MariMed, Inc. has signed a definitive agreement to acquire Green Growth Group, Inc., holder of a provisional cannabis craft license in Illinois.
The transaction will allow MariMed to add cultivation, manufacturing and distribution to its existing retail cannabis operations in the state. MariMed will bring its full product portfolio of award-winning and top-selling brands, genetics and products to one of the top cannabis markets in the United States.
“This acquisition allows MariMed to be a vertically-integrated cannabis operator in Illinois, where we already operate four high-performing Thrive-branded dispensaries,” said MariMed CEO Bob Fireman. “It is an important part of our strategic growth plan to increase our revenue and profits by expanding in the high-growth states in which we currently operate. Illinois regulations provide for our company to own up to 10 dispensaries and three craft licenses.”
MariMed will acquire a building to develop up to 14,000 square feet of canopy for cultivation, build an extraction lab to produce concentrates, and build a production kitchen for the manufacture of edibles and other derivative products. A transportation license also being acquired will allow the company to wholesale its products throughout Illinois.
MariMed intends to manufacture and distribute in Illinois its proprietary brands and products, including its Betty’s Eddies fruit chews, which was one of the top-selling edibles in the state until 2019 through a third-party licensing agreement, and its Bubby’s Baked soft and chewy baked edibles, among other products.
The transaction is subject to customary closing conditions and regulatory approvals. Terms of the deal were not disclosed.