NORWOOD, Massachusetts, August 8, 2022 - PRESS RELEASE - MariMed, Inc., a multi-state cannabis operator, announced it signed a definitive agreement to acquire the ownership interests in a conditional adult-use cannabis dispensary license in Illinois. The dispensary license is for the BLS District #16, which is situated in the Central-Eastern part of Illinois, bordering Indiana. The closing of the acquisition is dependent on certain conditions, including the resolution of any remaining legal challenges affecting nearly 200 social equity dispensary licenses and regulatory approval for the acquisition.
Upon closing the acquisition, MariMed will commence operation of its fifth Thrive adult-use dispensary in Illinois, which is expected in 2023. MariMed owns and operates four adult-use dispensaries in Anna, Harrisburg, Metropolis, and Mt. Vernon. Additionally, the company is constructing a state-of-the-art craft cultivation and processing facility in Mt. Vernon, Ill., making MariMed a full vertical operator in the state when completed. The Mt. Vernon facility can house up to 14,000 square feet of canopy, an extraction lab to produce concentrates, and a production kitchen to manufacture edibles and other derivative products.
“I am excited to announce we have acquired our fifth dispensary license in Illinois, which will further bolster our market share in that state,” said Bob Fireman, MariMed CEO. “Acquiring another dispensary in Illinois aligns with our strategic growth plan and delivers on another shareholder commitment. We continue to explore acquiring an additional five dispensaries, as Illinois allows up to 10 for a single owner. “
MariMed intends to manufacture and distribute its proprietary brands and products throughout Illinois. That includes its Betty’s Eddies fruit chews, Nature’s Heritage flower and concentrates, Bubby’s Baked soft and chewy baked edibles, and more.
