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MariMed buys shuttered Medleaf store, expands Maryland footprint

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Multistate operator MariMed (CSE: MRMD) (OTCQX: MRMD) completed its acquisition of the working belongings of Medleaf, a dispensary in Prince George’s County, Maryland.

The transaction closed on Friday and incorporates an adult-use license from the Maryland Cannabis Administration.

The obtained dispensary, which has been shut since July, will reopen underneath MariMed’s “Thrive Wellness” brand name by the conclusion of the 2nd quarter, pending regulatory approvals. This will be the company’s 2nd adult-use dispensary in Maryland, together with its current Annapolis area and Hagerstown cultivation and processing facility.

In a statement, CEO Jon Levine expressed enthusiasm about the acquisition, contacting Maryland a “fantastic, large-expansion, grownup-use industry.”

“Maximizing our footprint there has prolonged been a single of our best strategic priorities, and this agreement will get us nearer to that target,” Levin mentioned.

The Upper Marlboro dispensary will give a choice of merchandise from MariMed’s brand portfolio, which are now distributed to almost all dispensaries in Maryland, the corporation stated.

MariMed stated it options to carry on trying to find further dispensary acquisitions, with a intention to attain the state-allowed maximum of 4 merchants.

Previous month, Levin instructed buyers on a simply call that the company has confronted sizeable delays in its enlargement assignments throughout a number of states owing to ongoing world offer chain challenges and regulatory setbacks. The troubles have impacted the company’s financials, resulting in a $16 million net decline last 12 months.

Levine specially referred to as out issues in securing simple construction elements, this sort of as electrical panels, which have taken up to six months to attain, he mentioned.

He said the supply chain disruptions have caused delays in the establish-outs of Hagerstown cultivation facility, with the expansion now expected to be completed afterwards in 2024.

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