MariMed Opens Fifth Illinois Dispensary
MariMed opened a new Thrive dispensary in Casey, Illinois. This is its fifth dispensary in Illinois and 12th nationwide. Casey is in Eastern Illinois and just 30 minutes from the Indiana border. Thrive Casey is the closest dispensary to Indiana, a state that does not have a medical or adult-use cannabis program, which may drive residents to cross the border to Casey to find high-quality products that are legal and tested. “We have high hopes for the Thrive dispensary location in Casey,” said Rosie Naumovski, MariMed’s General Manager for the state of Illinois. “It’s ideally located just off Interstate 70, close to the Indiana border, and with no other dispensaries within a 30-minute drive. We are also excited to contribute to Casey’s culture as the home of big things. After all, MariMed is the company that created the World’s Largest Pot Brownie!” To begin serving the community, the new store had a soft opening using a converted mobile bank trailer. The permanent storefront is under construction and is expected to be completed in December and will match the modern look and feel of the other Thrive dispensaries. Thrive Casey will begin operations under a managed services agreement until the license transfer is approved by the Illinois Cannabis Control Office. Illinois has a 10-store cap, which gives MariMed the ability to add five more stores. In addition, it is building processing and cultivation facilities in Mount Vernon, Illinois. The processing facility is expected to open in 4Q and allow MariMed to begin producing its award-winning edibles. The company expects the cultivation facility to open in early 2024. By pairing the dispensaries with processing and cultivation, MariMed will be vertically integrated in Illinois, which typically leads to higher margins and greater control of the supply chain. In addition, it can participate in the Illinois wholesale market. 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 made $1.5 billion in sales in 2022 and sales continue to grow as new stores open. YTD, Illinois adult-use cannabis sales are up 9.06%.
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