Hill Incorporated announced that on November 3, 2023, its DehydraTECH commercialization partner Dehydr8, LLC (Dehydr8) executed a new definitive multi-year sublicensing deal with leading multi-state cannabis operator MariMed Inc. (MariMed), for an initial term ending June 30, 2026, with an option to renew for an additional 5 years. MariMed will use the patented DehydraTECH biodelivery technology to power the next generation of cannabis edibles sold under several of its award-winning brands. These new and improved versions of MariMed products were precisely developed and tested to deliver better efficacy, speed of onset, consistency, and taste.

Product innovation using DehydraTECH has also enabled MariMed to create products that meet a wider range of consumer needs and taste profiles. Over the next few months, MariMed will roll out the improved DehydraTECH products, including VibationsTM all-natural, full-spectrum cannabis drink mix and K FusionTM chewable tablets, in Massachusetts, Maryland, Illinois, and Delaware. Today's announcement represents continued expansion by Hill on the key factors driving the growth agenda of its DehydraTECH licensing business, as detailed in the Company's October 24, 2023 Management's Discussion & Analysis.

The following chart shows the significant advances we have made year-over-year in the DehydraTECH licensing business, beginning from the December 2020 rights acquisition through December 2023 (expected).