Massachusetts-based marijuana multistate operator MariMed on Tuesday introduced it had closed a $5.3 million acquisition of Group Wellness & Compassionate Care Middle in Higher Marlboro, Maryland.
The money, debt and inventory transaction finalized April 5, giving the MSO a second Maryland retailer.
MariMed, in a information launch, stated it’s searching for further dispensary acquisitions to succeed in Maryland’s retail cap of 4 shops per proprietor.
“Maryland is a unbelievable, high-growth adult-use market,” CEO Jon Levine stated in an announcement.
“Maximizing our footprint there has lengthy been one in every of our high strategic priorities, and this settlement will get us nearer to that aim.”
Our Group Wellness closed in July 2023; MariMed expects to reopen the dispensary earlier than July, pending regulatory approvals.
Previous to closing the deal, the MSO paid the state’s adult-use conversion charge to promote leisure hashish at its newly acquired retailer in Higher Marlboro, Maryland.
Additionally within the state, MariMed’s has a hashish retail retailer in Annapolis and a cultivation and processing facility in Hagerstown.
The corporate final month in its annual monetary report stated income grew by practically 11% to $148.6 million in 2023.
It recorded a web lack of $16 million for the 12 months, in comparison with a revenue of $13.6 million in 2022.