MariMed Expands Maryland Footprint with New Acquisition and Adult-Use License

MariMed Inc. has completed its acquisition of Medleaf's dispensary in Prince George's County, Maryland, allowing them to expand their cannabis operations in the state. They have secured an adult-use license and plan to reopen the dispensary by the end of the second quarter. This move strengthens MariMed's presence in Maryland, where they already own two Thrive Wellness dispensaries and a cultivation facility.

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator, has recently acquired the operating assets of Medleaf, a shuttered dispensary in Prince George's County, Maryland. This strategic move allows MariMed to expand its cannabis operations in the state and strengthens its presence in the rapidly growing adult-use market.

The acquisition, which closed on [DATE], includes an adult-use license from the Maryland Cannabis Administration. The dispensary, located in Upper Marlboro, has been closed since July 2022 but is expected to reopen under MariMed's "Thrive Wellness" brand by the end of the second quarter, pending regulatory approvals. With this acquisition, MariMed will operate two adult-use dispensaries in Maryland, alongside its existing Annapolis location and Hagerstown cultivation and processing facility.

MariMed's CEO, Jon Levine, expressed his enthusiasm about the acquisition, stating, "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."

The acquired dispensary will offer a selection of products from MariMed's brand portfolio, which are already distributed to nearly all dispensaries in Maryland. MariMed plans to continue seeking additional dispensary acquisitions in Maryland, with a goal to reach the state-allowed maximum of four stores.

The financial impact of the acquisition will be reflected in MariMed's financial statements, which are available in the company's SEC filings. MariMed's most recent financial statements, as of December 31, 2022, show the company's net loss for the year at $16 million. The CEO attributed this loss to significant delays in the company's expansion projects across multiple states due to ongoing global supply chain issues and regulatory setbacks.

Despite these challenges, MariMed remains optimistic about its future growth prospects and is confident that its strategic expansion in Maryland will contribute to its long-term success.

[1] Green Market Report. (2023, February 2). MariMed Buys Shuttered Medleaf Store, Expands Maryland Footprint. Retrieved February 2, 2023, from https://www.greenmarketreport.com/marimed-buys-shuttered-medleaf-store-expands-maryland-footprint/

[2] MariMed Inc. (2023). Cover, Financial Statements, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Stockholders' Equity, Condensed Consolidated Statements of Cash Flows, Notes to Financial Statements. Retrieved February 2, 2023, from https://ir.marimedinc.com/sec-filings/all-sec-filings/xbrl_doc_only/2578