License allows Cresco to extract oils and manufacture products from cannabis.
Cresco Labs (CSE:CL), one of the largest vertically integrated multistate cannabis operators in the United States, announced that it has been granted a provisional processing license by the state of Ohio. The License allows Cresco to extract oils and manufacture products from cannabis which will now provide Cresco with the ability to sell its entire House of Brands in Ohio.
Our Company currently only sells flower into 60% of Ohio's dispensaries, and we're excited to introduce our House of Brands and full suite of products, including vape pens, concentrates and edibles, to patients in the state.Charlie Batchell CEO and Co-founder of Cresco Labs
"We continue to believe that to win in this industry you need to create meaningful, material positions in the most strategic states possible," said Charlie Bachtell, CEO and Co-founder of Cresco Labs. "We have established leading positions in Illinois and Pennsylvania, the fifth and sixth most populous states in the country, and we are now substantially increasing our position in Ohio, the seventh most populous state."
Bachtell added, "With the grant of this License, our operations are now fully vertically integrated in Ohio. The expansion of our cultivation and production facility, along with the closing of four additional operating dispensaries, sets up an exciting year for Cresco Labs in Ohio in 2021."
Cresco has 25,000 square feet of cultivation, currently undergoing upgrades, which are fully funded by a sale-and-leaseback agreement with Industrial Properties REIT. On closing of the previously announced acquisition and approval by the Ohio Board of Pharmacy, Cresco will have a total of five dispensaries in Ohio – the maximum allowed by the state.
To learn more about Cresco Labs, visit the company HQ here.
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