MariMed Commences Cannabis Processing Operations in Illinois

NORWOOD, Mass., Dec. 4, 2023 – PRESS RELEASE – MariMed Inc., a leading multistate cannabis operator focused on improving lives every day, announced it has begun manufacturing and processing cannabis products in its new processing kitchen in Mt. Vernon, Ill. After lengthy construction and regulatory delays, the company expects that its award-winning products will be available at dispensaries in Illinois in time for the holidays. These include MariMed’s five Thrive Dispensary-branded retail locations in the state.

“We are thrilled that after such a long delay, we are finally commencing operations of our Mt. Vernon processing facility, which officially makes MariMed a vertically integrated cannabis operator in Illinois,” MariMed CEO Jon Levine said. “It is an important part of our strategic growth plan to increase our revenue and profitability by expanding in the high-growth states in which we currently operate. Illinois regulations allow operators to own up to 10 dispensaries and three craft licenses, and we intend to continue expanding in the state.”

The state-of-the-art processing facility contains an extraction lab to produce concentrates, and a production kitchen for the manufacture of edibles and other derivative products. The cultivation facility is currently under construction in the same facility and is expected to be completed in 2024.

“Being vertical in Illinois will improve our retail gross margins and allow us to wholesale our branded products to other dispensaries,” MariMed Chief Revenue Officer Ryan Crandall said. “Our wholesale operations are already ramping and have secured early purchase commitments from retailers throughout the state. The opening of the processing facility, in addition to the opening of our cultivation facility in 2024, are important steps in the execution of MariMed’s strategic growth plan.”

MariMed intends to manufacture and distribute its proprietary brands and products throughout Illinois. That includes its Betty’s Eddies fruit chews, which was the top-selling edible in Illinois until 2020 through a third-party licensing agreement, Bubby’s Baked soft and chewy baked edibles, Vibations hydrating drink mix, InHouse gummies, K Fusion chewable tablets, and more. Upon completion of the cultivation facility construction, the company plans to commence selling its Nature’s Heritage flower through retail and wholesale channels.

MariMed operates five Thrive Dispensary locations in Anna, Casey, Harrisburg, Metropolis and Mt. Vernon, Ill.