Staff
MariMed Inc., (MRMD) has acquired iRollie LLC, including its intellectual property, clients, and its host of products and services in a deal valued at $600,000 to be paid in MariMed stock. IN addition to acquiring the company, iRollie’s cofounders Luke Shepter and Joe Khoury have been hired by MariMed to expand the iRollie business as well as to bring their expertise and services in-house.
According to the company statement, the company purchase will allow MariMed to round out its portfolio with an ancillary business capable of servicing all existing brands and drive new business.
“MariMed identified a number of synergies between our two companies that we felt best to bring in-house to strengthen internal capabilities. We continue to set new standards in the industry with innovative all-natural cannabis products requiring premium branding, packaging, and marketing as well as strategic sourcing,” stated Tim Shaw, MariMed COO. “iRollie enables an in-house ability to develop, improve and effectively market new and existing brands, as well as add a fast-growing revenue stream of proprietary product offerings to MariMed’s financials.”
iRollie is an e-commerce website that sells cannabis accessories. The statement said that the iRollie team designed, prototyped, and produced custom products and packaging for cannabis companies in Massachusetts, Nevada, Colorado, Maine, with distribution facilities in Nevada and Pennsylvania. The co-founders bring formidable talent to MariMed with Khoury’s strong background in cannabis early strategic growth, digital marketing, supply chain management and Shepter’s expertise in redeveloping processing operations for recreational marijuana-infused products, with a strong focus on reducing production costs and increasing scalability.
“We are excited to apply our experience scaling cannabis brands in both recreational and medical markets to create best in class brands,” stated Shepter. “We believe these brands will capture the hearts and minds of B2B customers and consumers alike, and that our synthesis of cutting-edge design of physical assets and digital technology will enhance customer retention and maximize ROI,” Khoury concluded.
Stock Performance
MariMed stock was lately trading at $2.92 on the OTC Markets, down from its 52-week high of $4.07.
