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Multi-state marijuana operator MariMed Inc. (CSE:MRMD) (OTCQX:MRMD) has closed the acquisition of Allgreens Dispensary, LLC on Tuesday, April 9, its fifth dispensary in Illinois.
The Massachusetts-based company said the green light from the Illinois Department of Financial & Professional Regulation for the acquisition allows MariMed to fully consolidate the financial results of the company's Thrive-branded dispensary in Casey, Illinois. The dispensary had previously operated under a managed services agreement.
The move came shortly after MariMed acquired the operating assets of Our Community Wellness & Compassionate Care Center in Prince George's County in Maryland.
Jon Levine, MariMed’s CEO, a speaker at the Benzinga Cannabis Capital Conference on April 16-17 said "Maximizing our footprint there [in Maryland] has long been one of our top strategic priorities."
Meanwhile, located at 912 N. State Highway 49 in Casey, near the intersection of State Highway 49 and U.S. Interstate 70, the newly acquired dispensary will offer a curated selection of products across its 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.
MariMed, which plans to grow its Illinois retail footprint, said the company sees an opportunity in Illinois, where cannabis sales for 2023 totaled $1.6 billion.
See also: Illinois Weed Scorecard, Super Bowl Edition: Market Leaders, Store Surge And Sales Analysis
Separately, MariMed announced on Wednesday that it has entered into a marketing partnership with two iconic venues in Boston, the MGM Music Hall Fenway and Citizens House of Blues Boston.
The collaboration marks MariMed’s Nature's Heritage as the exclusive cannabis sponsor, "elevating the brand at highly anticipated shows to connect with millions of passionate music fans throughout the year," the company said in a press release.
Jay O'Malley, MariMed’s vice president of marketing and research & development, praised the move.
"Music is among the greatest passions for people, and that is especially true for cannabis consumers. Our partnership with these incredible venues will enable Nature's Heritage to build a strong relationship with music fans when they are at their happiest – seeing one of their favorite bands," O'Malley said.
MariMed's shares traded 4.2504% higher at $0.2698 per share after the market close on Wednesday afternoon.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
