenues exceeding $150 million and plans to open four new dispensaries. The company aims to leverage its strong balance sheet and operational capabilities for accelerated growth.

MariMed, Inc. (CSE: MRMD, OTCQX: MRMD) announced a leadership change on February 28, 2023, appointing Jon Levine as Chief Executive Officer and Edward Gildea as Chairman of the Board. Levine, co-founder of MariMed, has been serving as Interim CEO since the passing of Bob Fireman in December. The Board believes Levine's extensive industry experience positions him well to continue the company's mission established by the founders. Gildea praised Levine's leadership and vision, indicating strong support from the Board for the strategic plan moving forward.

MariMed (CSE: MRMD) plans to acquire the operating assets of Ermont, a vertically integrated cannabis operator in Quincy, MA, currently in receivership. The acquisition, pending approval from the Massachusetts Cannabis Control Commission, would mark MariMed's third dispensary in the state, furthering its strategic objective to expand its footprint. Funded through a credit facility with Chicago Atlantic, this acquisition is expected to significantly enhance MariMed's operations by allowing the rebranding of the dispensary to Panacea Wellness and broadening its product offerings. The Massachusetts cannabis market generated $1.8 billion in sales in 2022.

MariMed Inc. (CSE: MRMD, OTCQX: MRMD), a multi-state cannabis operator, announced it will release its Q4 2022 financial results on March 1, 2023, after market close. Following this, management will host a conference call on March 2, 2023, at 8:00 a.m. EST to discuss the results. Investors can access a webcast of the earnings call via MariMed's Investor Relations website. The company focuses on high-quality cannabis products and operates state-licensed facilities, aiming to enhance lives through its innovative offerings. For more information, visit www.marimedinc.com.

MariMed closed a $35 million secured credit facility with Chicago Atlantic Advisors on January 24, 2023, to enhance its growth and expansion initiatives. The company initially borrowed $30 million, with an option for an additional $5 million within six months. The funds will finance the build-out of cultivation facilities in Illinois and Missouri, expand existing operations in Massachusetts and Maryland, and repay seller notes from a previous acquisition. The facility features a floating interest rate and a Debt/EBITDA ratio of 1.5X, reflecting a solid balance sheet among cannabis operators.

MariMed (CSE: MRMD, OTCQX: MRMD) has announced the addition of two key executives to its team. Matt Truppo joins as Vice President of Retail Sales, where he will enhance retail performance across dispensaries, while Jay O’Malley joins as Vice President of Marketing and Research & Development. Truppo aims to maximize revenue and improve customer experience, drawing from his extensive retail background, including leadership roles at AYR Wellness Inc. O’Malley, with 20 years of experience at The Boston Beer Company, will focus on expanding product distribution and innovation, crucial for maintaining a competitive edge in the cannabis market.

MariMed has launched a limited edition Candy Cane flavored disposable vape pen under its InHouse brand, available at selected dispensaries in Massachusetts and Maryland. This product aims to serve price-conscious cannabis consumers while maintaining high-quality standards. The InHouse brand, launched earlier in the year, focuses on affordable, high-quality cannabis products. Chief Revenue Officer Ryan Crandall notes the brand's popularity and plans for seasonal innovations.

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.