CHICAGO-June 08, 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 that it has been granted a provisional processing license by the state of Ohio (the “License”). The License allows Cresco to extract oils and manufacture products from cannabis which will now provide Cresco the ability to sell its entire House of Brands in Ohio.
We continue to believe that to win in this industry you need to create meaningful, material positions in the most strategic states possible. We have established leading positions in Illinois and Pennsylvania, the fifth and sixth most populous states in the country, and we are now substantially increasing our position in Ohio, the seventh most populous state.
Charlie Bachtell, CEO and Co-founder of Cresco Labs
Our Company currently only sells flower into 60% of Ohio’s dispensaries, and we’re excited to introduce our House of Brands and full suite of products, including vape pens, concentrates and edibles, to patients in the state.
Bachtell added, “With the grant of this License, our operations are now fully vertically integrated in Ohio. The expansion of our cultivation and production facility, along with the closing of four additional operating dispensaries, sets up an exciting year for Cresco Labs in Ohio in 2021.”
Cresco has 25,000 square feet of cultivation, currently undergoing upgrades, which are fully funded by a sale-and-leaseback agreement with Industrial Properties REIT. On closing of the previously announced acquisition and approval by the Ohio Board of Pharmacy, Cresco will have a total of five dispensaries in Ohio – the maximum allowed by the state.
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.