MariMed (OTCQB:MRMD) announced it raised $2.828 million in equity through the sale of its restricted common stock in private placements for the development of their facilities in Maryland and Massachusetts.
As quoted in the press release:
MariMed has raised $2.828 million in equity through the sale of its Restricted Common Stock in private placements between October 30, 2017 and January 24, 2018 at prices averaging 15 [percent] below the market price. The funds were used for the continued development of MariMed cannabis facilities in Maryland and Massachusetts. Additionally, MariMed reduced its liabilities by $1.8 million through the conversion of $1.25 million of promissory notes into Common Stock retiring $550,000 of additional promissory notes. MariMed also converted $500,000 plus dividends in holdings of Preferred Class A Stock to Common Stock.
“We have a combination of new and returning investors who recognize MariMed’s achievements of major milestones within announced timeframes and are confident in MariMed’s proven business model,” stated Jon Levine, MariMed CFO. “These transactions strengthen our balance sheet by increasing our assets and reducing our debt. As MariMed continues to grow stronger and expand its footprint in the cannabis industry, our increasing revenue, assets, and earnings are attracting new capital, positioning our company for a continued upward trajectory and future growth.”