MariMed closes $5.3 million deal for shuttered Maryland marijuana store

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Massachusetts-based marijuana multistate operator MariMed on Tuesday announced it had closed a $5.3 million acquisition of Community Wellness and Compassionate Care Center in Maryland.

The cash, debt and stock transaction finalized April 5, giving the MSO a second Maryland store.

MariMed said in a news release that it’s seeking additional retail acquisitions to reach Maryland’s cap of four stores per owner.

“Maryland is a fantastic, high-growth adult-use market,” MariMed CEO Jon Levine said in a statement.

“Maximizing our footprint there has long been one of our top strategic priorities, and this agreement gets us closer to that goal.”

Our Community Wellness closed in July 2023; MariMed expects to reopen the Upper Marlboro outlet before July, pending regulatory approvals.

Before closing the deal, the MSO paid the state’s adult-use conversion fee to sell recreational cannabis at the newly acquired store.

Also in the state, MariMed has a cannabis retail store in Annapolis and a cultivation and processing facility in Hagerstown.

The company said in its annual financial report last month that revenue grew by nearly 11% to $148.6 million in 2023.

MariMed recorded a net loss of $16 million for the year, compared with a profit of $13.6 million in 2022.