CHICAGO, May 28, 2019–(BUSINESS WIRE)–Cresco Labs, Inc. (CSE: CL) (OTCQX: CRLBF) (“Cresco” or “the Company”) announced today that shareholders representing 205,172,192 common shares (the “Shareholders”) have entered into voluntary lock-up agreements with the Company (the “Agreements”), representing 97% of the shares subject to the initial lock-up and 80% of the total issued subordinate voting shares (on an as-if converted basis). Included among the Shareholders are all of the Company’s founders, its entire executive management team and board of directors, as well as several of the largest outside investors in Cresco. The voluntary lock-up Agreements stipulate that these shareholders will not, subject to limited exception, offer to sell, contract to sell, lend, pledge or otherwise dispose of any Cresco securities, or enter into any transaction to such effect, directly or indirectly, in addition to other restrictions until December 3rd, 2019 when a portion of the shares will be released followed by the remainder of the shares being released by June 3, 2020.
The lock-up agreements announced today reflect the continued confidence that Cresco’s management, board and outside shareholders have in the future of the Company.
Charlie Bachtell, CEO & Co-Founder of Cresco
Our ability to deliver on the vision we have for building Cresco into one of the most important company’s in the U.S. cannabis industry has instilled a high level of trust among our investors that we can continue executing on plan, responsibly manage the increase of the Company’s liquidity and continue to preserve and create long-term shareholder value.
About Cresco Labs, Inc.
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at crescolabs.com.