- Cannabis Control Commission (CCC) approved MariMed licensed
subsidiary ARL Healthcare, Inc. to begin Cultivation and Production at
its 70,000 ft2 facility in New Bedford and its 8,000 ft2 Dispensary in
Middleborough - Initial approval as RMD under Massachusetts medical cannabis program
- Process underway for approval under Massachusetts adult use program
NORWOOD, Mass., Nov. 11, 2019 (GLOBE NEWSWIRE)
— MariMed Inc. (MRMD:OTCQX), a premier cannabis and hemp multi-state
operator, announced today that on November 7, 2019 the Massachusetts
Cannabis Control Commission (CCC) approved ARL Healthcare to commence
operations at its Cultivation and Production facility in New Bedford and
its Dispensary in Middleborough. These facilities have been fully
completed and preliminarily approved to open. State approved staff has
been hired. Operations in New Bedford will commence immediately and at
its Middleborough Dispensary under its new retail brand “Panacea™
Wellness” in the next few weeks. ARL Healthcare Inc., a wholly owned
MariMed entity, holds these licenses and two additional dispensary
licenses in Massachusetts that it plans to open in the next year.
“We are delighted to have been approved to open our
cannabis operations in Massachusetts,” noted Tim Shaw MariMed COO, who
has led the Massachusetts licensing process. “We will now introduce our
proprietary genetics and strains under our flower brand Nature’s
Heritage™ into the emerging Massachusetts marketplace, as well as our
own infused product brands Betty’s Eddies™ and Kalm Fusion™, and our
licensed brands, The Healer, Binske, Tikun Olam, and Tropizen.”
Over
60,000 patients are enrolled in the state medical program. The recent
Marijuana Business Factbook estimates 2019 recreational sales in
Massachusetts will be in the range of $450 million to $500 million.
Market analysts at the Brightfield Group project the recreational
cannabis market in Massachusetts will exceed $2 billion annually by
2023, with medical use growing to $125 million in the same period.
MariMed
CEO Bob Fireman added, “Our Panacea Wellness Dispensary in
Middleborough will raise the bar of on the retail experience for our
cannabis patients with our educational programs and digital libraries.
Patient service will be efficient with available digital tablets for
ordering and expedited sales. Our New Bedford production facility
provides state-of-the-art horticultural standards and will enable us to
introduce our market-leading family of products to the entire state,
enhancing the level of quality and providing greater choice to cannabis
patients. Massachusetts is an important state in our overall plans to
roll up our licensed clients and their revenue into the public company.
We expect to begin reporting financial results from these facilities
beginning in the fourth quarter of 2019.”
About MariMed:
MariMed
Inc., a multi-state cannabis operator, is dedicated to improving the
health and wellness of people through the use of cannabinoids and
cannabis products. The company develops, owns, and manages seed to sale
state-licensed cannabis facilities, which are models of excellence in
horticultural principles, cannabis cultivation, cannabis-infused
products, and dispensary operations. MariMed has an experienced
management team that has produced consistent growth and success for the
company and its managed business units. The company is at the forefront
of science and innovation through research developed by its lab
technicians and medical advisors resulting in industry-leading products
and brands, including “Kalm Fusion” and “Betty’s Eddies.” These
precision dosed products are focused on specific medical symptoms and
are licensed and distributed across the country. In 2019, with the
enactment of the 2018 US Farm Bill, MariMed formed MariMed Hemp, a
wholly owned subsidiary, to leverage its seed to sale cannabis platform
and experience into the emerging hemp-based CBD industry. MariMed Hemp
has developed and is marketing a portfolio of CBD brands and products to
multiple retailers and direct to consumers both domestically and
internationally. MariMed Hemp recently launched its Hemp Engine™
store-within-a-store distribution platform for retailers. For additional
information, visit marimedinc.com.
Important Caution Regarding Forward Looking Statements
This
release contains certain forward-looking statements and information
relating to MariMed Inc. that is based on the beliefs of MariMed Inc.’s
management, as well as assumptions made by and information currently
available to the Company. Such statements reflect the current views of
the Company with respect to future events including estimates and
projections about its business based on certain assumptions of its
management, including those described in this Release. These statements
are not guarantees of future performance and involve risk and
uncertainties that are difficult to predict, including, among other
factors, changes in demand for the Company’s services and products,
changes in the law and its enforcement and changes in the economic
environment. Additional risk factors are included in the Company’s
public filings with the SEC. Should one or more of these underlying
assumptions prove incorrect, actual results may vary materially from
those described herein as “hoped,” “anticipated,” “believed,” “planned,
“estimated,” “preparing,” “potential,” “expected,” “looks” or words of a
similar nature. The Company does not intend to update these
forward-looking statements. None of the content of any of the websites
referred to herein (even if a link is provided for your convenience) is
incorporated into this release and the Company assumes no responsibility
for any of such content.
All trademarks and service marks are the property of their respective owners.
Company Contact
Jon Levine, CFO
MariMed Inc.
Tel (781) 559-8713
Media Contact
Jo McCarran, SVP Creative & Branding
MariMed Inc.
[email protected]
Source: MariMed Inc.
© 2019 GlobeNewswire, Inc.
