MariMed Stockholders Approve Reverse-Split Option for Board

MariMed Inc. stockholders approved a proposal giving the board authority to carry out a reverse split of the company’s common shares, within a 1-for-50 to 1-for-100 range, while leaving the decision and timing to directors.

The special meeting took place Wednesday, Oct. 28, at 9:30 a.m. ET (1:30 p.m. UTC). MariMed announced the vote Thursday, Oct. 29. Approval alone did not put a split into effect: the board may select a ratio within the approved range or abandon the proposal.

If a split proceeds, holders who would otherwise receive fractional shares will be paid in cash. The change would not reduce the number of authorized common shares. Approval required an affirmative vote from a majority of the outstanding shares entitled to vote.

MariMed proposed the split to raise its common-share price in connection with a potential listing on NYSE American or Nasdaq. The company cautioned that a split would not ensure it met exchange requirements. Its adult-use cannabis operations could also pose a barrier to a national exchange listing under current federal law and exchange policies.

Jon Levine, MariMed’s CEO, thanked stockholders for what he called their “overwhelming support.” He said the vote authorized the board to decide “whether and when to implement” the proposal.

MariMed has not announced whether it will proceed, the final ratio or an effective date.