Massachusetts CCC (Cannabis Control Commission) issued adult-use licenses for the manufacture, retail, and cultivation of Marimed Inc (OTCMKTS:MRMD). The company will deploy production and cultivation licenses at its 70,000 Sq. Ft. manufacturing facility.
Marimed will deploy the retail license at Middleborough, Massachusetts based Panacea Wellness Dispensary (PWD). It is also developing additional dispensary locations for medical and adult-use licenses.
Additional revenues from adult-use cannabis
CEO of Marimed, Bob Fireman, said the company will accrue additional revenues from adult-use cannabis sale through Panacea Wellness. PWD is situated on a heavy traffic road between two highways that connect several southeastern towns in Massachusetts. It is the ideal location for loyal customers to buy top-selling brands of Marimed like Betty’s Eddie’s fruit chews and Nature’s Heritage flower.
The demand for retail cannabis
The market for retail cannabis in Massachusetts expects to reach $1.35 billion in 2024 from more than $745 million in 2020.
The average monthly spending on cannabis in Massachusetts is $140. COO of Marimed, Tim Shaw said his team played a vital role in obtaining licenses from Massachusetts Cannabis Control Commission. Marimed developed the most sophisticated manufacturing, cultivation, and dispensary facilities under the state medical cannabis program to support the production of top-rated products and flowers to satisfy the growing demand in Massachusetts’ adult-use market.
Marimed reported a robust growth of 163% YoY to $9.6 million in revenues in Q2 2020. Its gross profits soared to $6.2 million in Q2 2020. Bob said the company posted positive results on the backdrop of consolidating managed assets and improved focus on the core cannabis business.
Marimed renovated manufacturing facility in New Bedford to produce more than 1,000 pounds of cannabis flower monthly. Its best selling products in Maryland and Massachusetts are Betty’s Eddie’s natural chews infused brands and Nature’s Heritage Flower brand. The company’s Illinois based two dispensaries are performing well under the adult-use program.
Expects to Inaugurate a dispensary in Illinois
Marimed plans to open a third dispensary in Illinois in September 2020. It expects to add another dispensary by 2021. CFO, John Levine of Marimed, said he is excited with revenue growth from consolidated and MLCB (managed licensed cannabis business).
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