Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CL.CN) (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,” said Cresco Labs CEO & Co-Founder Charlie Bachtell. “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. 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.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.