MariMed Completes Acquisition of Second Maryland Drug Store

NORWOOD, Mass., July 2, 2024 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed,” the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator dedicated to improving lives every day, today announced the closing of the acquisition of the operating assets of Our Community Wellness & Compassionate Care Center, Inc. (“Medleaf”) in Prince George’s County, Maryland, effective April 5.^t. Just before closing, MariMed paid the state’s adult-use conversion fee and subsequently received an adult-use retail cannabis license from the Maryland Cannabis Administration (“MCA”). The seized dispensary has been closed since July 1^saint2023. The Company expects to reopen the point of sale and begin adult retail sales by the end of the second quarter, subject to regulatory approvals.

This is the second time that MariMed is available for adults The Blossom of Well-Being Maryland pharmacy owned by the company and which will be located at 9520 Marlboro Pike in Upper Marlboro, Maryland. MariMed also owns and operates The Blossom of Well-Being pharmacy in Annapolis; and a cultivation and processing facility in Hagerstown. MariMed plans to continue pursuing additional pharmacy acquisitions to reach the maximum number of four allowed in the state.

“We are excited to announce the closing of this acquisition,” said Jon Levine, CEO of MariMed. “Maryland is a fantastic, rapidly growing adult-use market. Maximizing our presence there has long been one of our highest strategic priorities, and this agreement brings us closer to that goal.”

The Blossom of Well-Being in Upper Marlboro will offer a carefully selected selection of products from MariMed’s award-winning portfolio of brands, including Natural heritage flowers and concentrates, Eddie’s Betty fruit chews, Baked Bubby’s soft baked goods, Vibrations drink mixes and a full set At home branded products. MariMed branded hemp products are distributed to virtually every retail outlet in Maryland.

About MariMed
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, operations and values. The company develops, owns and manages state-licensed cannabis facilities that are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products and dispensary operations. MariMed has an experienced management team that has ensured continued growth and success for the company and its managed business units. Proprietary formulas created by the company’s technicians are embedded in its best-selling and award-winning products and brands, including Betty’s Eddies™, Nature’s Heritage™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™ and Vibations™. For additional information, visit www.marimedinc.com.

Company contact:
Howard Schacter
Communications Director
Email: [email protected]
Phone: (781) 277-0007

Contact for investors:
Steve West
Vice President of Investor Relations
Email address: [email protected]
Phone: (781) 277-0007