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Amid the ever-changing cannabis industry landscape, MariMed, a seed-to-store operation in Maryland, has received top honors in multiple categories at the 2024 Maryland Cannabis Awards.
MariMed’s product, Betty’s Eddies, an all-natural cannabis fruit chew, was named Favorite Edible, and Nature’s Heritage, a flower brand, received top accolades for their Rick Simpson Oil. MariMed celebrated its 10th anniversary, a monumental achievement for a cannabis company.
Ryan Crandall, Chief Revenue Officer for MariMed, and the co-creator of Betty’s Eddies, said that much of MariMed’s success comes from their agility. While the cannabis sector is experiencing rapid expansion, with global sales projected to grow to $149 billion by 2031, companies face numerous legal and regulatory hurdles.
“Our biggest challenge as a company has been staying ahead of changing regulations and keeping abreast of what’s happening. But the better you can face them, the faster you can do it. Agility is one of MariMed’s strengths. We were built that way – lean and mean. We’ve been able to change what we have been doing, and doing it quickly,” said Crandall.
In addition to its agile framework, MariMed prides itself on its high standards for products and partnerships. The company began as a consulting company, helping others win licenses in various states. Many did not understand the process, and MariMed became experts, from building facilities to growing and extracting cannabis to creating products and brands and distribution within the states. Their knowledge in various states gave them an edge over the competition, which helped them grow organically, ultimately allowing the company to roll up several clients they consulted for and transform into a multi-state operation with dispensaries and products spanning the nation.
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The company’s number one rule for its products is to be delicious. The company follows and tracks trends to identify product opportunities that create key differentiators across its companies.
Betty’s Eddies edibles, for example, are all-natural fruit chews that Crandall describes as an “organic Starburst with cannabis, with the look and feel of a saltwater taffy.” The edibles are enhanced with pigments derived solely from natural vegetable sources.
“It’s an awesome flavored candy with a nostalgic look and feel that has added supplements and cannabinoids. We make sure the mixture does what it says it does,” said Crandall.
Betty’s Eddies and its other flower product, Nature’s Heritage, are made in MariMed’s Hagerstown production facility. MariMed employs 235 people throughout Maryland, 200 of whom are employed at the Hagerstown facility.
Another key component of the company’s success is its financial discipline. From its start, MariMed has been committed to delivering shareholder value. The business is comprised of several different top-line revenue sources, including retail from dispensaries, wholesale production, licensing and real estate. Every dollar spent and every acquisition made must undergo their high development standards for return on investment, leading them to have some of the strongest financial results in the industry. The company has a detailed vetting process when considering partnerships and acquisitions, ensuring the potential acquisition has a healthy business and is respected within its markets.
Crandall is no stranger to acquisitions. Before joining MariMed, he was the co-creator and owner of Betty’s Eddies. MariMed knew they had something special. Then CEO Bob Fireman saw how passionate Crandall and his team were and how successful the product was, and approached them about acquiring it. Betty’s Eddies was acquired in 2017. It was a marriage made in heaven.
Crandall said MariMed’s biggest competitive edge, however, is its people. From the top down, MariMed employees are committed to understanding the business and are passionate about helping people.
MariMed’s dispensaries are designed to be approachable and comfortable for customers to shop in as part of their health and wellness goals and lifestyles.
“We go out of our way to help people feel better. And all of our people are committed to that mission,” Crandall said.
