MariMed Inc. (OTCPK:MRMD) intends to acquire Operating Assets of Ermont, Inc. on February 21, 2023. The acquisition is subject to approval by the Massachusetts Cannabis Control Commission. There is no assurance when, or if, the CCC will approve the acquisition. The transaction is also subject to court approval. As of March 9, 2023, court approval and CCC were provided. Erica Rice and Kevin Conroy of Foley Hoag LLP acted as legal advisor to MariMed. Opus Consulting was represented by John Morrier and Michael Fencer of Casner & Edwards, LLP. Ermont?s senior secured creditor, Teneo Funds SPVi, LLC was represented by Burns & Levinson LLP partners Frank Segall and Scott Moskol.

MariMed Inc. (OTCPK:MRMD) completed the acquisition of Operating Assets of Ermont, Inc. for $13 million on March 9, 2023. As consideration for the Ermont Acquisition, which totaled $13 million, the Company paid $3 million of cash, issued 6,580,390 shares of the Company's common stock, and issued a $7 million promissory note. The Ermont Note has a six-year term and bears interest at 6.0 % per annum, with payments of interest-only for two years and thereafter, quarterly payments of principal and interest in arrears. The outstanding balance on the Ermont Note is due and payable in full if and when the Company raises $75 million of equity capital. As of November 9, 2023 which totaled $10.56 million, the Company paid $3 million of cash, issued 2,994,000 shares of the Company's common stock, and issued a $4.57 million promissory note.