Multistate marijuana company MariMed completed the acquisition of Illinois cannabis company Green Growth Group, vertically integrating its business operations within the Midwestern state.
The acquisition was announced in January, but MariMed did not disclose the terms of the deal.
Massachusetts-based MariMed said in a press release the acquisition would give the company vertical integration in Illinois, adding “cultivation, manufacturing, and distribution to its existing retail cannabis operations.”
MariMed is building a cultivation and processing facility in Mt. Vernon, Illinois, which it expects will open in the fourth quarter of 2022.
Cannabis and cannabis products produced at the new facility “will be sold in our four Thrive retail dispensaries as well as into the robust Illinois wholesale marketplace,” MariMed CEO Bob Fireman said in a statement.
“Being vertically integrated in Illinois will improve our margins in our retail stores and create new wholesale revenue.”
MariMed is considering six more Illinois retail locations, Fireman added.
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The MSO recently acquired Kind Therapeutics of Maryland for $20 million.
MariMed shares trade as MRMD on over-the-counter markets, and the company recently applied to list on the Canadian Securities Exchange.