This Winter at MariMed!
MariMed, Inc.
Improving people's lives every day through our products, actions, and values.
We’re Now Vertical in Illinois
After lengthy construction and regulatory delays, we have begun manufacturing and processing our products at our new facility in Mt. Vernon, IL. Our award-winning brands will be available at dispensaries in Illinois in time for the holidays, including our five Thrive Dispensary locations.
Among the products available will be Betty’s Eddies? fruit chews, which was the top-selling edible in Illinois until 2020 through a third-party licensing agreement, Bubby’s Baked? soft and chewy baked edibles, Vibations? hydrating drink mix, InHouse? vapes and gummies, K Fusion? chewable tablets, and more. Upon completion of the cultivation facility construction we plan to commence selling its Nature’s Heritage? flower through retail and wholesale channels.
New Debt Refinancing Will Generate Significant Cash Savings
We recently closed a $58.7 million secured credit facility with a U.S. chartered bank. The lower rate that we secured – at a time when interest rates continue to rise – will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the next four years with no equity component. That will significantly improve cash flow from operations moving forward. And, by paying off our Chicago Atlantic loan, we were able to unencumber our operating assets in Illinois, Ohio, and Delaware, as well as our branded products, providing additional levers for future term loans at attractive rates if we choose.
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领英推荐
Our Joanna DeBaugh, Maryland’s Patient of the Month
We’re so proud of Joanna DeBaugh, an edibles manufacturer in our Hagerstown, MD cultivation and production facility. Joanna was profiled in the December issue of the cannabis lifestyle magazine Maryland Leaf as the outlet’s “Patient of the Month.”? A single mother, Joanna was diagnosed in high school with kidney disease. After a long and painful journey that’s included two kidney transplants, Joanna is doing great, thanks in part to cannabis helping her manage her stress and anxiety and her love for her job! You can read the profile on page 16?here?(and be sure to check out our products included in the special edibles section in the same issue)
“The MariMed Corporate Video” Tells Our Growth Story
Want to know more about our history, growth plans, and why MariMed is considered among the most financially sound companies in cannabis? Watch our?corporate video?to learn more about those and other topics.