NORWOOD, Mass., Feb. 21, 2023 (GLOBE NEWSWIRE) — MariMed, Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its intention to acquire the operating assets of Ermont, Inc. (“Ermont”), a medical licensed vertical cannabis operator, located in Quincy, MA. Ermont who is presently in receivership with a court appointed receiver Opus Consulting Partners LLC. Opus and MariMed negotiated this transaction with court approval. The acquisition, which is subject to approval by the Massachusetts Cannabis Control Commission (“CCC”), will provide the Company with its third dispensary in Massachusetts, substantially completing its buildout to the maximum allowable by state regulations. There is no assurance when, or if, the CCC will approve the acquisition.

“We are thrilled to announce this pending and accretive transaction. The proceeds for this acquisition come from our recently announced credit facility with Chicago Atlantic, the purpose of which is to accelerate our growth plan with transactions like this,” said Jon Levine, MariMed’s Interim Chief Executive Officer. “Massachusetts is a fantastic market and maximizing our footprint there has long been one of our top strategic priorities, and this agreement gets us significantly closer to that goal.”

The Company anticipates rebranding the dispensary as Panacea Wellness and will commence medical sales upon receipt of final approvals and closing conditions. MariMed will offer a curated selection of products across its award-winning brand portfolio, including Nature’s Heritage flower and concentrates, Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations: High + Energy drink mixes, and the full suite of its InHouse branded products. MariMed’s branded cannabis products are distributed to virtually all the dispensaries in the Massachusetts cannabis market, which generated $1.8 billion in total cannabis sales during 2022 according to the CCC.

The acquisition includes two Host Community Agreements with the city of Quincy, one of which is to conduct adult-use cannabis sales. MariMed is applying with the CCC for approval of adult sales and plans to expand the existing medical dispensary to accommodate the increased traffic. Additionally, the Company plans to repurpose the cultivation facility for its pheno-hunting activities. This will allow the Company to move pheno-hunting out of New Bedford and use the freed space for much needed additional capacity of their award-winning Nature’s Heritage flower.

“I would like to thank the MariMed team and all the professionals and agencies involved in the transaction, for all their hard work and partnership with me in facilitating this agreement,” said Jacques Santucci, President of Opus Consulting, the Receiver for Ermont, Inc. since late 2021. “The staff of Ermont has been instrumental to the business this past year, during this complex process and I know they will fit well within the MariMed team.”

About MariMed
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, InHouse, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2023, anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements. Without limiting the foregoing, the words “anticipates”, “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations. These statements are not a guarantee 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 law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

By ALEX VEIGA AP Business Writer

The U.S.’ expanding legal marijuana market is helping drive strong sales and profit growth for multistate operators like Trulieve Cannabis Corp.

The Quincy, Florida-based company sells cannabis products in 11 states from Arizona to Pennsylvania. It reported $408.9 million in revenue in the first half of this year, an 89% jump from the same stretch of 2020. Its net income surged 67% over the same period.

The company recently completed its acquisition of Tempe, Arizona-based cannabis company Harvest Health & Recreation in a deal valued at $2.1 billion.

Trulieve’s latest expansion bid comes as more states allow sales of marijuana in some form or another.

Adult recreational use of marijuana is now legal in 19 states, with Connecticut, New Mexico and Virginia among those that enacted such laws this year.

Even so, the cannabis industry remains constrained by legal impediments to accessing capital and other challenges stemming from marijuana being illegal at the federal level. The industry is hoping Congress will deliver on long-sought legislation, including the Secure and Fair Enforcement (SAFE) Banking Act, which would free up banks to do business with licensed marijuana companies.

Trulieve CEO Kim Rivers recently spoke to The Associated Press about the impact of the Harvest deal, how her company has weathered the pandemic and the need for federal pro-cannabis legislation. The interview has been edited for length and clarity.

Q: You’ve referred to your company’s expansion plan as your “hub strategy.” What does it entail?

A: What that means is dividing the country into five regions: the Southeast, Northeast, Southwest, Central and Northwest. And to capitalize not only on near-term catalysts that will likely happen at the state level, but also thinking about how our distribution platform will look as federal change potentially occurs. We started down the path of developing out the Northeast. We acquired two companies in Pennsylvania, began operating in Massachusetts as well as Connecticut, and decided to look broader as we felt that we were positioned at that time to embark on a more transformational acquisition. That’s when Harvest came into focus.

Q: How does the Harvest acquisition fit in?

A: Harvest expands on that national hub strategy by increasing our footprint in the Southeast with additional cultivation, production and retail outlets in the state of Florida, as well as the Northeast. We’ll have one of the largest combined footprints in the state of Pennsylvania, as well as adding a new state, Maryland, to our portfolio, and adding a brand new region to our combined platform in the Southwest. We will be the largest company from a retail outlet perspective. We have 149 locations as well as on the cultivation and production side of the business, we have 3.1 million square feet, which is approximately 50% more than any of our competitors.

Q: The House recently passed the SAFE Banking Act again. How important would this bill be should it become law?

A: There are significant increased costs for those of us participating in capital markets right now. But maybe more importantly is the fact that a lot of small businesses that are cannabis businesses can’t get loans at all because they don’t have that pool of capital available to them. At this point, it almost seems kind of ridiculous that a majority of our states have cannabis programs but banks that absolutely want to participate in the industry are not able to and don’t have protection because of the federal position on the industry.

Q: What impact has the pandemic had on your business?

A: We did see consumption trends increase quite significantly. We had record growth, posting like 25% quarter over quarter, so it did have a significant positive impact on the business. What we’re seeing now is a normalization, of course, post-COVID. And what’s really exciting, I think for many of us, is that we’re still seeing growth even off of those highs.

VANCOUVER, British Columbia, Sept. 24, 2021 (GLOBE NEWSWIRE) — Levitee Labs Inc. (the “Company” or “Levitee Labs”) (CSE: LVT) (OTCPK: LVTTF), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to announce that it’s common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in the United States (USA).

DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled though DTC are considered “DTC eligible”. With an accelerated settlement period and reduced costs for investors and brokers, DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company’s shares in the United States.

Levitee Labs Inc’s common shares have been made eligible for book-entry delivery and depository services of the Depository trust Company to facility electronic settlement of transfers of its common shares in the United States. DTC eligibility will simplify the process of trading and is expected to enhance the liquidity of the Company’s common shares on the OTC Markets where Levitee Labs trades under the symbol “LVTTF”.

The company’s shares will continue to trade on the Canadian Securities Exchange (CSE) under the symbol “LVT”.

Founder and CEO Pouya Farmand states, “We are pleased to have obtained our DTC eligibility. This eligibility will simplify the process of trading shares in the USA, which will be beneficial to Levitee and our shareholders. With DTC eligibility, the increased accessibility and visibility is expected to attract greater investment and trading liquidity from American investors as our shares will be available to a broader range of investors as we continue to expand our business.”

About Levitee Labs Inc.

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies. The company’s current portfolio of assets includes: ACT Medical Centres, a group of five addiction and pain treatment clinics in Alberta; Block MD, the first technology company in Alberta to receive provincial approval for electronic -prescriptions in the addiction treatment space; three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands and MONKE Nutraceuticals, a company specialized in developing and distributing premium functional mushroom supplements sold via online portals as well as brick and mortar retailers. Further information about Levitee Labs is available on its website at leviteelabs.com.

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee Labs anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting trading liquidity and business expansion. Levitee Labs’ business plans and proposed products, and the benefits derived from mushroom-infused products. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. These statements and other forward-looking information are based on assumptions made by Levitee Labs based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release as well as management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. These assumptions may also be based on information obtained from third-party industry analysts and other third-party sources. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Levitee Labs as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: Levitee Labs’ limited history of operations; ability to secure additional financing; negative cash flow from operating activities since inception; regulatory requirements; changes in consumer preferences; supply of raw materials; reliance on a limited number of products; brand awareness; the ability to develop, market and produce new products; dependence on certain key senior managers; reliance on third parties for manufacturing and packaging; potential product liability claims and product recalls; and significant competition. For additional information regarding these risks, please see the risk factors identified and reported in Levitee Labs’ public filings under its SEDAR profile at www.sedar.com. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and Levitee Labs assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release and accepts no responsibility for the adequacy or accuracy hereof.

For further information about Levitee Labs Inc., please contact:

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.