MariMed, Inc. has closed its acquisition of Green Growth Group, Inc.
The acquisition allows MariMed to add cultivation, manufacturing, and distribution to its existing cannabis retail operations in Illinois. MariMed will bring its full product portfolio of brands, genetics, and products to one of the top cannabis markets in the United States. The company has commenced development of a state-of-the-art cultivation and processing facility in Mt. Vernon and anticipates commencing operations in the fourth quarter of 2022.
"In this new licensed manufacturing facility, we will produce cannabis flowers and products that will be sold in our four Thrive retail dispensaries, as well as into the robust Illinois wholesale marketplace,” said MariMed CEO Bob Fireman. “Being vertically integrated in Illinois will improve our margins in our retail stores and create new wholesale revenue. We are exploring adding an additional six dispensaries in the state as Illinois allows up to 10 for a single owner."
The Mt. Vernon cultivation and processing facility currently under construction will house up to 14,000 square feet of canopy, an extraction lab to produce concentrates, and a production kitchen for the manufacture of edibles and other derivative products.
MariMed intends to manufacture and distribute its proprietary brands and products throughout Illinois. That includes its Betty’s Eddies fruit chews, which was the top-selling edible in the state until 2019 through a third-party licensing agreement, its award-winning Nature’s Heritage flower and concentrates, its Bubby’s Baked soft and chewy baked edibles, and more.
"Being vertical in Illinois will improve our gross margins at our retail stores and allow us to wholesale our branded products to other dispensaries," added Jon Levine, Chief Financial Officer of MariMed. "The completion of this transaction, in addition to the recently announced acquisition of a Maryland cannabis business, are both important steps in the execution of MariMed’s strategic growth plan."
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