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Massachusetts-based marijuana multistate operator MariMed on Tuesday announced it had closed a $5.3 million acquisition of Community Wellness & Compassionate Care Center in Upper Marlboro, Maryland.
The cash, debt and stock transaction finalized April 5, giving the MSO a second Maryland store.
MariMed, in a news release, said it is seeking additional dispensary acquisitions to reach Maryland’s retail cap of four stores per owner.
“Maryland is a fantastic, high-growth adult-use market,” 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 dispensary before July, pending regulatory approvals.
Prior to closing the deal, the MSO paid the state’s adult-use conversion fee to sell recreational cannabis at its newly acquired store in Upper Marlboro, Maryland.
Also in the state, MariMed’s has a cannabis retail store in Annapolis and a cultivation and processing facility in Hagerstown.
The company last month in its annual financial report said revenue grew by nearly 11% to $148.6 million in 2023.
It recorded a net loss of $16 million for the year, compared to a profit of $13.6 million in 2022.
