MariMed Partners with TILT Holdings for Market Expansion
MariMed Inc. (CSE: MRMD), a premier player in the cannabis consumer packaged goods sector, has recently announced a significant partnership with TILT Holdings. This exciting agreement aims to launch MariMed's renowned medical marijuana products into the Pennsylvania market.
Strategic Management Services Agreement Established
As part of this collaboration, Standard Farms, a subsidiary of TILT, has entered into a Management Services Agreement (MSA) with MariMed Advisors, Inc. Under the MSA, effective September 1, MariMed will take charge of daily operations at Standard Farms' cultivation and processing facility.
Roles and Responsibilities
The management provided by MariMed includes comprehensive oversight essential for ensuring success. This includes budgeting, financial planning, and compliance with all applicable regulations. MariMed as the Manager will also maintain quality management programs and assist with accounting and tax compliance.
Financial Benefit from the New Agreement
Under the terms of the agreement, MariMed will receive a management fee calculated at 12.5% of Standard Farms' gross revenue, providing an attractive revenue stream as they venture into this prominent market.
Commentary from MariMed's Leadership
Jon Levine, the CEO of MariMed, expressed enthusiasm about entering Pennsylvania. He highlighted the state as a formidable medical marijuana market that shows potential for adult-use cannabis. This step aligns with MariMed's strategy to expand their brand presence across high-growth markets.
TILT's Commitment to Quality
Tim Conder, CEO of TILT, also shared his excitement about partnering with MariMed. He emphasized the importance of this agreement in delivering high-quality products to medical cannabis patients in Pennsylvania. He noted that their teams have established a strong foundation for quality and trust, positioning them well for success in this venture.
About MariMed Inc.
MariMed Inc. is recognized as a leading multi-state cannabis operator, focusing on developing and managing cutting-edge facilities. Their diverse portfolio includes popular brands such as Betty's Eddies™, Bubby's Baked™, Vibations™, InHouse™, and Nature's Heritage™, solidifying their reputation in the industry for quality and innovation.
About TILT Holdings
TILT Holdings serves cannabis businesses by enhancing brand building through a selection of technology, hardware, cultivation, and production resources. With operations spanning North America and beyond, TILT is committed to supporting the cannabis industry's growth.
Frequently Asked Questions
What is the purpose of MariMed's partnership with TILT Holdings?
The partnership is established to launch MariMed's medical marijuana products into the Pennsylvania market.
What does the Management Services Agreement entail?
Under the MSA, MariMed will manage Standard Farms' cultivation and processing facility, overseeing operations and compliance.
How will MariMed benefit financially from this agreement?
MariMed is set to receive a management fee of 12.5% based on Standard Farms' gross revenue.
What brands does MariMed offer?
MariMed's popular brands include Betty's Eddies™, Bubby's Baked™, and others known for quality and innovation.
What is TILT Holdings' mission?
TILT is dedicated to helping cannabis businesses by providing essential tools and services to strengthen brand identities.
Contact Information
TILT Company Contact:
Lynn Ricci, VP of Investor Relations & Corporate Communications
Email: lricci@tiltholdings.com
MariMed Company Contact:
Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
