MariMed Closes Acquisition Of Ermont Operating Assets

MariMed, Inc. MRMD MRMD and Ermont Inc. announced the close of MariMed’s transaction to acquire the operating assets of Ermont.

The acquisition marks the second medical dispensary for MariMed in Massachusetts, substantially completing the company’s buildout to the maximum allowable by state regulations. The transaction closed on March 9, 2023, and the dispensary began operations under the Panacea Wellness brand name the following day. The dispensary now features an expanded selection of the best cannabis products produced in the state, including those in MariMed’s brand portfolio: Nature’s Heritage flower and concentrates; Betty’s Eddies fruit chews; Bubby’s Baked soft-baked goods; Vibations: High + Energy drink mixes; and the full suite of its InHouse branded products.

MariMed’s acquisition includes two host community agreements with the city of Quincy, one of which is to conduct adult-use cannabis sales. The company is applying with the CCC for approval of adult sales and plans to expand the existing medical dispensary to accommodate the increased demand. Plans also include repurposing the cultivation facility and moving its pheno-hunting activities from their New Bedford cultivation and processing facility to free up space for much needed additional capacity of their Nature’s Heritage flower. MariMed is partnering with Little Dog for the delivery of medical and adult-use cannabis where permitted.

The closing of this transaction is the result of a successful restructuring conducted by court-appointed receiver Opus Consulting Partners LLC. Opus Consulting and MariMed negotiated the transaction with court approval, and the acquisition was approved by the CCC on March 9, 2023.

Receivership is a court-appointed pathway used by struggling businesses and creditors as an alternative to bankruptcy. Because cannabis remains a schedule I substance under the US Controlled Substances Act of 1970, most businesses engaged in its cultivation, manufacturing, sale, and distribution do not have access to federal bankruptcy protection.

Benzinga's Cannabis Capital Conference Is Back

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo: Benzinga edit with photo by geralt and lindsayfox on Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisM&ANewsPenny StocksMarketsErmont Inc.Opus Consulting Partnerspremium
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.