Norwood, MA, Jan. 15, 2019 (GLOBE NEWSWIRE) -- MariMed Inc. (MRMD), a leading multi-state cannabis operator, today announced the formation of MariMed Hemp, Inc., a wholly-owned subsidiary to be entirely focused on hemp-derived CBD products. MariMed Hemp will have a dedicated executive team, proprietary brand and product lines, and distribution and marketing relationships, all separate from MariMed’s core cannabis business.
The subsidiary builds on MariMed’s recent investment in GenCanna Global, a leader in high-quality, fully compliant hemp cultivation and processing which is acclaimed for its genetics, proprietary cultivation practices and best in class processing procedures that produce world class, GMP, quality CBD isolates and oils. GenCanna anticipates planting and processing over 10,000 acres of hemp in 2019, making it one of the nation’s largest hemp producers and the key supplier of hemp CBD oil to MariMed Hemp.
“With the recent signing of the U.S. Farm Bill that declared hemp fully legal at the federal level, we believe the hemp CBD industry may grow even faster than the cannabis industry,” said Robert Fireman, CEO of MariMed. “Consumers and retailers alike seek the highest quality, trustworthy products. While many niche players may try to compete, the reality is that only a handful of suppliers can reliably deliver top-quality CBD products at scale that can serve the needs of major retailers.”
Complemented by MariMed’s expertise in the cannabis market, MariMed Hemp is building a full stack enterprise to offer hemp-derived CBD products for the U.S. market. The initial focus for this new venture will be to develop robust distribution networks with national reach, enabling representatives to call on thousands of medical offices, wellness centers, and other distribution points nationwide. MariMed Hemp will also develop a direct response portal for sales direct to consumers. Concurrently, unique opportunities with large retailers, such as national convenience and drug store chains, will be cultivated as volume channels for hemp-based products.
Mr. Fireman shared details of MariMed’s hemp initiative in a Bloomberg Radio’s Baystate Business interview on January 11, 2019 which can be heard here: https://www.bloomberg.com/news/audio/2019-01-11/baystate-business-mass-pike-project-radio . MariMed Hemp will soon be announcing its new executive team, partners and advisors. Stay tuned.
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About MariMed Inc.:
MariMed is a multi-state cannabis company that develops, owns and operates licensed cannabis facilities and develops and distributes branded cannabis and hemp product lines. MariMed’s team has developed state-of-the-art regulatory-compliant facilities in DE, IL, NV, MD, MA, and RI, which are models of excellence in horticultural principals, cannabis production, product development, and dispensary operations. In addition, MariMed is on the forefront of precision-dosed branded cannabis and hemp-derived products for the treatment of specific medical conditions. MariMed currently distributes its branded products in approximately 10 states, and is expanding licensing and distribution to additional markets, encompassing thousands of dispensaries and additional retail outlets. MariMed Inc. is one of the top-performing public cannabis companies in the U.S., according to the U.S. Marijuana Index, (www.marijuanaindex.com) and Boston Business Journal named MariMed the top performing stock in Massachusetts in 2018. For additional information, visit www.MariMedAdvisors.com
Jon Levine, CFO, MariMed
Julie Shepherd, Accentuate PR
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees 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 risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.