US: MariMed completes acquisition of First State Compassion Center

MariMed Inc. has completed its acquisition of First State Compassion Center. The acquisition integrates FSCC's cultivation and processing facilities, and two dispensaries into MariMed's fully vertical operations.

The approval of MariMed to become the owner of FSCC was facilitated by the state permitting FSCC to transition from a not-for-profit to a for-profit business. The timing is ideal for MariMed, as Delaware is expected to commence adult-use cannabis sales later this year. A recent report by the state estimated that Delaware's legal cannabis market could grow to $215 million in annual sales.

"We are thrilled to welcome FSCC to the Marimed family," said Jon Levine, MariMed's Chief Executive Officer. "We have worked closely with FSCC's incredible team to support its growth trajectory from the very beginning, resulting in it being the top operator in Delaware today. 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."