Connect with us


Massachusetts CCC Grants Three Adult-Use Licenses For Manufacturing, Cultivation, And Retail To Marimed Inc (OTCMKTS:MRMD)



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).

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.


PROFILES1 month ago

Post Views: 34,190 Can you spot the difference between the hemp plant and marijuana plant? Hint: It’s not in the...

Business2 months ago

Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures

Post Views: 775 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...

Business2 months ago

Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues

Post Views: 695 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...

Business2 months ago

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Post Views: 745 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...

Business2 months ago

Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia

Post Views: 822 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...


Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)

Post Views: 673 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...