Begins Manufacturing and Processing in Illinois
MariMed has begun manufacturing and processing cannabis products in its new kitchen in Mount Vernon, Illinois. As often happens in cannabis, there were construction and regulatory delays, but the company expects to have its award-winning edibles in Illinois stores in time for the holidays. Illinois is the sixth-most populated state with 12.7 million residents. It is among the oldest medical markets and began adult-use cannabis sales on January 1, 2020. The state had $1.5 billion in sales in 2022 and sales continue to grow as new stores open. YTD, Illinois adult-use cannabis sales are up 8.7%. The processing facility includes an extraction lab to produce concentrates and a production kitchen for edibles and other derivative products. MariMed intends to manufacture its Betty’s Eddies™ fruit chews, Bubby’s Baked™ soft and chewy baked edibles, Vibations™ hydrating drink mix, InHouse™ gummies, K Fusion™ chewable tablets, and more. Betty’s Eddies™ was the top-selling edible in Illinois until it left the market in 2020. The new products can be sold through MariMed’s five Illinois dispensaries and in the improving wholesale market. Twenty-eight new dispensaries opened in Illinois in FY23 and the state plans to issue 55 more conditional licenses by the end of CY23. These new doors should provide more wholesale opportunities for MariMed’s products. Chief Revenue Officer Ryan Crandall stated, “Being vertical in Illinois will improve our retail gross margins and allow us to wholesale our branded products to other dispensaries.” MariMed has secured early purchase commitments from retailers across the state. MariMed can continue to expand in Illinois. The state has a 10-store cap, which allows MariMed to open five more dispensaries. A cultivation facility is under construction in the same facility and is expected to be completed in 2024. Once open, MariMed will be fully vertically integrated in one of the top US markets.
Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.
Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.
Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.