NORWOOD, Mass., July 02, 2024 (GLOBE NEWSWIRE) — MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving everyday lives, today announced that it has received approval from the Massachusetts Cannabis Control Commission (MCCC) to begin adult-use retail sales at its Quincy cannabis dispensary. Panacea Wellness Clinic. Panacea Wellness Quincy is MariMed’s third dispensary in Massachusetts offering adult-use cannabis sales, the maximum amount allowed under state law. The other two dispensaries offering adult-use cannabis sales are in Beverly and Middleboro.
The company began adult use sales in Quincy on July 2, 2024. Operating as a medical use only store, this dispensary offers a select range of products from the company’s award-winning portfolio of brands. Natural Heritage Flower and concentrates, Betty’s Eddies Fruit chewing, Bubby’s Baked Soft baked goods, vibration Rehydration cannabis drink mix, and our In-house Branded products.
In addition to the three Panacea Wellness MariMed’s branded cannabis products are distributed to over 200 dispensaries in the Massachusetts cannabis market. MCCC, Total cannabis sales are expected to reach $1.8 billion by 2023.
The company also announced updated regulatory approvals that may have a favorable impact on future operations and financial performance, including:
Ohio: A Tiffin medical dispensary has received a provisional dual-use license to add recreational marijuana sales. After final state inspection, MariMed plans to begin selling adult-use cannabis.
Maryland: Received a certificate of occupancy and state approval to begin operations in a newly expanded area of its cultivation facility in Hagerstown, Md. MariMed will begin cultivation immediately in the new flower room to meet the high demand for Nature’s Heritage Flowers and other branded products in the state.
And in Maryland, the second Thrive The state’s first marijuana dispensary is scheduled to open today, and the company plans to begin selling cannabis to adults at the dispensary in Upper Marlboro, Prince George’s County, later this month.
“We are excited about the numerous positive regulatory developments we have achieved over the past week,” said MariMed CEO John Levin. “Many of which have been planned for over a year, with only the Hagerstown expansion included in our 2024 financial outlook. The potential for these assets to come online in the near future is a very positive development for MariMed.”
About MariMed
MariMed Inc, a multi-state cannabis distributor, is committed to improving everyday lives through quality products, activities, and values. The company develops, owns, and manages state-licensed cannabis facilities that serve as a model of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has driven consistent growth and success for the company and its managed business divisions. The proprietary formulations created by the company’s technologists are incorporated into top-selling, award-winning products and brands, including Betty’s Eddies™, Nature’s Heritage™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™, and Vibrations™. For more information, please visit www.marimed.com/. Marimed.
Important notice regarding forward-looking statements:
The information in this release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to a number of risks and uncertainties. All statements other than statements of historical fact contained in this release are forward-looking statements, including, but not limited to, statements regarding expected financial results for 2024 (including management’s belief of a fifth consecutive year of positive operating cash flow, the planned openings of pharmacies and facilities, the timing of regulatory approvals and management’s future business plans and objectives). Without limiting the foregoing, words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “may,” “plan” and similar expressions, as well as positive or negative expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on our current beliefs and assumptions regarding our business, the timing of regulatory approvals, our ability to obtain new licenses, our business prospects and strategic growth plans, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to a variety of risks, uncertainties and other important factors, including, among others, declines in customer spending, our ability to recruit and retain key personnel and disruptions from efforts to integrate acquired companies.
These factors are not intended to be exhaustive of all of the risks and uncertainties that may affect our business and results of operations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, such as changes in demand for our services and products, changes in laws and their enforcement, and changes in the economic environment. Additional information about these and other factors is included in our reports filed with the Securities and Exchange Commission. In providing these forward-looking statements, we expressly disclaim any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
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Company Contact:
Howard Schacter
Chief Communications Officer
Email: inquiry
Phone: (781) 277-0007
Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: email address
Phone: (781) 277-0007
