MariMed Inc. entered into a definitive agreement to acquire Operating assets of Our Community Wellness & Compassionate Care Center, Inc. for $5.3 million.

MariMed Inc. (OTCPK:MRMD) entered into a definitive agreement to acquire Operating assets of Our Community Wellness & Compassionate Care Center, Inc. for $5.3 million on February 1, 2024. The purchase consideration is comprised of $2 million of cash in the aggregate, a $2 million note to be issued to the sellers at the time of closing, and shares of MariMed's common stock with a fair value of $1.25 million based on a formulaic calculation, to be issued at the time of closing. Transaction is subject to approval by the Maryland Cannabis Administration.

MariMed expects this acquisition to be completed in 2024.