
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.