MariMed Hemp Signs Exclusive Agreement with Major Beverage Distributor to Market its CBD Brands in Rhode Island and Connecticut
NORWOOD, Mass., Sept. 25, 2019 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQX: MRMD), a premier cannabis and hemp multi-state operator focused on health and wellness, announced that the HempEngine™ group of its MariMed Hemp subsidiary has signed an exclusive agreement with one of the largest beverage distributors located in the Northeast U.S., serving more than 8,500 on- and off-premise locations.
Under the terms of the agreement, the HempEngine platform will be placed in locations in Rhode Island and Connecticut that include retailers, liquor stores and supermarkets. These locations will receive the HempEngine turnkey CBD marketing platform, a complete “store-within-a-store” package, pre-stocked with a range of CBD products focused on a location owner’s particular criteria. In addition to curated brands, HempEngine includes the tech-enabled re-marketing platform, Sprout™. HempEngine supports retailer sales and marketing decisions to maximize returns and sales efficiency. The rollout is expected to begin in October.
“This major distribution agreement enables MariMed Hemp to further penetrate the fast- growing hemp CBD space,” commented MariMed CEO, Bob Fireman. “Its revolutionary platform creates powerful new distribution opportunities for our hemp-derived CBD brands.”
The HempEngine platform collects real-time data and pre-screens the data for quality and content. It includes an electronic tablet that provides shoppers interactive, educational information about CBD product attributes, benefits and usage at the point-of-sale. HempEngine provides customized marketing solutions that educate, facilitate and drive mainstream CBD distribution.
“Our HempEngine team worked closely with the distributor to develop a custom CBD product line that will be deployed through their expansive distribution network,” noted David Schachter of HempEngine. “Given the distributor’s large regional customer base and dedicated team of sales professionals, we see this initial roll out of HempEngine developing into a substantial new revenue stream for MariMed Hemp.”
The commercial launch of HempEngine follows MariMed’s significant investment in GenCanna Global, the Kentucky-based leader in production of GMP quality CBD derived from hemp. GenCanna recently announced its engagement of Goldman Sachs & Co. as its financial advisor to assist in evaluating a potential initial public offering and other strategic financial alternatives. MariMed formed MariMed Hemp to build and distribute a portfolio of innovative CBD brands, and pursue business opportunities in the emerging hemp and CBD industry.
About MariMed Inc.
MariMed Inc., a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. The company develops, owns and manages seed to sale state licensed cannabis facilities which are models of excellence in horticultural principles, cannabis cultivation, cannabis infused products and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the company and its managed business units.
The company is at the forefront of science and innovation through research developed by its lab technicians and medical advisors resulting in industry leading products and brands, including “Kalm Fusion” and “Betty’s Eddies.” These precision dosed products are focused on specific medical symptoms which are licensed and distributed across the country.
In 2019, with the enactment of the 2018 US Farm Bill, MariMed formed MariMed Hemp, a wholly owned subsidiary, to leverage its seed to sale cannabis platform and experience into the emerging hemp-based CBD industry. The company acquired a significant stake in Kentucky-based GenCanna Global, a national and international leading cultivator, producer, and distributor of hemp and GMP quality CBD oils and isolates. With this strategic relationship, MariMed Hemp has developed and is marketing a portfolio of CBD brands and products to multiple retailers and direct to consumers both domestically and internationally. MariMed Hemp recently launched its Hemp Engine™ store-within-a-store distribution platform for retailers. It is also actively pursuing other hemp industry business opportunities with genetics, farming, biomass, and new and innovative technologies.
For additional information, visit marimedinc.com.
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This release contains certain forward-looking statements and information relating to MariMed Inc. that is based on the beliefs of MariMed Inc.’s 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 law and its enforcement and changes in the economic environment. 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," "potential," "expected," “looks” 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 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.
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Jon Levine, CFO
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Released September 25, 2019