MariMed, Inc announced that it has acquired the operating assets of Ermont Inc., a vertically integrated medical cannabis operator located in Quincy, Massachusetts.
The closing of this transaction is the result of a successful restructuring conducted by Ermont’s court-appointed receiver Opus Consulting Partners LLC.
Opus Consulting and MariMed negotiated this transaction with court approval. The acquisition marks the second medical dispensary for MariMed in Massachusetts, completing MariMed’s buildout to the maximum allowable by state regulations.
The transaction closed on March 9, 2023, and the dispensary began operations under the Panacea Wellness brand name the following day. This is the first cannabis receivership (a court-appointed pathway used by struggling businesses and creditors as an alternative to bankruptcy) in New England and a first-of-its-kind transaction.
MariMed was represented by Foley Hoag LLP. Terms of the deal were not disclosed.
Headquartered in Norwood, Massachusetts, MariMed, Inc. is a multi-state cannabis operator that develops, owns and manages seed to sale state-licensed cannabis facilities.
According to data captured in the LevinPro HC database, this acquisition represents the 14th Pharmaceuticals deal of 2023. There were also 14 Pharmaceuticals transactions announced between January 1, 2022, and March 14, 2022.
