MariMed Raises $2.83 Million in Equity for Maryland and Massachusetts Legal Cannabis Facilities
NEWTON, Mass., March 15, 2018 (GLOBE NEWSWIRE) — MariMed Inc. (OTCQB:MRMD) has raised $2.828 million in equity through the sale of its Restricted Common Stock in private placements between October 30, 2017 and January 24, 2018 at prices averaging 15% below the market price. The funds were used for the continued development of MariMed cannabis facilities in Maryland and Massachusetts. Additionally, MariMed reduced its 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 converted $500,000 plus dividends in holdings of Preferred Class A Stock to Common Stock.
“We have a combination of new and returning investors who recognize MariMed’s achievements of major milestones within announced timeframes and are confident in MariMed’s proven business model,” stated Jon Levine, MariMed CFO. “These transactions strengthen our balance sheet by increasing our assets and reducing our debt. As MariMed continues to grow stronger and expand its footprint in the cannabis industry, our increasing revenue, assets, and earnings are attracting new capital, positioning our company for a continued upward trajectory and future growth.”
Details are available in the company’s 8-K filing at www.SEC.gov.
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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.