Can MariMed’s $7.7M Illinois Cannabis Expansion Turn The Tide In A $496M Market?
In Zuanic & Associates‘ latest equity report, senior analyst Pablo Zuanic analyzes MariMed‘s (OTC:MRMD) performance across its core markets, with Illinois (IL) accounting for 40-45% of the company’s sales.
Despite overall market stagnation, MariMed aims to boost growth through capacity expansion, including a new 14,000 sq ft cultivation site expected to begin sales by early 2025.
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Q3
In Q3, Illinois’ cannabis sales reached $496 million, with 86% from recreational use. However, per capita spending remains at $160, lower than in states like Arizona ($178) and Michigan ($320). Retail flower prices fell 10% year-over-year to $8.87 per gram, and per-store revenue dropped from $17 million to $8.8 million annually.
“The Illinois market remains attractive due to high wholesale prices, but growth challenges persist, particularly for retailers without cultivation operations,” Zuanic said. Despite these challenges, MariMed’s in-house brands, launched in …