MariMed today announced an agreement with TILT Holdings that will expand the distribution of the company’s medical marijuana products to Pennsylvania.
Standard Farms, a wholly owned subsidiary of TILT, entered into a management services agreement (MSA) with MariMed which will see the company assume the day-to-day management of TILT’s Standard Farms cultivation and processing facility in White Haven, Pennsylvania.
Standard Farms will remain the sole permit holder but MariMed will provide management services including oversight of budgeting, financial planning, and compliance with applicable laws, and will maintain quality management programs. MariMed will also be responsible for advising on accounting, managing business bank accounts, and ensuring compliance with tax and licensing requirements.
In addition, Standard Farms intends to produce and distribute MariMed’s brands in Pennsylvania.
Pursuant to the MSA, which has an initial term of four years, MariMed will receive a management fee of 12.5% of Standard Farm’s gross revenue.
