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.
