U.S.: MariMed Advisors Closes Acquisition of Sigal Consulting, $2 Million Working Capital
There’s a new name making some waves in the medical marijuana space. Publicly traded Worlds Online subsidiary MariMed Advisors has closed on the acquisition of Sigal Consulting and $2 million in working capital.
Sigal Consulting, now known as MariMed Advisors, specializes in all aspects of medical marijuana, from licensing application to cultivation and sale.
Sigal designed the Thomas C. Slater Compassion Center cultivation and dispensary facility in Providence, Rhode Island -- one of the largest state sanctioned dispensaries in the country.
"Closing this capital raise and acquisition demonstrates investor interest and confidence in our team and strategy for capturing significant market share in the developing medical marijuana sector," said Thom Kidrin, CEO of WORX. "These funds will allow us to expand our team and meet the demand from our growing pipeline of potential licensees in their efforts to gain authority to build and operate cultivation and dispensary operations."
While no assurance can be given that it will be successful, MariMed Advisors is in discussion with multiple capital sources in an attempt to secure additional funds for the acquisition of real estate and operational facilities needed to provide future licensees the operational capabilities to successfully operate under their licenses. This is a critical component for many licensees, as legacy regulations prevent financial institutions from financing such transactions for organizations in the medical marijuana industry, even in states where it has been legalized.
In addition, if successful, funding will be utilized to expand laboratory testing, systems, and product development to produce medicine in licensed facilities that effectively support the clinical needs of patients requiring medical cannabis. MariMed is currently in discussions with several medical facilities and physician groups to study outcomes and deliver more effective treatment.
"With the timely closing of this transaction, we can now focus on growing our licensee relationships and the most cost effective path to capitalizing WORX to take advantage of the growing momentum in state legalization and licensure of medical marijuana," said Robert Fireman, CEO of MariMed Advisors. "We have very targeted and aggressive plans for growth in all areas, including cultivation and dispensary operations, product development and patient education and support."