MariMed Receives Approval to Launch Adult-Use Sales at 3rd Massachusetts Dispensary

NORWOOD, Mass., July 2, 2024 – PRESS RELEASE – MariMed Inc., a leading multistate cannabis operator focused on improving lives every day, announced that it received approval from the Massachusetts Cannabis Control Commission (CCC) to commence adult-use retail sales at its Quincy Panacea Wellness dispensary. Panacea Wellness Quincy is the third MariMed dispensary in Massachusetts that offers adult-use sales, which is the maximum permissible by state law. The other two adult-use dispensaries are in Beverly and Middleboro.

The company commenced adult-use sales on July 2, 2024, in Quincy. The dispensary, which has been operating as a medical-only location, offers a curated selection of products from across the company’s award-winning brand portfolio. They include Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations hydrating cannabis drink mixes, and the full suite of our InHouse branded products.

In addition to the three Panacea Wellness locations, MariMed’s branded cannabis products are distributed to more than 200 dispensaries in the Massachusetts cannabis market, which, according to the CCC, generated $1.8 billion in total cannabis sales during 2023.

The company also announced regulatory approval updates that may have a positive impact on our future operational and financial results. These include:

Ohio: Receipt of a provisional dual-use license to add recreational sales to the company’s medical dispensary in Tiffin. Upon state final inspection, MariMed expects to commence adult-use sales.

Maryland: Receipt of a certificate of occupancy and state approval to commence operations in the newly expanded area of the company’s cultivation facility in Hagerstown. MariMed will begin growing in the new flower rooms immediately to meet the high demand for its Nature’s Heritage flower and other branded products in that state.

Also in Maryland, the pre-occupancy inspection of the company’s second Thrive dispensary in the state is expected to occur July 2. The company hopes to commence adult-use operations in this dispensary, located in Upper Marlboro, a town in Prince George’s County, later this month.

“We are thrilled with the number of positive regulatory developments that we have achieved over the past week,” MariMed CEO Jon Levine said. “Many of these have been in the works for more than a year and only the Hagerstown expansion was included in our 2024 financial outlook. Having these assets potentially coming online in the near future is a very positive development for MariMed.”