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MariMed Receives Three Adult-Use Licenses

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MariMed Receives Three Adult-Use Licenses

Cannabis and hemp company MariMed Inc. (OTCQX: MRMD) received the Massachusetts Cannabis Control Commission's approval for the issuance of its three adult-use licenses for the cultivation, production, and retail.

Both production and cultivation licenses are related to the company's New Bedford-based cannabis manufacturing facility, which spans 70,000-square-foot.

The retail license will be deployed at MariMed's Panacea Wellness Dispensary in Middleborough, the press release said Wednesday.

In addition, the company said it's in the process of preparing two additional dispensary locations for its provisional adult-use and medical licenses.

Panacea Wellness is a 10,000 square foot dispensary and is located in the vicinity of highways connecting several towns in the state, explained MariMed CEO Bob Fireman.

"Adding adult-use sales at Panacea Wellness will open a huge revenue opportunity to our already booming Massachusetts wholesale and retail business," continued Fireman.

The dispensary is subject to the final inspection scheduled on or before September, added Fireman.

Meanwhile, MaiMed reported positive second-quarter results on Tuesday.

Its revenue rose 163% over the year, while cannabis revenues amounted to $9.6 million.

Fireman is "confident" that MariMed "will continue for the balance of 2020 and into 2021 as we continue to implement our consolidation strategy and enhance stockholder value."

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