MariMed completes acquisition of First State Compassion Center in Delaware | Where to buy Skittles Moonrock online

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MariMed (CSE: MRMD) (OTCQX: MRMD) completed its acquisition of First State Compassion Center, finalizing a move that transforms the company’s longstanding management relationship into full ownership, the company announced late Monday afternoon.

The deal brings FSCC’s cultivation and processing facilities and two dispensaries under MariMed’s control.

“We are thrilled to welcome FSCC to the Marimed family,” MariMed CEO Jon Levine said in a statement. “We have worked closely with FSCC’s incredible team to support its growth trajectory from the very beginning, resulting in it being the top operator in Delaware today.”

Delaware is preparing to launch recreational sales later this year, with a report estimating that the state’s legal cannabis market could reach $215 million in annual sales.

The two companies have worked together since 2014, when MariMed helped FSCC secure its original cannabis license and began providing management and real estate services. The state facilitated the deal by allowing FSCC to switch from a not-for-profit to a for-profit business.

MariMed’s brands are already popular in Delaware. Betty’s Eddies fruit chews and Vibations drink mix are the top-selling edible and beverage brands in the state, according to Lit Alerts data cited in the announcement. Its Nature’s Heritage flower product line, launched last spring, ranks fourth among flower brands in Delaware.

In November, MariMed posted third-quarter revenue of $40 million, up from $38.8 million a year earlier, while trimming its net loss to $995,000 from $4.2 million. The company’s wholesale business grew by at least 20% year-over-year.

MariMed noted that it has now finished acquiring previously managed businesses in Massachusetts, Illinois, Maryland and Delaware. Financial results from these operations are now included in the company’s financial statements.

The company also recently launched adult-use sales in Quincy, Massachusetts; opened a second adult-use dispensary in Maryland; and started recreational cannabis sales in Tiffin, Ohio.

Levine expects this latest integration will “further build FSCC’s and our brands’ dominance in the market, while also improving our balance sheet.”