MariMed Raises $23 Million Selling Convertible Preferred Stock With Warrants to investment that is london-Based

MariMed Secures New Funding from Long-Term Capital Partner

Capital Infusion to Strengthen Balance Sheet and Provide Funding for Strategic Acquisitions

$46 Million Dollar Financing Facility to Accelerate Company Growth Strategy

NORWOOD, Mass., March 2, 2021 /CNW/ – MariMed, Inc. (OTCQX: MRMD) (the “Company” or “MariMed”), a leading multi-state cannabis operator focused on health and wellness, today announced the closing of a $46 million financing facility with Hadron Healthcare Fund (“Hadron”) pursuant to the terms of a Securities Purchase Agreement (“SPA”).Today’s initial funding of $23 million, will be used to repay substantially all of the Company’s long-term debt other than mortgage-backed loans as well as to upgrade and expand MariMed’s owned and managed cannabis facilities. The balance of the committed funds will be available for MariMed to continue executing on its plan that is strategic and the consolidation of other state cannabis companies into MariMed.

We are delighted to own been chosen by Hadron as their chosen partner to accomplish this investment that is strategic the US MSO sector. This financing is a recognition that is substantial of the Company’s place on the market along with the power and reputation our administration group.

Bob Fireman, CEO of MariMed

This infusion of money comes at a inflection that is key for MariMed and will not only further strengthen our balance sheet, but also enable us to complete targeted acquisitions and strongly position us to act on other attractive opportunities for accelerated growth as the cannabis industry continues to evolve.

MariMed intends to utilize this capital investment to position itself as one of the leading vertically integrated US cannabis operators that are multi-state. The organization expects to grow its cultivation capability to boost cannabis manufacturing and implement automated technologies and equipment that is specialized improve the efficiencies in the Company’s production labs and kitchens in order to produce greater volumes of MariMed’s portfolio of proprietary brands and infused products. MariMed’s leadership that is executive has significant experience and a comprehensive reputation performing within the cannabis industry. Up To Now, the MariMed group has effectively won 17 cannabis licenses in numerous states for it self as well as on behalf of its consumers and has now developed over 300,000 square foot of advanced, regulatory compliant cultivation, manufacturing and dispensing facilities.

“Whenever We looked at the history of the MariMed and its management team, we strongly felt MariMed was the opportunity that is best for our continued interest and investment into the United States MSO space,” said Marco D’Attanasio, CIO of Hadron Capital (Cayman) Ltd, the investment manager of Hadron Healthcare Fund.

MariMed’s strong brand presence, operational excellence, and management track record, supported by our capital investment, will give them the best tools to continue to execute and drive stockholder value.

Marco D’Attanasio, CIO of Hadron Capital

We view MariMed assets and revenue as a platform to build a top professional and MSO that is profitable in cannabis industry. We anticipate dealing with them as a partner that is long-term

Transaction Details

The SPA provides for the sale of up to $46 million of Series C Preferred Shares that is convertible of business. At today’s closing that is initial Hadron purchased $23 million of Units for $3.70 per Unit. Each Unit consists of one share of Series C Preferred Stock and a Stock purchase that is common warrant. Each share of Series C Preferred inventory is convertible, at Hadron’s choice, into five stocks of typical Stock and every warrant is exercisable, at a fitness cost of $1.087 per share, for one-half of a share of typical Stock for every transformation share (2 ½ warrants shares per product). The total amount associated with the funds that are committed to $23 million) will be issued on the same terms as the securities issued today and will be available for MariMed to complete the consolidation of other state cannabis businesses units into MariMed. In addition, if Hadron exercises all of the warrants for cash, MariMed will receive additional proceeds of approximately $34 million. Beacon Securities Limited introduced the ongoing events to your deal.

About Hadron Capital (Cayman) Ltd

Hadron Capital (Cayman) Ltd is an investment that is independent with global reach that was founded in 2004. Hadron has a track record of strong returns and has won performance that is multiple through the years. Hadron had been an investor that is early some of the largest multi-state operators in the sector and its US cannabis investment portfolio is valued at over US $300 million. Hadron’s investment philosophy is strongly based on bottom-up, thorough and analysis that is deep. Hadron works together organizations to unleash value and will act as a long-term partner that is financial provider of capital for their portfolio companies.

About MariMed

MariMed Inc., a cannabis that is multi-state, is specialized in enhancing the health and fitness of men and women with the use of cannabinoids and cannabis services and products. The organization develops, has, and manages seed to purchase state-licensed cannabis facilities, that are types of quality in horticultural axioms, cannabis cultivation, cannabis-infused services and products, and operations that are dispensary. MariMed has an management that is experienced that has produced constant development and success for the organization as well as its managed sections, maintaining it during the forefront of cannabis technology and innovation. Proprietary formulations developed by the Company’s technicians are embedded in its industry-leading services and products and brands, including Betty’s Eddies™, Nature’s Heritage™, Bourne Baking Co., and Kalm Fusion™. For extra information, check out marimedinc.com.

Original Press release

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NCV Newswire
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