MariMed Closes Acquisition of 2nd Maryland Dispensary

NORWOOD, Mass., July 2, 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 sales by the end of the second quarter, upon regulatory approval.

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. 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.