MariMed’s (CSE MRMD) and (OTCQX MRMD), completed their acquisition of First State Compassion Center. The company made the announcement late on Monday afternoon.
MariMed will now control the FSCC cultivation and processing plants and its two dispensaries.
MariMed CEO Jon Levine stated in a press release that he was “thrilled” to welcome FSCC into the Marimed Family. We have been working closely with FSCC’s amazing team since the beginning to help it achieve its goals. Today, FSCC is the number one operator in Delaware.
Delaware will launch its recreational cannabis sales in the second half of this year. A report estimates that Delaware’s annual legal marijuana sales could be as high as $215 million.
MariMed has been providing real estate management and other services to FSCC since 2014 when it helped the company obtain its cannabis license. The deal was made possible by the state, which allowed FSCC’s switch to a business that is for profit from a company that operates as a non-profit.
MariMed brands have already become popular in Delaware. According to Lit Alerts, the data used in this announcement, Betty’s Eddies chewable fruit and Vibations beverage mix were the two most popular edible brands and beverages in Delaware. The Nature’s Heritage Flower product line launched in the spring ranks fourth for flower brands among Delaware.
MariMed reported a third quarter revenue of $40,000,000 in November. This is up from the $38.8,000,000 a year ago. The net loss was reduced from $4.2,000,000 to $995,000. Wholesale sales grew at least 20 percent year-overyear.
MariMed has announced the completion of its previous acquisitions in Massachusetts, Illinois and Maryland. The financial results of these operations have now been included in MariMed’s annual report.
In addition, the company recently opened an adult-use cannabis dispensary at Quincy in Massachusetts, opened a s second dispensary for adults in Maryland, and launched recreational marijuana sales in Tiffin, Ohio.
Levine believes that this new integration will help “to further build FSCC and our brands dominance on the market while improving our balance sheets.”