MariMed Closes $4 Million Financing to Complete Cannabis Cultivation Facility in Maryland
- $22.3 million raised by MariMed in 2017
- Financing validates MariMed’s ability to fund shareholder-enhancing projects on an as needed basis
NEWTON, Mass. and NEW YORK, Dec. 27, 2017 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQB:MRMD) has completed a $4 million loan financing through its subsidiary MariMed Advisors with Best Buds Funding LLC. MariMed and its affiliate companies intend to use the proceeds to complete the build out of its medical cannabis cultivation and production facility in Hagerstown, Maryland.
MariMed Inc. is an industry leader in the design, development, operation, funding, and optimization of medical cannabis cultivation, production, and dispensary facilities, and the development and licensing of branded precision dosed cannabis products.
“With this transaction, MariMed has secured debt and equity of approximately $22.348 million this year, proving our ability once again to raise funds in a traditionally very difficult microcap environment coupled with the challenges of the medical cannabis industry,” stated Robert Fireman, CEO of MariMed. “We appreciate Best Bud’s investment and look forward to future transactions supporting our anticipated continued growth and momentum as we expand with facilities and branded products across the U.S.”
Graubard Miller provided legal representation for Best Buds LLC Funding for the transaction.
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.
MariMed Inc., is one of the 17 top-performing public cannabis companies in the U.S. tracked on the U.S. Marijuana Index, (www.marijuanaindex.com) and CannabIndex. For additional information, visit www.MarimedAdvisors.com
Jon Levine, CFO, MariMed, Inc.
Tyler Troup, Circadian Group
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Julie Shepherd, Accentuate PR
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc. 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 economic environment and changes in the legal status of cannabis. 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," “seek,” "potential," "expected" 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 of any other party 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.
Released December 27, 2017