First State Compassion sold to Massachusetts company
Massachusetts-based MariMed Inc. announced March 3 that it has completed its acquisition of First State Compassion Center, the state’s first medical marijuana provider. The announcement said the process began in July 2023.
First State opened Delaware’s first medical marijuana facility in Wilmington in June 2015. About 18 months later, the dispensary opened a second location in the Vineyards at Nassau Valley, just off Route 9 near Lewes.
“We are thrilled to welcome FSCC to the MariMed family,” said Jon Levine, MariMed’s CEO, in a prepared statement. “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.”
The acquisition integrates First State’s cultivation and processing facilities, and two dispensaries, into MariMed’s fully vertical operations. The timing is ideal for MariMed, said the release, because Delaware is expected to commence adult-use cannabis sales later this year.
MariMed and First State have worked together since 2014, when First State was securing its original cannabis license, and then MariMed began providing First State with management and real estate services.
First State already distributes MariMed brands, including MariMed’s Betty's Eddies fruit chews, Vibations drink mix and Nature’s Heritage flower. With the completion of this sale, MariMed has now bought previously managed businesses in Massachusetts, Illinois, Maryland and Delaware.
Chris Flood has been working for the Cape Gazette since early 2014. He currently covers Rehoboth Beach and Henlopen Acres, but has also covered Dewey Beach and the state government. He covers environmental stories, business stories and random stories on subjects he finds interesting, and he also writes a column called Choppin’ Wood that runs every other week. Additionally, Flood moonlights as the company’s circulation manager, which primarily means fixing boxes that are jammed with coins during daylight hours, but sometimes means delivering papers in the middle of the night. He’s a graduate of the University of Maine and the Landing School of Boat Building & Design.
