MariMed begins operations at expanded Maryland facility

TDR’s three key conclusions about MariMed’s expanded Maryland facility:

1. MariMed has doubled the flower capacity of its Maryland cultivation facility and is preparing for retail and wholesale distribution in the fourth quarter of 2024.
2. The facility expansion includes nine new grow rooms and is intended to meet the growing demand for MariMed flower, concentrates and edibles.
3. MariMed’s Maryland locations also feature a GMP-certified kitchen and a Thrive Wellness Dispensary in Annapolis.

MariMed Inc. (CSE: MRMD, OTCQX: MRMD) has begun operations at the newly expanded site of its Hagerstown, Maryland cultivation and processing facility, doubling the facility’s capacity for flower. The expansion is expected to meet growing demand for MariMed products, including flower, concentrates and edibles, in the state. The company plans to fill all nine new cultivation spaces within the next two months, with the first crop expected to be ready for sale through retail and wholesale channels in the fourth quarter of this year.

Jon Levine, Chief Executive Officer of MariMed, stated, “We are excited to announce the start of cultivation operations in the new wing of our Hagerstown cultivation facility. Maryland is a fantastic, fast-growing adult-use market. Expanding our flower production capacity in Maryland was one of our strategic priorities and was necessary to meet the growing demand for our products throughout the state.”

In addition to its extensive cultivation facility, MariMed operates a GMP-certified kitchen in Hagerstown and a Thrive Wellness Dispensary in Annapolis. The dispensary offers a curated selection of products from MariMed’s award-winning portfolio of brands, including Nature’s Heritage flower and concentrates, Betty’s Eddies fruit gums, Bubby’s Baked soft-baked goods, Vibations hydrating drink mixes, and the full line of InHouse brand products.

This news follows previously announced news earlier this month that the company has made significant acquisitions and received key regulatory approvals as part of its strategic plan. MariMed acquired Medleaf in Prince George’s County, now known as Thrive Wellness, and plans to reopen it for adult-use sales, pending regulatory approvals. This will be MariMed’s second adult-use location in Maryland, joining its Annapolis dispensary and its Hagerstown cultivation and processing facility. In Massachusetts, MariMed’s Quincy Panacea Wellness dispensary has been approved for adult-use sales, making it the third adult-use dispensary in the state. MariMed has also received a provisional dual-use license in Ohio for its Tiffin dispensary.

MariMed’s expanded Maryland cultivation facility is now operational, doubling flower capacity to meet growing demand and prepare for retail and wholesale distribution in Q4 2024. MariMed will report Q2 2024 earnings on August 7th after the market closes. Want to stay up to date on all things cannabis, AI, small-cap, and crypto? Subscribe to our Daily Baked In newsletter!