Cresco Labs Updates Illinois Expansion Plan to Serve Adult Use Cannabis Market
CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today provided an update on its Illinois operations following Governor JB Pritzker’s signing into law of the legalization of adult-use cannabis in Illinois beginning on January 1, 2020.
The legalization of adult-use cannabis and the recent expansion of the state’s medical-use program are expected to dramatically increase the consumer base in Illinois and result in annual sales of $2 billion to $4 billion as the market matures. We are making excellent progress on our plans to serve the expanded consumer base, maintain our market leading position in Illinois, and capitalize on the significant growth opportunities available to Cresco.
Cresco Labs CEO & Co-Founder Charlie Bachtell
On January 1, 2020, we will have the ability to open five additional retail dispensaries for the sale of adult-use cannabis, bringing our total number of dispensaries in the state to 10, the maximum any one company is permitted to have. We expect to have the additional five dispensaries open by the launch of the adult use marketplace.
“We will also continue to operate three cultivation facilities, also the maximum that any one company is permitted to have. We are currently expanding our cultivation facility in Lincoln to 170,000 square feet, which is expected to be completed in Q4 and will provide us with a larger source for high-quality cannabis to brands serve the increase in demand expected in 2020.”
The market share leader in Illinois, Cresco Labs currently distributes its suite of wholesale brands to every retail dispensary in Illinois:
Cresco – an everyday cannabis brand with above-average quality and consistency
remedi – familiar formats that provide a safe, consistent and trusted alternative to traditional medicine.
Reserve – a luxury experience in cannabis
Mindy’s Artisanal Edibles – high quality deserts with no cannabis flavor created by James Beard Award-winning chef Mindy Segal
Mindy’s Kitchen – a line of fun, fruity confections for everyday enjoyability and effectiveness
“We are also very proud to be taking on a leadership position in helping Illinois meet the social equity provisions of the adult-use cannabis legislation,” said Mr. Bachtell. “As the first company in the cannabis industry to introduce a comprehensive national social equity & education initiative (SEED), Cresco is committed to helping a broader segment of our population pursue business ownership and employment opportunities in the cannabis industry. We are very encouraged by the initial response and participation we have seen with our expungement events, educational programs, and community impact business incubator, and we are making steady progress on our goal to provide 20,000 individuals across the country with the opportunity to seek employment in the cannabis industry by 2022.”
About Cresco Labs
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 across the United States, the company focuses on entering highly regulated markets with outsized demand potential and strong regulatory structures. 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 www.crescolabs.com.