Multi-state marijuana operator MariMed (CSE:MRMD) completed the acquisition of the operating assets of Our Community Wellness & Compassionate Care Center in Prince George’s County, Maryland on April 5th.
Just before 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. The acquired dispensary has been closed since July 1, 2023. The company expects to reopen the dispensary and begin adult-use retail sales by the end of the second quarter, upon regulatory approvals.
Jon Levine, MariMed’s CEO and one of the speakers at the Benzinga Cannabis Capital Conference next week, commented, “We are thrilled to announce the closing of this acquisition. 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.”
This marks MariMed’s second adult-use Thrive Wellness dispensary in Maryland which the company owns and will be located at 9520 Marlboro Pike in Upper Marlboro. The first dispensary is located in Annapolis and the company also owns a cultivation and processing facility in Hagerstown. It plans to continue seeking additional dispensary acquisitions to achieve the maximum of four allowed in the state.
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, Vibrations drink mixes, and the full suite of its InHouse branded products.
Price Action
MariMed shares closed Tuesday’s market session 1.6% lower at 26 cents per share.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
Photo: Courtesy of Ryland zweifel via Shutterstock
