NORWOOD, Mass., Sept. 13, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — MariMed, Inc, a multi-state cannabis operator focused on improving lives every day, today announced an agreement with 42 Degrees, a Michigan licensed cannabis producer and distributer, to manufacture and distribute MariMed’s award-winning brands and products in the state. 42 Degrees currently wholesales products into 340 dispensaries, representing approximately 75% of the operating dispensaries in Michigan. The agreement provides initially for the manufacture, sales, and distribution of MariMed’s Betty’s Eddies full-spectrum fruit chews into the adult-use market. The intention longer-term is to roll out other brands in MariMed’s portfolio, including Bubby’s Baked soft and chewy baked goods and Vibations: High + Energy powder energy drink mix.
The licensing deal is aligned with the company’s strategic growth plan to distribute its brands in legal cannabis states across the country. The company anticipates Betty’s Eddies will be available in the Michigan retail market in early 2023.
“We are thrilled to partner with 42 Degrees for the production and distribution of our award-winning Betty’s Eddies branded products in the Michigan adult-use cannabis market,” said Ryan Crandall, chief revenue officer for MariMed. “Michigan is one of the largest cannabis markets in the country and we could not be more pleased to introduce our brands to these great cannabis consumers within the state.”
According to the Michigan’s Cannabis Regulatory Agency, Michigan reported approximately $1.8 billion in total legal cannabis sales in 2021, which was up about 80% versus 2020. With a population of over 10 million and $1.8 billion in legal cannabis sales, Michigan is one of the largest, fastest-growing cannabis markets in the U.S. The adult-use cannabis market in Michigan is projected to grow to $2.1 billion dollars in 2025 according to Cowen Research.