Thrive Dispensary’s two downstate locations have been acquired by Massachusetts-based MariMed, the latest deal as companies jockey for a position in Illinois’ recreational marijuana market.
The sale of the two marijuana dispensaries, in Anna and Harrisburg, will help fund Thrive’s expansion in Illinois, said Thrive CEO Gorgi Naumovski, who plans to continue operating the stores.
“It’s definitely expensive,” he said. “Between real estate, licensing fees and everything else that’s involved, it requires some real capital.”
Recreational marijuana is set to go on sale in Illinois Jan. 1. The 55 existing medical dispensaries in the state are allowed to also sell recreational weed, and each may apply to open a second location.
Naumovski declined to disclose terms of the deal, and a representative from MariMed did not return requests for comment.
A Monday news release from MariMed said the Illinois Department of Financial and Professional Regulation, which regulates cannabis dispensaries, approved the transfer of the ownership licenses to MariMed.
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