NORWOOD, Mass., April 21, 2020 (GLOBE NEWSWIRE) — MariMed Inc. (MRMD:OTCQX) (the “Company” or MariMed), a leading multi-state cannabis and hemp operator focused on health and wellness, announced today that Betty’s Eddies™, its proprietary, in-house award-winning national cannabis brand, will now be available for retail purchase in Nevada. The expansion is part of MariMed’s plan to increase the licensing and distribution of its proprietary Brands and Products into high-growth legal state markets.
Betty’s Eddies has been one of the top performing cannabis brands in multiple states across the country, earning the LeafLink award for Best Selling Medical Product in 2019. Betty’s Eddies are gluten-free, vegan fruit chews made from organically grown fruits and vegetables. Containing full spectrum cannabis oil, Betty’s Eddies are produced in a wide variety of dosages and flavors, also offering limited edition varieties by market. Betty’s Bedtime variety has proven to be a top seller in all markets, helping our customers achieve much needed rest and sleep.
In Nevada, MariMed has partnered with Solace Holdings at their state-of-the-art licensed production and manufacturing facility in Las Vegas. A variety of Betty’s Eddies are now being sold in Nevada, and can be found at Nuwu Dispensary in Elko, Nevada, with several more retail locations to be added this month.
Ryan Crandall, Chief Product Officer and SVP of Sales at MariMed, Inc., commented, “With a successful launch in the Massachusetts market and continued growth in Maryland and Rhode Island, Betty’s Eddies has achieved substantial sales growth through the last quarter of 2019 into the first quarter of 2020. The Betty’s brand is one of the most popular cannabis brands in the United States today, with innovative new varieties appealing to a wide range of consumer preferences. As we continue to grow into new markets, we have the opportunity to serve a broader consumer profile and therefore to evolve our product offerings in line with the market demand.”
According to BDS Analytics, Nevada surpassed retail sales expectations in its first year of adult-use sales, and sales are expected to surpass $1.2 billion by 2022. With over 45 million visitors a year from all over the world, Nevada is a key market to building an internationally recognized cannabis brand.
Bob Fireman, CEO of MariMed, Inc., commented, “As the cannabis marketplace continues to grow and cannabis consumers explore new and health-focused consumption options, we believe demand for our brands in Nevada and across our other markets will grow in lock step. MariMed is dedicated to producing the safest, highest quality products and we are excited to introduce them to Nevada adult-use consumers.”
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MariMed Inc., a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units.
The Company is at the forefront of science and innovation through research developed by its lab technicians and medical advisors resulting in industry-leading products and brands, including “Kalm Fusion”, “Betty’s Eddies” and Bourne Baked Goods. These precision dosed products are focused on specific medical symptoms and are licensed and distributed across the country.
In 2019, with the enactment of the 2018 US Farm Bill, MariMed formed MariMed Hemp, a wholly owned subsidiary, to leverage its seed to sale cannabis platform and experience into the emerging hemp-based CBD industry. MariMed Hemp has developed and is marketing a portfolio of CBD brands and products to multiple retailers and direct to consumers both domestically and internationally.
Important Caution Regarding Forward-Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc. that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events, including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement and changes in the economic environment and developments in, and the outcome of, GenCanna’s Chapter 11 proceeding. Additional risk factors are included in the Company’s public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “planned, “estimated,” “preparing,” “potential,” “expected,” “looks” or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
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Jon Levine, CFO
Tel (781) 559-8713
KCSA Strategic Communications
KCSA Strategic Communications
Scott Eckstein / Elizabeth Barker