MariMed Inc. , a leading multi-state 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, Illinois. 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,” said Jon Levine, Chief Executive Officer of MariMed. “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,” added Ryan Crandall, Chief Revenue Officer of MariMed. “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, Illinois.
About MariMed
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™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™, and Vibations™, which are trademarks of MariMed Inc. For additional information, visit www.marimedinc.com.
