Multi-state cannabis operator MariMed has completed its acquisition of First State Compassion Center (FSCC), a cannabis operator in Delaware. The acquisition integrates FSCC’s cultivation and processing facilities, and two dispensaries into MariMed’s fully vertical operations.
The deal was facilitated by the state permitting FSCC to transition from a not-for-profit to a for-profit business. It comes as Delaware is expected to commence adult-use cannabis sales later this year.
MariMed and FSCC have worked together since 2014, when MariMed assisted FSCC in securing its original cannabis license and began providing FSCC with management and real estate services. FSCC distributes MariMed’s portfolio of brands in Delaware.
Becoming the owner of FSCC completes an important component of MariMed’s strategic growth plan. With this development, the company has now completed the acquisition of its previously managed businesses in Massachusetts, Illinois, Maryland, and Delaware, the results of each of which are now consolidated in the company’s financial statements.
“We are thrilled to welcome FSCC to the MariMed family,” said CEO Jon Levine. “We have worked closely with FSCC’s incredible team to support its growth trajectory from the very beginning, resulting in it being the top operator in Delaware today. We expect by fully integrating its operations, we will further build FSCC’s and our brands’ dominance in the market, while also improving our balance sheet.”
