MariMed Inc. (OTCQX:MRMD) completed the acquisition of Kind Therapeutics U.S.A., LLC.
The Maryland Medical Cannabis Commission approved the transfer to MariMed at their April 13th meeting and the closing took place April 27. MariMed was instrumental in the development of the Kind operations from its inception in 2017. The company owns, and had developed, a 180,000 square foot cannabis cultivation and production facility in Hagerstown and is developing a 6,000 square foot dispensary in Anne Arundel County, both of which were leased to Kind.
“As owners of Kind Therapeutics we are now able to expand its operations to be a leader in the Maryland cannabis industry for years to come,” stated Tim Shaw, COO of MariMed.
MariMed intends to expand all of aspects of the Kind business including adding 40,000 square feet of cultivation canopy, a state-of-the-art GMP kitchen, and new cannabis brands and products to be distributed throughout the robust Maryland cannabis marketplace. With the closing of this transaction MariMed will report 100% of Kind’s revenue and profits in its financials. The transaction demonstrates progress and the company’s commitment to its strategic growth plan.
Photo: Courtesy of Jeff W on Unsplash
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