MariMed has completed a review of its Missouri business operations and decided to exit the market, effectively immediately.
Since 2024, the Company has managed the Missouri operations of another licensed cannabis operator and distributed certain of its brands there under a Managed Services and Licensing Agreement, while awaiting license transfer approval from the state. The Company will no longer manage the facility and will no longer seek the license transfer.
MariMed continues to own or manage revenue-generating operations in six states, including 13 dispensaries and six cultivation and processing facilities in Delaware, Illinois, Maryland, Massachusetts, Ohio, and Pennsylvania. Exiting Missouri is expected to improve the Company's overall financial performance, particularly gross margin and adjusted EBITDA, and allow management to focus resources on higher return opportunities.
"Our brands performed well in the select stores where they were available in Missouri, but we concluded that reaching scale would have required significant resources we believe are better utilized in our core markets, where MariMed has established strong retail and wholesale positions," said MariMed CEO Jon Levine. "Moving forward, we will consider licensing opportunities in Missouri with a vertical operator if it makes financial sense and supports our goal of becoming a cannabis CPG powerhouse."
For more information:
MariMed
[email protected]
www.marimedinc.com
