NORWOOD, Mass., Oct. 11, 2023 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced the opening of an adult-use Thrive dispensary in Casey, Illinois. This opening marks the fifth operational dispensary in Illinois, and the 12^th dispensary that MariMed owns or manages across five states.

The dispensary, which is the first in Clark county, is located at 912 N. State Highway 49 in Casey, Illinois. Casey is in eastern Illinois at the intersection of state Highway 49 and U.S. Interstate 70. Located just 30 miles from the Indiana border, Thrive Casey is the closest dispensary to that state, which has not passed a legal marijuana program.

Casey is known as the Big Things Small Town, and is home to nearly 30 “World’s Largest” and “Big Things,” including 12 that are included in the Guiness Book of World Records. Among the records are the World’s Largest Rocking Chair and Mailbox.

“We have high hopes for the Thrive dispensary location in Casey,” said Rosie Naumovski, MariMed’s General Manager for the state of Illinois. “It’s ideally located just off Interstate 70, close to the Indiana border and with no other dispensaries within a 30-minute drive. We are also excited to contribute to Casey’s culture as the home of big things. After all, MariMed is the company that created the World’s Largest Pot Brownie!”

With the full support and encouragement of Illinois regulators and Casey’s city council, the new Thrive dispensary will temporarily operate in a converted mobile bank until construction of the permanent dispensary is completed. The Thrive dispensary in Casey will be managed by MariMed under a Managed Servies Agreement until the license transfer is approved by the Illinois Cannabis Control Office. The Company also operates Thrive dispensary locations in Anna, Harrisburg, Metropolis, and Mount Vernon, Illinois.

In addition to its retail operations, MariMed continues to build its processing and cultivation facility in Mt. Vernon, Illinois. The processing facility is expected to open during the fourth quarter, at which time MariMed will produce its award-winning edibles and sell them through its retail and new wholesale channels. The Company expects the cultivation facility construction to be completed in early 2024.

About MariMed
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies, Nature’s Heritage, InHouse, Bubby’s Baked, K Fusion, Kalm Fusion, and Vibations: High + Energy, which trademarks of MariMed Inc. For additional information, visit www.marimedinc.com.

For MariMed Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, MariMed Inc.’s expectations concerning management’s plans, objectives and strategies, including its plans to continue to expand its footprint in the Commonwealth of Massachusetts to the maximum allowed by state regulations. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MariMed undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by MariMed, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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The Agriculture Improvement Act of 2018 (“2018 Farm Bill”) legalized hemp by removing the crop and its derivatives from the definition of marijuana under the Controlled Substances Act (“CSA”) and by providing a detailed framework for the cultivation of hemp. The 2018 Farm Bill gives the US Department of Agriculture (“USDA”) regulatory authority over hemp cultivation at the federal level. In turn, states have the option to maintain primary regulatory authority over the crop cultivated within their borders by submitting a plan to the USDA. This federal and state interplay has resulted in many legislative and regulatory changes at the state level. Indeed, most states have introduced (and adopted) bills that would authorize the commercial production of hemp within their borders. A smaller but growing number of states also regulate the sale of products derived from hemp.

In light of these legislative changes, we are presenting a 50-state series analyzing how each jurisdiction treats hemp-derived cannabidiol (“Hemp CBD”). Each Sunday we will summarize a new state in alphabetical order. So far, we’ve covered Alabama, Alaska,  Arizona,  Arkansas,  California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii and Idaho. Today we turn to Illinois.

Overview. Since 2016, Illinois has limited the cultivation of industrial hemp by the Illinois Department of Agriculture (“IDA”) and institutions of higher learning for research purposes only. However, on August 26, 2018, Governor Bruce Rauner signed SB 2298, which expanded the state’s industrial hemp regulations to cover commercial activity. SB 2298 updated Illinois’ industrial hemp laws to allow individuals and entities to cultivate hemp by registering with the IDA and removed industrial hemp from the definition of cannabis.

Earlier this year, the IDA adopted temporary rules under SB 2298. Under the rules, “Industrial Hemp” means

the plant Cannabis sativa L. and any part of that plant, whether growing or not, with a delta- tetrahydorcannabinol (THC) concentration of not more than 0.3% on a dry weight basis that has been cultivated under a license issued under the Act or is otherwise lawfully present in this State and includes any intermediate or finished product made or derived from industrial hemp.

Production of Hemp and Hemp-CBD Products. Pursuant to Illinois law, only licensed growers and processors may sell or transfer living hemp plants or viable hemp seeds to (1) other IDA licensees, or (2) others outside of Illinois so long as the sale is authorized by a state agency in the destination state.

The IDA also permits the sale and transfer of “stripped stalks, fiber, dried roots, nonviable seeds, seed oils, floral and plant extracts (excluding THC in excess of 0.3%) and other marketable hemp products to members of the general public, both within and outside the State of Illinois.” Note that neither the bill nor the IDA rules define “marketable hemp products.”

However, Section 25 of SB 2298 provides the following provision:

Nothing in this Act shall be construed to authorize any person to violate federal rules, regulations, or laws. If any part of this Act conflicts with a provision of the federal laws regarding industrial hemp, the federal provisions shall control to the extent of the conflict.

Accordingly, because there is no permissive language that allows for Hemp-CBD products and because of Section 25, the sale of these products is illegal at worst, and unregulated at best.

In addition, only registered processors can process Hemp-CBD grown under the program. However, nothing in SB 2298 nor the IDA rules expressly prohibit the introduction of hemp products lawfully processed under another state plan.

Possession. Pursuant to SB 2298, “[n]othing in this Act shall alter the legality of hemp or hemp products that are presently legal to possess or own.” Consequently, the possession of Hemp-CBD products seems limited to those approved by the FDA or that meet the standards set by IDA rules (i.e., containing no more than 0.3% THC and that satisfy other requirements).

Transportation. Only a licensed grower or registered processors may transport hemp so long as the hemp contains no more than 0.3% THC. Note that the IDA rules state that the transportation of Hemp-CBD products is not restricted after sold to a member of the public.

Marketing or Advertising Restrictions. As of the date of this post, the state has not enacted regulations governing the marketing or advertising of Hemp-CBD products.

Bottom Line. Although the production and sale of Hemp-CBD products isn’t clearly authorized or restricted, Illinois is authorizing the cultivation of the crop and has not taken any enforcement actions against these products. For these reasons, Illinois should be considered a hemp friendly state. That being said, there is a possibility that things may change upon the adoption of final rules by IDA.

It would appear that the marijuana industry is expanding with an unstoppable force supported by the ever-increasing support of state legalization. The strong cannabis momentum might get an 11th state to legalize marijuana. Just a few weeks ago, there was a fallout regarding the legalization of cannabis in both New York and New Jersey. In Illinois, Governor J.B. Pritzker along with some state lawmakers, came forward with an agenda to pass a bill legalizing recreational marijuana before the end of the legislative session in May of 2019.

Proposed Bill Faced Quite An Opposition

Naturally, the proposed bill faced quite an opposition. From law enforcement to employers to the NAACP, community leaders and everyday citizens are actively pushing hard to not allow the legal cannabis industry into their states. The fear of this bill leaving devastating impacts on citizens and young people is widespread. Many anti-marijuana advocates are viewing this as another “addiction-for-profit” move. The good thing however, was the anticipated feedbacks and flexibility to accommodate notable changes. With time running out to pass the bill, the bill’s sponsors need to make important changes quickly.

One such fundamental change came about the morning of May 14th. Under the originally proposed rules, adults would have been allowed to grow up to five plants per household in a locked room away from the public eye with the permission of the landowner. However, this might as well move people towards addiction and abusing the substance. Also, law enforcement showed concerns over the difficulty of distinguishing between the illegal growers from the legal home-grown ones. Their concerns were somewhat soothed when the bill’s sponsors came forward with the intention to eliminate the rule. This change meant that adult state residents would not be allowed to pot the marijuana plants in their homes. Only those in need of the medical marijuana would be authorized to plant no more than 5 marijuana plants.

Sponsors In Focus

However, if the change is finalized, it could lose the sponsors that support the NORML (National Organization for the Reform of Marijuana Laws’). The NORML is a Washington based NPO aimed at advocating to legalize non-medical marijuana use in the US which would eliminate penalties for using cannabis responsibly. Dan Linn, the executive director of NORML, mentioned the various problems with medical cannabis programs that they have been unable to find a solution for. This makes their support towards the bill quite diabolical.
An amendment to the proposed Cannabis Regulation and Taxation Act would need to be incorporated soon in order to not delay the introduction of the bill. However, the change did not convince everyone to support the bill. Approximately 50% of the House have decided to slow down the legalization of cannabis. This figure, however, does not deter the confidence of those who want the bill to pass.

There has been a major development towards the proposed bill of legalization regarding marijuana for recreational purposes in the State of Illinois. Gov. J. B. Pritzker addressed the public and the media at the Black United Fund in Illinois.

Pritzker revealed that the main objective of this bill was to ensure that communities that disproportionately suffered from the consequences of being charged with low-level drug crimes benefit from this legislation. This bill would give authorization to all the citizens of Illinois, ages 21 and above, the ownership of up to 30 grams of marijuana. It would also sanction a $20 million low-interest loan program to promote equal development in business ownership. It also includes the acquittal of anyone charged with a misdemeanor or Class 4 felony marijuana convictions.

No New Commercial Marijuana Business

If this bill is passed, a staggering 800,000 people with low-level drug convictions would be released. It was also declared, according to the proposed bill that no new commercial marijuana business on a large-scale would be allowed to begin construction of business in Illinois, for the time being. Doing this would allow the small local growers to grow and expand their marijuana business. Along with this, adult residents will be given permission to have up to five plants in a room hidden from the public view.

Cultivators would need to pay 7% gross sales to dispensaries. The consumers would have to pay 10 percent sales tax on all products with less than 35 percent of THC. Also, 25 percent of the sales tax should be imposed on products with more than 35 percent of THC. In addition, products that are infused with cannabis, such as edibles, would have a sales tax of 20% imposed on them.

All the revenue that the government earns from the weed industry will be distributed amongst different areas. However, there is no shortage of people who advise strongly against the legalization of marijuana in Illinois. One of which is the director of addiction services at Linden Oaks Behavioural Health in Naperville Aaron Weiner. Mr. Aaron Weiner criticized the government’s actions. He accused the government of using this bill only as a way to generate heaps of revenue.