MOUNT VERNON, Ill., March 10, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- MariMed Inc., a multi-state cannabis and hemp operator focused on health and wellness, has announced that it has begun development of a third dispensary location in Mount Vernon, Ill. Mari Holdings Mt. Vernon, LLC (subsidiary) recently purchased a 4,800-square-foot, free-standing retail property. The facility has been leased to MariMed’s cannabis licensed subsidiary KBG Harrisburg LLC (KBG) as a licensed dispensary under the state’s new adult use cannabis program. KGP has received zoning approval from the city of Mt. Vernon and will be seeking approval of the Illinois Cannabis Commission for the dispensary. With approval, this dispensary is expected to open in April of this year. Located in a major retail area at crossing of highways US 64 and US 57, the location will provide easy access for local traffic as well as those traveling from the north or east west between St. Louis and Indiana.
MariMed currently manages and operates two licensed dispensaries in Harrisburg and Anna, Ill., for medical and adult use.
“MariMed is thrilled to be expanding our operations into the robust Illinois cannabis market. We are achieving dramatic sales increases in our two other adult and medical use dispensaries in Harrisburg and Anna, Illinois,” said CFO Jon Levine. “Illinois is a key market within the cannabis industry and a valuable part of our consolidation and growth.”
MariMed’s cannabis flower and infused products are at the forefront of science and innovation; through research developed by its lab technicians and medical advisors, its industry-leading brands, including "Kalm Fusion" and "Betty's Eddies,” have already driven significant sales revenue in the state.
Illinois adult use cannabis sales began on Jan. 1, 2020 and MariMed plans to operate four adult-use dispensaries in the state, pending all necessary licensing approvals. The new facility in Mount Vernon is expected to continue increase MariMed’s market foothold in Illinois, where cannabis purchases exceeded a record $39.2 million since adult-use legalization commenced.
