MariMed invests $30 million in hemp-derived CBD producer
Massachusetts-based MariMed, a company that provides turnkey solutions to cannabis cultivators, producers and dispensaries, announced a $30 million investment into hemp-derived CBD producer GenCanna.
“MariMed’s renowned product development expertise, combined with GenCanna’s leadership position in premium Hemp CBD, will enable us to expand the Hemp CBD product category by creating compelling new consumer brands, and by developing powerful distribution channels,” said MariMed President and CEO Robert Fireman in a statement. “GenCanna shares our values – including our best practices values in producing premium-quality, consistent, and compliant Hemp CBD oils and extracts.”
GenCanna, based in Kentucky, will use the investment to drastically expand its production capacity. In recent years, GenCanna has assembled top-quality genetics for cultivating hemp, and has established production processes that meet or exceed Good Manufacturing Practices (GMP) standards, as well as the highest FDA standards.
“We believe many of the nation’s leading retailers will soon provide Hemp CBD products to their customers, in response to popular demand,” Fireman went on. “MariMed will only purchase from companies who meet those standards. This investment and partnership positions our two companies — working together – to become a trusted leader in the rapidly-growing Hemp CBD sector.”
About MariMed Inc.
MariMed is a multi-state cannabis organization that develops 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 a leader in precision-dosed products for the treatment of specific medical symptoms. MariMed currently distributes its products in select states, and is expanding licensing and distribution to numerous additional markets, encompassing thousands of dispensaries. For additional information, visit www.MariMedAdvisors.com.
About GenCanna Global, Inc.
GenCanna is a vertically-integrated agriculture-technology company specializing in the production of hemp rich in CBD. Founded in 2014, as an inaugural member of the Kentucky Department of Agriculture’s Industrial Hemp Pilot Program, the company is a longstanding industry pioneer. GenCanna works closely with state universities, consumer protection agencies and other regulatory bodies driving key industry language and legislation. Consistent extraction methods and innovative processing technologies ensure GenCanna production processes exceed all regulatory standards for FDA registered and inspected food production facilities. The GenCanna Production Platform assures standardized, repeatable quality from farm to finished product.