MariMed closes $11 million acquisition of Delaware marijuana company
- MariMed has completed its $11 million acquisition of First State Compassion Center in Delaware, including two dispensaries, cultivation, and processing facilities.
- The two companies have been working together since 2014, with MariMed providing management and real estate services for FSCC.
- FSCC has distributed MariMed brands in Delaware, such as Betty’s Eddies, Vibations, and Nature’s Heritage.
- MariMed's CEO expects the integration of FSCC's operations to strengthen both companies' brands in the market and improve their balance sheet, adding to MariMed's acquisition strategy in various states.
Massachusetts-based marijuana multistate operator MariMed has closed on its $11 million acquisition of First State Compassion Center in Delaware.
The deal, originally inked in July 2023, includes two medical cannabis dispensaries as well as cultivation and processing facilities, according to a Monday news release.
The omnibus agreement between the two companies, according to regulatory filings and marketing materials, was predicated on two factors:
The companies have been working together since 2014, when FSCC was the first recipient of an MMJ dispensary license in Delaware.
MariMed said it has provided management and real estate services for FSCC since then.
FSCC has distributed MariMed brands in the state, including Betty’s Eddies fruit chews, Vibations drink mix and Nature’s Heritage flower.
“We have worked closely with FSCC’s incredible team to support its growth trajectory from the very beginning,” MariMed CEO Jon Levine said in a released statement.
“We expect by fully integrating its operations, we will further build FSCC’s and our brands’ dominance in the market, while also improving our balance sheet.”
The FSCC acquisition adds to MariMed’s ongoing roll-up strategy, which included acquisitions in Maryland, Massachusetts and Illinois.
MariMed trades as MRMD on the Canadian Securities Exchange and the over-the-counter markets.