The Massachusetts Cannabis Control Commission (“CCC”) gave final approval to issue to MariMed three adult-use licenses for cultivation, production, and retail, subject to final inspections.
"The cultivation and production licenses will be deployed at its 70,000-square-foot cannabis manufacturing facility in New Bedford, Mass., and the retail license at its Panacea Wellness Dispensary in Middleborough, Mass," the team with the company explains. "The Company continues to actively develop two additional dispensary locations for its other provisional adult use and medical licenses."
Bob Fireman, Chief Executive Officer of MariMed, commented, “Adding adult-use sales at Panacea Wellness will open a huge revenue opportunity to our already booming Massachusetts wholesale and retail business. This 10,000 square foot dispensary is located on a heavy traffic road between two major highways connecting many southeastern Massachusetts towns. This will be a destination for our loyal consumers to purchase our top selling brands, Nature’s Heritage flower and Betty’s Eddie’s fruit chews. We expect the final inspection on or before September and to open immediately thereafter.”
According to BDS Analytics, Massachusetts retail cannabis sales in 2019 were $587 million, growing to exceed $745 million in 2020, and the firm expects this market will conservatively reach $1.35 billion by 2024. Today, consumers in the Massachusetts spend an average of $140 a month on cannabis products, or almost 200% above the nationwide average.
Tim Shaw, Chief Operating Officer of MariMed, said, “My team has worked long and hard to secure these licenses. Our state-of-the-art cultivation, production, and dispensary facilities developed under the state medical cannabis program were designed for and are ready to support added production of our top-rated flowers and products into the robust Massachusetts Adult Use marketplace. Thank you to our team and to the CCC for making this possible.”
For more information:
Marimed
T: 949-432-7443
MRMD@cma.team
marimedinc.com