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MariMed grows retail base in Massachusetts, emerging markets

MariMed grows retail base in Massachusetts, emerging markets

MariMed grows retail base in Massachusetts, emerging markets

MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) moved toward expanding its adult-use retail footprint in three states, Massachusetts, Ohio, and Maryland.

The company said it received approval from the Massachusetts Cannabis Control Commission to begin adult-use sales at its Panacea Wellness dispensary in Quincy, which began operations on July 2. This marks the company’s third adult-use dispensary in the state, the maximum allowed under Massachusetts law.

The state’s cannabis market generated $1.8 billion in sales in 2023, according to state data.

In Ohio, MariMed received a provisional dual-use license to add recreational sales to its medical dispensary in Tiffin, pending final state inspection. The dual-use license will allow existing medical dispensaries to sell in the adult-use market.

Ohio voters approved adult-use sales last fall, and applications for the dual-use license opened June 7.

In addition, the company said it is making progress in Maryland, after receiving approval to begin operations in an expanded area of ​​its Hagerstown cultivation facility.

MariMed also expects a pre-occupancy inspection of its second Thrive dispensary in Maryland, located in Upper Marlboro, to occur imminently. The company aims to commence adult-use operations at that location later this month, after acquiring the assets from Medleaf in April.

CEO Jon Levine celebrated the moves, saying, “Many of these have been in the works for more than a year and only the Hagerstown expansion was included in our 2024 financial outlook.”

This announcement comes just months after Levine said that ongoing global supply chain issues had caused significant delays in the company’s expansion projects across multiple states. The delays contributed to a net loss of $16 million for the company in 2023.

“We could not anticipate the magnitude of delays we experienced in securing basic construction materials,” he said during the company’s March earnings call. At that time, he said that items as fundamental as electrical panels were taking up to six months to obtain, causing several months’ worth of setbacks in Illinois and Maryland facility build-outs.