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 comments on the signing into law of legislation that makes Illinois’ medical-use cannabis program permanent, expands the list of qualifying medical conditions, and allows for nurse practitioners and physician’s assistants to certify a patient’s eligibility for the program in addition to doctors. The new law signed by Illinois Governor JB Pritzker on August 12, 2019 takes effect immediately and adds debilitating illnesses such as chronic pain, migraines and irritable bowl syndrome to the list of qualifying medical conditions.
Cresco Labs CEO & Co-Founder Charlie Bachtell commented, “We have seen incredible growth in the Illinois medical cannabis program in 2019 with the number of registered patients increasing by more than 50% since the start of the year. Through the first seven months of 2019, retail sales at licensed medical cannabis dispensaries in Illinois exceeded $125 million, nearly surpassing the total for all of 2018. Illinois has clearly had one of the most successful medical cannabis programs in the country, and the expansion of the list of qualifying conditions and the number of medical professionals that can certify a patient’s eligibility should further accelerate the rate of growth in registered patients.
“We are making excellent progress on our efforts to scale our operations in Illinois to meet the increased demand for cannabis in Illinois that will result from the expansion of the medical-use program, as well as the legalization of adult-use cannabis beginning in 2020. We expect to have five additional Illinois dispensaries open early next year, and the expansion of our cultivation facility in Lincoln to 170,000 square feet should be completed by the end of 2019. Starting in 2020, with three cultivation facilities and 10 dispensaries – the maximum number allowed for any one company to own – we believe we are well positioned to capitalize on the continued growth in Illinois and maintain or increase our leading market position,” said Mr. Bachtell.
The market share leader in Illinois, Cresco Labs distributes its house of brands products to every dispensary in Illinois.
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
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