MariMed Inc. (MRMD) through its subsidiary MariMed Hemp announced that it is set to acquire 70 percent of MediTaurus LLC, owner of the Florance™ brand of CBD health and wellness products.
The Florance brand of CBD products has a huge following in the US and EU. It currently maintains partnerships with a large number of online distributors, dispensaries, wholesalers, and physicians. This is the first acquisition for MariMed Hemp, which was formed to optimize MariMed’s strategic investment in GenCanna Global, Inc., the Kentucky-based producer of compliant, quality CBD derived from hemp.
What Makes this Deal Important?
Bob Fireman, CEO of MariMed Inc., stated that, “This transaction is extremely important for MariMed for three reasons:
- First, from an operational standpoint, the Florance™ brand jump-starts our MariMed Hemp division with an established, premium line of CBD health and wellness products and formulas in the U.S. and the EU, global licensing of MediTaurus IP; and a network of established European relationships. Florance™ provides a ready platform for new product introductions, including diversity of the uses of hemp including food, food supplements and topicals. MariMed will help rapidly scale up production, distribution and licensing partnerships throughout the major U.S. markets where MariMed operates and sells.
- Second, with MediTaurus and its co-founders, including Dr. Žiburkus, comes a wealth of expertise and research experience into the benefits and function of compounds found in cannabis and hemp. Dr. Žiburkus will be both a trusted advisor and continue his key roles of needed scientific research and balanced education of the medical community on the benefits cannabinoids offer for a variety of health conditions.
- Finally, MediTaurus is a perfect fit with MariMed’s mission, values and corporate culture to unlock and introduce the known and yet-to-be-discovered health benefits of cannabis and hemp.”
MariMed Inc. – Is it a good deal?
With its recent acquisitions, MariMed has placed itself in a stronger position to compete in today’s and future markets. Its acquisition of MediTaurus has opened new doors for its products, given itself a well-established brand to market, and acquired an experienced team of product developers. The company’s investment in GenCanna, a Kentucky-based producer of compliant, quality CBD derived from hemp also places it to become of the largest hemp producers in the US.
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