MariMed Announces Opening of Second Maryland Dispensary

Rhea-AI Summary

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) has opened its second adult-use cannabis dispensary in Maryland. The new Thrive Wellness location in Upper Marlboro, Prince George's County, began operations on August 19, 2024. This expansion aligns with MariMed's strategic goal to reach the state's maximum allowable four dispensaries. The company already operates another Thrive Wellness dispensary in Annapolis and a cultivation and processing facility in Hagerstown.

CEO Jon Levine expressed excitement about the growth opportunity in Maryland's vibrant adult-use cannabis market. The new dispensary will offer MariMed's award-winning product portfolio, including Nature's Heritage, Betty's Eddies, Bubby's Baked, Vibations, and InHouse branded products. While not part of the original 2024 financial plan, this opening is expected to accelerate revenue growth for the multi-state cannabis operator.

Positive

• Opening of second adult-use dispensary in Maryland, expanding market presence
• Strategic progress towards reaching Maryland's maximum allowable four dispensaries
• Potential for accelerated revenue growth from the new dispensary
• Offering a wide range of MariMed's award-winning product portfolio at the new location

Negative

• None.

NORWOOD, Mass., Aug. 19, 2024 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed,” “the Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced the opening of Thrive Wellness in Upper Marlboro, Maryland on Monday, August 19^th, 2024.

This new location is MariMed’s second adult-use dispensary in Maryland, situated at 9520 Marlboro Pike in Prince George’s County, Upper Marlboro. The Company also owns and operates another Thrive Wellness dispensary in Annapolis, in addition to a cultivation and processing facility in Hagerstown.

“We are excited to expand our presence in Maryland with the launch of our second dispensary in the state,” said Jon Levine, Chief Executive Officer of MariMed. “Maryland represents a vibrant, high-growth market for adult-use cannabis. Expanding our dispensary footprint to the state's maximum allowable of four locations has been a key strategic goal for us, and this opening brings us closer to achieving that. Although this dispensary wasn’t part of our 2024 financial plan, we’re enthusiastic about the potential it offers to further accelerate our revenue growth.”

Thrive Wellness in Upper Marlboro features a carefully curated selection of products from MariMed’s award-winning brand portfolio. This includes Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations hydrating drink mixes, and the complete line of InHouse branded products. MariMed’s cannabis products are available at every dispensary throughout Maryland.

About MariMed
MariMed Inc, a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. 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. Proprietary formulations created by the Company’s technicians are embedded in its top-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
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

FAQ

When did MariMed open its second Maryland dispensary?

MariMed opened its second Maryland dispensary, Thrive Wellness in Upper Marlboro, on August 19, 2024.

Where is MariMed's new Thrive Wellness dispensary located in Maryland?

The new Thrive Wellness dispensary is located at 9520 Marlboro Pike in Prince George's County, Upper Marlboro, Maryland.

How many dispensaries does MariMed (MRMD) now operate in Maryland?

With this new opening, MariMed (MRMD) now operates two dispensaries in Maryland: one in Upper Marlboro and another in Annapolis.

What is MariMed's (MRMD) maximum dispensary goal in Maryland?

MariMed (MRMD) aims to reach Maryland's maximum allowable four dispensary locations in the state.