MariMed Acquires Fifth Adult-Use Dispensary License in Illinois
August 8th, 2022
News, Top News
NORWOOD, Mass., Aug. 08, 2022 (GLOBE NEWSWIRE) — MariMed, Inc (CSE: MRMD), (OTCQX: MRMD), (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today 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 resolution of any remaining legal challenges affecting nearly 200 social equity dispensary licenses, and regulatory approval for the acquisition
Upon closing of the acquisition, MariMed will commence operation of its fifth Thrive adult-use dispensary in Illinois, which is expected in 2023. MariMed currently 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, Illinois, 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 for the manufacture of 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, Chief Executive Officer of MariMed. “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, which was the top-selling edible in the state until 2019 through a third-party licensing agreement, its award-winning Nature’s Heritage flower and concentrates, its Bubby’s Baked soft and chewy baked edibles, and more.
According to the Illinois Department of Financial and Professional Regulation, Illinois reported $1.8 billion in total legal cannabis sales in 2021, which was up more than 100% versus 2020 when adult-use cannabis was first legalized in the state. With a population of nearly 13 million, approximately 110 operational dispensaries, and $1.8 billion in legal cannabis sales, Illinois is one of the largest, fastest-growing cannabis markets in the U.S.
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy. For additional information, visit www.marimedinc.com.
Investor Relations Contact:
Vice President, Investor Relations
Email: [email protected]
Email: [email protected]
Chief Communications Officer
Email: [email protected]
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.