Norwood, MA, Jan. 15, 2019 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQB:MRMD), a leading multi-state cannabis operator, today announced the formation of MariMed Hemp, Inc., a wholly-owned subsidiary to be entirely focused on hemp-derived CBD products. MariMed Hemp will have a dedicated executive team, proprietary brand and product lines, and distribution and marketing relationships, all separate from MariMed's core cannabis business.
The subsidiary builds on MariMed's recent investment in GenCanna Global, a leader in high-quality, fully compliant hemp cultivation and processing which is acclaimed for its genetics, proprietary cultivation practices and best in class processing procedures that produce world class, GMP, quality CBD isolates and oils. GenCanna anticipates planting and processing over 10,000 acres of hemp in 2019, making it one of the nation's largest hemp producers and the key supplier of hemp CBD oil to MariMed Hemp.
Complemented by MariMed's expertise in the cannabis market, MariMed Hemp is building a full stack enterprise to offer hemp-derived CBD products for the U.S. market. The initial focus for this new venture will be to develop robust distribution networks with national reach, enabling representatives to call on thousands of medical offices, wellness centers, and other distribution points nationwide. MariMed Hemp will also develop a direct response portal for sales direct to consumers. Concurrently, unique opportunities with large retailers, such as national convenience and drug store chains, will be cultivated as volume channels for hemp-based products.
Mr. Fireman shared details of MariMed's hemp initiative in a Bloomberg Radio's Baystate Business interview on January 11, 2019 which can be heard here: https://www.bloomberg.com/news/audio/2019-01-11/baystate-business-mass-pike-project-radio . MariMed Hemp will soon be announcing its new executive team, partners and advisors. Stay tuned.