Multistate cannabis operator MariMed stated it’s raised $46 million to aid purchases and repay the majority of its debt that is long-term Healthcare Fund is providing the capital, including an initial $23 million on March 2, in exchange for MariMed stock and warrants.
The fund is managed by Hadron Capital, which is incorporated in the Cayman Islands.
If all the warrants are exercised for cash, Massachusetts-based MariMed will receive additional proceeds of approximately $34 million on top of the $46 million, according to a news release.
MariMed has cultivation and/or operations that are dispensary Delaware, Illinois, Maryland, Massachusetts and Nevada.
“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 CEO Bob Fireman said in a news release.
MariMed’s products and brands include Betty’s Eddies, Nature’s Heritage, Bourne Baking and Kalm Fusion.
Marco D’Attanasio, chief investment officer at Hadron Capital (Cayman), said the investment group “strongly felt MariMed was the opportunity that is best for the continued interest and investment in to the usa MSO space.”