MariMed Receives Permit to Build-Out Medical Cannabis Dispensary in Middleborough
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Renovation to transform 8000 sq. ft. into advanced medical cannabis dispensary
- Will be 6th MariMed-owned facility to sell MariMed’s Kalm Fusion™, Betty’s Eddies and Tikun Olam™ branded MMJ products and strains
- Facility to be leased by ARL Healthcare to sell products grown/produced in New Bedford, Mass.
- Will create 20+ local jobs
NEWTON, Mass. and MIDDLEBOROUGH, Mass., Jan. 30, 2018 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQB:MRMD) and its wholly owned subsidiary Hartwell Realty LLC, on January 25 received from the town of Middleborough, Mass., of a Special Permit to commence build-out of the 8000 sq. ft. building at 29 Harding St., Middleborough, Mass., formerly Kahian’s Furniture, that MariMed purchased for $1.5 million in August, 2017. MariMed will immediately begin the renovation into a secure, state-of-the-art medical cannabis dispensary, which is expected to serve thousands of state-registered medical cannabis patients.
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“We are grateful to Middleborough’s Selectmen for their support of this facility which will help thousands of patients who have been waiting for local legal medical cannabis to relieve symptoms and side effects of cancer, epilepsy, and many other medical conditions,” stated Robert Fireman, CEO of MariMed.
The facility will be leased to ARL Healthcare, which is the Massachusetts Registered Marijuana Dispensary (RMD) licensee for the future dispensary. MariMed expects to complete renovations in March and the dispensary is expected to open after successful final inspection by the State and Town of Middleborough. ARL Healthcare has engaged MariMed to provide management services for the operation of the dispensary, which is expected to create approximately 10 full-time and 10 part-time jobs.
Fireman noted, “The dispensary will be safe and secure, with a welcoming atmosphere where knowledgeable, friendly staff provide private patient education and consultations and efficient service to access the highest quality of pure, precision dosed medical cannabis products. With the feel of an ultra-modern bakery shop, gleaming display cases will showcase a wide variety of products and formulations, such as tinctures, salves, tablets, fruit chews, bud, dissolvable films, and oils, to ensure patients can conveniently administer medication via their preferred method and receive predictable relief.”
ARL is a licensed distributor of MariMed’s Kalm Fusion™ and Betty’s Eddies™ precision-dosed branded products in both THC and CBD formulations, and MariMed’s licensed Tikun Olam™ clinically proven effective premium cannabis products, including the world-renowned Avidekel™ high-CBD strain. All products retailing in the facility will be cultivated and/or produced off-site at cultivation facilities operated by ARL Healthcare with management services by MariMed.
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About MariMed Inc.:
MariMed is an industry leader in the development and operation of state licensed regulatory compliant cannabis cultivation, production, and dispensary facilities in multiple states nationwide. These facilities are models of excellence in horticultural principals, cannabis production, product development, and dispensary operations. MariMed is also on the forefront of precision dosed branded products for the treatment of specific medical symptoms. MariMed distributes its branded products in select states and is currently expanding licensing and distribution to numerous additional states encompassing thousands of dispensaries.
MariMed Inc. is one of the 17 top-performing public cannabis companies in the U.S. tracked on the U.S. Marijuana Index, (www.marijuanaindex.com) and CannabIndex. For additional information, visit www.MarimedAdvisors.com
MariMed Contacts:
Business Development
Jon Levine, CFO, MariMed, Inc.
+1 844-244-0200
Investor Relations
Tyler Troup, Circadian Group
tyler@circadian-group.com
+1 (866) 950 8300
Media Relations
Julie Shepherd, Accentuate PR
Julie@accentuatepr.com
+1 847-275-3643
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc. management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the economic environment and changes in the legal status of cannabis. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned," "estimated," "preparing," “seek,” "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites of any other party referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1515eb3-45c5-4ee6-a7c4-68bb8d42a893
Released January 30, 2018