MariMed Raises $2.8 million and Pays Down Debt
MariMed Inc. (OTCQB:MRMD) announced that they have raised over $2.8 million and paid down debt according to Green Market Report. The Massachusetts based company was able to raise the equity through “the sale of its restricted stock in private placements between October 30, 2017, and January 24, 2018, at prices averaging 15 percent below the market price. The stock has traded in a range between 20 cents and $1.48 and was lately trading at $1.21” per Green Market Report. They also reduced liabilities by “$1.8 million through the conversion of $1.25 million of promissory notes into common stock retiring $550,000 of additional promissory notes. MariMed also said it converted $500,000 plus dividends in holdings of Preferred Class A Stock to common stock” as described by Green Market Report.
WBOC reports that the funds have been reinvested back into MariMed’s facilities in the Massachusetts and Maryland. Over the last several months MariMed has been making investments in their facilities.
Reinvesting in Production Facilities
The company made a move by putting resources in a facility for cultivation and production located in the Hagerstown, Maryland. Back in December, the company announced they “completed a $4 million loan financing through its subsidiary MariMed Advisors with Best Buds Funding LLC” for the Hagerstown facility according to YAHOO Finance.
The news comes after Chief Executive Officer, Robert Fireman, explained the company’s plans for growth perspective. In an interview with NASDAQ, Fireman stated that they “worked diligently to execute the Company’s defined plan to expand the cannabis businesses we manage, develop new facilities in Delaware, Maryland, and Massachusetts, and expand the distribution of our branded products through a strategic growing network of manufacturers nationwide.
Kalm Fusion Enters the Nevada Market
MariMed’s expansion is not just limited to their Maryland and Massachusetts facilities; they are also pursuing expansion through product availability.