MariMed Extends Series B Preferred Stock Obligation Through 2031, Strengthening Capital Structure

Core Viewpoint - MariMed Inc. has successfully entered into a Restructuring and Exchange Agreement with holders of its Series B Convertible Preferred Stock, extending the maturity of its obligations and enhancing its liquidity profile [1][2][3] Group 1: Restructuring Agreement Details - The Agreement eliminates the mandatory conversion date of February 28, 2026, replacing it with long-dated instruments, extending the weighted average maturity of the obligation by 4.6 years [2] - The restructuring includes a $2 million promissory note maturing in March 2028 at 8% interest, a $6 million promissory note maturing in March 2031 at 10% interest, and $6.725 million of Series B Convertible Preferred Shares valued at $0.25 per share, subject to mandatory conversion in February 2031 [5] Group 2: Financial Impact and Future Outlook - The restructuring significantly reduces near-term refinancing risk and enhances the Company's financial flexibility, allowing it to focus on growth initiatives [2][3] - The obligation as restructured includes both unsecured debt at favorable market rates and an equity component with a conversion feature at a significant premium to current market [3] Group 3: Company Background - MariMed Inc. is a leading multi-state cannabis operator known for its award-winning portfolio of cannabis brands, including Betty's Eddies™, Bubby's Baked™, Vibations™, InHouse™, and Nature's Heritage™ [4] - The Company is committed to excellence and continues to drive growth while setting new standards in the cannabis industry [4]