NORWOOD,
Mass., April 9, 2024 – PRESS RELEASE –
MariMed Inc., a leading multistate cannabis operator focused on improving lives
every day, announced the closing of its acquisition of the operating assets of
Our Community Wellness & Compassionate Care Center Inc. (Medleaf) in Prince
George's County, Md., on April 5.
Just
prior to 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 (MCA). 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.
This
marks MariMed’s second adult-use Thrive Wellness dispensary in
Maryland that the company owns and will be located at 9520 Marlboro Pike in
Upper Marlboro, Md. MariMed also owns and operates a Thrive Wellness
dispensary in Annapolis and a cultivation and processing facility in
Hagerstown. MariMed plans to continue seeking additional dispensary
acquisitions to achieve the maximum of four allowed in the state.
“We
are thrilled to announce the closing of this acquisition,” MariMed CEO Jon
Levine said. “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.”
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, Vibations drink mixes, and the full suite
of its InHouse branded products. MariMed’s branded cannabis products
are distributed to virtually every dispensary in the state of Maryland.
