MariMed Acquires iRollie to Support MariMed Brands, Expand into Ancillary Cannabis Service Offerings
Jul. 24, 2018
● Brand, web, packaging development services and solutions,
● iRollie intellectual property
● Smoking accessories and e-commerce marketplace
NEWTON, Mass., July 24, 2018 (GLOBE NEWSWIRE) -- MariMed Inc., (OTCQB:MRMD) today announced it has acquired iRollie LLC, including its intellectual property (IP), clients, and its host of products and services. MariMed hired iRollie’s cofounders Luke Shepter and Joe Khoury to expand the iRollie business as well as to bring their expertise and services in house to support MariMed brands and clients. MariMed acquired iRollie and its executives in exchange for $600,000 in MariMed stock.
The acquisition enables MariMed to round out its ownership portfolio with an ancillary business capable of servicing all existing brands and drive new business, partnerships, and revenue. The MariMed team and iRollie co-founders will be available for interviews at the CannaCon Boston Conference, July 27-28 at MariMed Booth #128, Hynes Convention Ctr.
“MariMed identified a number of synergies between our two companies that we felt best to bring in-house to strengthen internal capabilities. We continue to set new standards in the industry with innovative all-natural cannabis products requiring premium branding, packaging, and marketing as well as strategic sourcing,” stated Tim Shaw, MariMed COO. “iRollie enables an in-house ability to develop, improve and effectively market new and existing brands, as well as add a fast-growing revenue stream of proprietary product offerings to MariMed’s financials.”
The iRollie team designed, prototyped, and produced custom products and packaging for cannabis companies in Massachusetts, Nevada, Colorado, Maine, with distribution facilities in Nevada and Pennsylvania. The co-founders bring formidable talent to MariMed with Khoury’s strong background in cannabis early strategic growth, digital marketing, supply chain management and Shepter’s expertise in redeveloping processing operations for recreational marijuana-infused products, with a strong focus on reducing production costs and increasing scalability.
“We are excited to apply our experience scaling cannabis brands in both recreational and medical markets to create best in class brands,” stated Shepter. “We believe these brands will capture the hearts and minds of B2B customers and consumers alike, and that our synthesis of cutting edge design of physical assets and digital technology will enhance customer retention and maximize ROI,” Khoury concluded.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c8f374a2-5c75-4d49-91cc-2ffbfc6bdc5d
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About MariMed Inc.:
MariMed is a multi-state professional cannabis organization that develops, owns and manages cannabis facilities and branded products lines. MariMed’s team has developed state-of-the-art regulatory-compliant facilities in DE, IL, NV, MD, MA, and RI which are models of excellence in horticultural principals, cannabis production, product development, and dispensary operations. In addition, MariMed is on the forefront of precision dosed branded products for the treatment of specific medical symptoms. MariMed currently distributes its branded products in select states and is expanding licensing and distribution to numerous additional markets encompassing thousands of dispensaries. MariMed Inc. is one of the 17 top-performing public cannabis companies in the U.S. tracked on the U.S. Marijuana Index, ( www.marijuanaindex.com ). For additional information, visit www.MariMedAdvisors.com
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the law and its enforcement and changes in the economic environment. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
-- IRollie cofounders Khoury and Shepter
Contacts: For MariMed Business Development Jon Levine, CFO, MariMed info@MariMedAdvisors.com 781-559-8713 Investors Tyler Troup, Circadian Group firstname.lastname@example.org +1 (866) 950 8300 Media Accentuate PR Julie@accentuatepr.com 847-275-3643