In preparation for recreational marijuana sales beginning January 31st in Illinois, Creso Labs has completed its first Illinois harvest from its factory in Lincoln, IL.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) ("Cresco" or the "Company"), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has completed its first harvest from its expanded cultivation facility in Lincoln, IL. With the recent growth of the state's medical market and adult-use legalization going live on January 1st, Cresco has been scaling operations to be able to accommodate what is expected to be one of the largest cannabis markets in the country.(1) As the only operator in Illinois with three (3) cultivation facilities, Cresco has a unique competitive advantage and is positioned to build on its already market-leading position(2).
To date, Cresco has been able to capture an approximate 25% market share through its original 35,000 square feet of aggregate cultivation space across its three facilities. Earlier this year, after the expansion of the medical program and the passing of adult-use legislation, the Company embarked on an ambitious expansion plan that will bring the total area under cultivation to approximately 243,000 square feet by year-end. At the Lincoln location alone, Cresco has created the largest cultivation facility in Illinois(3) at roughly 224,000 sqft and added over 140,000 sqft of additional indoor and greenhouse cultivation space. First production from the initial phases of this expansion was harvested last week. Cresco is legally entitled to expand its three facilities to have an aggregate total of 630,000 sqft of flowering canopy – the largest capacity footprint in the state(3).
Cresco Labs has worked tirelessly to bring additional capacity to the Illinois cannabis market. Charlie Bachtell, Cresco Labs CEO and Co-founder
Bachtell continued to say that "the beneficial changes in the medical law created a rapid increase in demand that has recently outpaced supply. With this first harvest out of the expanded Lincoln facility, we are thrilled to bring this additional capacity to the patients of Illinois and the consumers in the soon to launch adult-use program."
"With the scale of this expansion phase, additional incremental production from the expansion areas will gradually increase ramping up for market distribution starting now and accelerating late Q1 through Q2. The ability to restock shelves reliably to ensure customers always have access to the product is key to both generating solid financial results and building long term customer loyalty with medical patients and adult-use consumers," concluded Bachtell.
On October 6, 2019, Cresco Labs announced that it had received Early Approval Adult-Use Dispensing Organization Licenses for all five of its existing Illinois medical cannabis dispensaries, making it the first company in the state to be approved for both adult-use cultivation and dispensary operations.
The company successfully won three Chicago adult-use dispensary locations including two in the heavily trafficked Central district for the five additional dispensaries permitted to open in that district. The Company sells its Remedi, Cresco, Reserve and Mindy's Edible products wholesale throughout Illinois and the Company's products are currently available at every dispensary in the state.
To learn more about Cresco Labs, visit their company HQ here.
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