MariMed secures $46 million in funding to expand marijuana footprint

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Multistate marijuana operator MariMed said it has raised $46 million to support acquisitions and repay most of its long-term debt.

Hadron Healthcare Fund is providing the capital, including an initial $23 million on March 2, in exchange for MariMed stock and warrants.

The fund is managed by Hadron Capital, which is incorporated in the Cayman Islands.

If all the warrants are exercised for cash, Massachusetts-based MariMed will receive additional proceeds of approximately $34 million on top of the $46 million, according to a news release.

MariMed has cultivation and/or dispensary operations in Delaware, Illinois, Maryland, Massachusetts and Nevada.

“This infusion of capital comes at a key inflection point for MariMed and will not only further strengthen our balance sheet, but also enable us to complete targeted acquisitions and strongly position us to act on other attractive opportunities for accelerated growth as the cannabis industry continues to evolve,” MariMed CEO Bob Fireman said in a news release.

MariMed’s products and brands include Betty’s Eddies, Nature’s Heritage, Bourne Baking and Kalm Fusion.

Marco D’Attanasio, chief investment officer at Hadron Capital (Cayman), said the investment group “strongly felt MariMed was the best opportunity for our continued interest and investment into the United States MSO space.”