Cannabis MSO MariMed loses $646,000 in ‘sophisticated’ email fraud

MJ Biz Daily reports

Multistate marijuana operator MariMed mistakenly transferred hundreds of thousands of dollars to a “fraudulent recipient” after receiving a “forged email,” according to the company’s latest quarterly filing with U.S. securities regulators.

The fraud revelation comes shortly after the Massachusetts-based MSO’s chief financial officer resigned without explanation, although it is unclear whether the two events are linked.

MariMed, which operates in five states, confirmed to MJBizDaily that the lost sum totaled $646,000.

“We have nothing further to share other than that our expectation is we will recover lost funds either from the bank or through our cybersecurity insurance policy,” MariMed Chief Communications Officer Howard Schacter said in an emailed statement to MJBizDaily.

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