MariMed Closes The Acquisition Of Ermont Cannabis Assets
The acquisition marks the second medical dispensary for MariMed in Massachusetts, substantially completing the company’s buildout to the maximum allowable by state regulations. The transaction closed on March 9, 2023, and the dispensary began operations under the Panacea Wellness brand name the following day. The dispensary now features an expanded selection of the best cannabis products produced in the state, including those in MariMed’s brand portfolio: Nature’s Heritage flower and concentrates; Betty’s Eddies fruit chews; Bubby’s Baked soft-baked goods; Vibations: High + Energy drink mixes; and the full suite of its InHouse branded products.
MariMed’s acquisition includes two host community agreements with the city of Quincy, one of which is to conduct adult-use cannabis sales. The company is applying with the CCC for approval of adult sales and plans to expand the existing medical dispensary to accommodate the increased demand. Plans also include repurposing the cultivation facility and moving its pheno-hunting activities from their New Bedford cultivation and processing facility to free up space for much needed additional capacity of their Nature’s Heritage flower. MariMed is partnering with Little Dog for the delivery of medical and adult-use cannabis where permitted.
The closing of this transaction is the result of a successful restructuring conducted by court-appointed receiver Opus Consulting Partners LLC. Opus Consulting and MariMed negotiated the transaction with court approval, and the acquisition was approved by the CCC on March 9, 2023.
Receivership is a court-appointed pathway used by struggling businesses and creditors as an alternative to bankruptcy. Because cannabis remains a schedule I substance under the US Controlled Substances Act of 1970, most businesses engaged in its cultivation, manufacturing, sale, and distribution do not have access to federal bankruptcy protection.
This article was originally published on Benzinga and appears here with permission.
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