Multi-state cannabis company MariMed Inc. MRMD will acquire Kind Therapeutics U.S.A., LLC, a vertically integrated marijuana business in Maryland for $20 million. The Norwood, Massachusetts-based company confirmed Wednesday it has signed a definitive purchase agreement.
Once the transaction is completed, Kind’s financial results with be reported by the company on a consolidated basis.
“I am pleased to announce our agreement to acquire Kind, which operates in one of the top medical cannabis programs and markets in the country,” Bob Fireman, CEO of MariMed stated. “This acquisition will deliver another transformational year for MariMed in 2022, building on two consecutive years of more than 100% cannabis revenue and Adjusted EBITDA growth.”
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The Deal Summary
The aggregate purchase price to be paid for Kind, in a combination of cash and promissory notes, will be $20 million.
In addition, the company will acquire the minority interests of one of the current owners of Kind in two subsidiaries of the company that own cannabis facilities in Maryland and Delaware for $2 million in the aggregate. Further, upon the closing of these transactions, all Kind related litigation will be dismissed with prejudice.
The transaction makes Maryland the third state in which MariMed will have acquired a licensed cannabis business it manages and assisted in developing. The other two are Massachusetts and Illinois. This acquisition is part of the company’s strategic growth plan to consolidate the multiple state cannabis businesses it organically developed and manages.
Kind, which holds cannabis licenses for cultivation and production, as well as a provisional license for a dispensary, currently leases from Mari Holdings MD, LLC, a MariMed subsidiary, a 180,000 square foot cultivation and processing facility in Hagerstown, which MariMed developed. Mari Holdings MD, LLC also owns and is developing a dispensary facility for Kind in Annapolis, which is expected to open in early 2022.
Price Action
MariMed’s shares closed Wednesday market session 0.41% lower at $0.9 per share.
Photo by Elsa Olofsson on Unsplash
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