MariMed Announces Opening of Panacea Wellness Dispensary in Beverly, Massachusetts

MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced it opened an adult-use only Panacea Wellness Dispensary in Beverly, Massachusetts, marking the Company’s third operational dispensary in the state and the tenth dispensary that MariMed owns or manages across four states. The dispensary is located at 13 Enon Street in Beverly, a densely populated city located north of Boston.

The Company plans to celebrate with a Grand Opening on April 27th, which will continue through April 29th. The celebration will include live entertainment (including radio station HOT 96.7 Disk Jockey, Ramiro on the 28th from 11:00 am to 1:00 pm), food trucks, and free merchandise. This opening significantly deepens MariMed’s presence in the Boston area. In March 2023, the Company re-branded and began operating Panacea Wellness Dispensary in Quincy, another highly populated city located south of Boston. The Company also operates its original Panacea Wellness Dispensary in Middleboro, a city located south of Quincy, enroute to Cape Cod.

All Panacea Wellness Dispensary locations offer a curated selection of the best cannabis products from across the state, including MariMed’s award-winning portfolio of brands. It includes Nature’s Heritage flower and concentrates – the #1-selling flower brand in Massachusetts; effects-focused Betty’s Eddies fruit chews; Bubby’s Baked soft and chewy baked goods; Vibations energy drink mixes; and InHouse, a high-quality, affordably priced selection of cannabis products. 

In addition to the three Panacea Wellness Dispensary locations, MariMed’s Massachusetts operations include a cultivation and production facility in New Bedford and the Company’s headquarters in Norwood.

MariMed’s branded cannabis products are distributed to virtually all the dispensaries in the Massachusetts cannabis market, which generated $1.8 billion in total cannabis sales during 2022 according to the Massachusetts Cannabis Control Commission. The opening of the Panacea Wellness Dispensary in Beverly is part of the Company’s strategic plan to build out its existing footprint to the maximum allowable by state regulations.

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