Cresco gets adult-use licences for Ill. dispensaries
CRESCO LABS Inc. has received early approval adult-use dispensing organization licences for all five of its existing Illinois medical cannabis dispensaries. Cresco received approval for adult-use cultivation on Sept. 30 making it the only company approved for both adult-use cultivation and adult-use dispensary operations in the state.
“Illinois is Cresco’s home state and with the transition to a legal adult-use market in January of 2020, the state is expected to produce between $2- to $4-billion in sales at maturity (BDS Analytics)i, making this one of the single largest opportunities in the U.S. cannabis space today,” said Charlie Bachtell, Cresco Labs chief executive officer and co-founder. “Cresco is well positioned to capture a significant share of this revenue opportunity for shareholders. We have 25-per-cent wholesale share of the current medical market, a portfolio of recognized brands and three cultivation facilities that can represent 630,000 square feet at completion, in what is expected to be a supply-constrained market.”
Mr. Bachtell added: “Illinois has put forth a model that will make it one of the most intelligently regulated states in the U.S. and we hope this blueprint will serve as a path for states transitioning over the next few years. Illinois was the first large state to legalize cannabis through legislative processes instead of through referendum. One of the primary reasons the government was able to achieve this was due to its focus on social equity, which is directly aligned with Cresco’s core values and approach to the market.”
Cresco Labs currently has five medical dispensaries in the state of Illinois, including: Phoenix Botanical; MedMar Lakeview; MedMar Rockford; PDI Medical; and FloraMedex. Each of these dispensaries has received approval for adult-use sales. As an existing medical cannabis dispensary operator, the company will receive an additional adult-use licence for each of its current medical dispensaries, which will bring Cresco Labs’ total adult-use footprint to 10 total retail dispensary locations. In July, Cresco Labs announced the formation of a new national retail brand Sunnyside, a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. All of the company’s Illinois dispensaries will transition to this new retail concept.
The company’s three cultiva ti o n li cences lo ca ted i n Joliet, Kankakee and Lincoln can represent a total combined cultivation space at completion of 630,000 square feet per Illinois state regulations.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate 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.
We seek Safe Harbor.
Charles Bachtell, Joe Caltabiano, Gerald Corcoran, Thomas Manning, Brian McCormack, Randy Podolsky, Robert M Sampson, Dominic A Sergi, John R Walter
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