MariMed Closes Acquisition of Thrive Dispensary in Casey, The Company’s Fifth Illinois Dispensary

Rhea-AI Summary

MariMed Inc. completes the acquisition of Allgreens Dispensary, , enhancing its presence in the Illinois cannabis market. The acquisition allows MariMed to consolidate the financial results of its Thrive-branded dispensary in Casey, Illinois, attracting tourists with unique attractions. MariMed plans to expand its retail locations in Illinois, capitalizing on the growing adult-use cannabis market.

NORWOOD, Mass., April 11, 2024 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced the closing of its acquisition of Allgreens Dispensary, LLC on April 9, 2024. The approval of the license transfer by the Illinois Department of Financial & Professional Regulation, and subsequent closing of the acquisition, allows MariMed to fully consolidate the financial results of the Company’s Thrive-branded dispensary in Casey, Illinois, which had previously been operated under a Managed Services Agreement.

Thrive Casey is the only dispensary in Clark County, Illinois, 30 miles west of Terre Haute, Indiana. Thrive Casey is located at 912 N. State Highway 49, near the intersection of state Highway 49 and U.S. Interstate 70. The dispensary should benefit from attracting the thousands of tourists who annually visit Casey to see the 30 “World’s Largest” and “Big Things” on display throughout the city. They include the World’s Largest Rocking Chair and Mailbox.

The Company continues to look for additional retail locations in Illinois, where adult-use cannabis sales exceeded $1.6 billion last year. Current Illinois cannabis regulations allow an operator to own up to 10 dispensaries. MariMed also recently became vertical in Illinois, opening a craft grow and processing facility in Mt. Vernon in December. MariMed now distributes most of its products at Thrive dispensaries and wholesales its products to more than 100 other dispensaries throughout the state. Thrive Casey will offer a curated selection of products across its award-winning brand portfolio, including Betty’s Eddies fruit chews, Bubby’s Baked soft-baked goods, Vibations drink mixes, and the full suite of its InHouse branded products.

About MariMed
MariMed Inc, a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty's Eddies™, Nature’s Heritage™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™, and Vibations™. For additional information, visit www.marimedinc.com.

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

FAQ

What did MariMed announce on April 11, 2024?

MariMed announced the closing of its acquisition of Allgreens Dispensary,

Where is Thrive Casey located in Illinois?

Thrive Casey is located in Clark County, Illinois, 30 miles west of Terre Haute, Indiana, at 912 N. State Highway 49.

What unique attractions are present in the city of Casey, Illinois?

Casey, Illinois, features 30 'World's Largest' and 'Big Things' attractions, including the World's Largest Rocking Chair and Mailbox.

How many dispensaries can an operator own in Illinois according to current regulations?

An operator can own up to 10 dispensaries in Illinois as per current regulations.

What products will Thrive Casey offer across its brand portfolio?

Thrive Casey will offer a curated selection of products including Betty's Eddies fruit chews, Bubby's Baked soft-baked goods, Vibations drink mixes, and InHouse branded products.