Cresco Labs proposed Sunnyside* Dispensary in the prized River North neighborhood of Chicago
CHICAGO-March 09, 2020-(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it has received its special use approval from the Zoning Board of Appeals (the “ZBA”) for its dispensary located at 436 N. Clark St. in the prestigious River North neighborhood of Chicago (the “Dispensary”). The Dispensary is one of the two licenses Cresco won in the Central District in Chicago’s lottery, as announced on November 15, 2019, and one of the only two city-approved adult-use dispensaries in downtown Chicago to date. The Dispensary will be Cresco’s sixth Sunnyside* location in Illinois. Cresco has licenses to open an additional four dispensaries and has so far announced its intention to open locations in the Gold Coast neighborhood of Chicago, Danville, Il and South Beloit, Il.
Cresco has a long history of being first to market in new jurisdictions. Our ability to execute quickly and efficiently in a highly regulated, complex industry has always been a core strength of the Company. We are proud to have received zoning approval in another step in the process to open an adult-use dispensary in downtown Chicago.
Charlie Bachtell, Cresco Labs CEO and Co-founder.
Earning the right to operate in this highly coveted location is both a privilege and a significant opportunity for Cresco. The Dispensary is minutes from the Magnificent Mile, one of the busiest shopping districts in the United States.On a personal note, it is also minutes from Cresco’s corporate headquarters, and I couldn’t be more excited about Sunnyside* potentially having a flagship dispensary in this neighborhood.
Despite a limited number of dispensaries open across the state and ongoing supply shortages, the Illinois adult-use market is proving to be as robust as forecasted with $74 million in sales during the first two months1. Illinois is expected to be a $2 – $4 billion dollar market at maturity2. To strengthen its leading market share in the Illinois, Cresco is nearing completion of a significant expansion that will bring total cultivation to 243,000 square feet of cultivation and will considerably increase supply to support its dispensaries and wholesale distribution across the state. Cresco is able to expand its three cultivation facilities to an aggregate total of 630,000 sq. ft. of flowering canopy – the largest capacity footprint allowed in the state3. Cresco currently sells into 100% of licensed dispensaries in Illinois and has maintained its leading market share of wholesale sales in the state.
The final step of the approval process for Cresco’s River North Sunnyside* Dispensary is an inspection by the State of Illinois Department of Financial and Professional Regulation and being awarded an Adult Use Dispensing Organization License.
About Cresco Labs:
Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
²Illinois is projected to be a $2-4 billion dollar market at maturity according to Marijuana Business Daily making it one of largest cannabis markets in US.
³State of Illinois, Department of Agriculture cannabis cultivation licenses