MariMed 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.
“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.”
“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.”
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