As Illinois begins legal sales of cannabis products, Cresco Labs enters the fray with five new Sunnyside dispensaries.
Cresco Labs (CSE:CL), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the opening of its first five Sunnyside* dispensaries in Lakeview, Elmwood Park, Champaign, Buffalo Grove and Rockford, Illinois.
The state is set to allow the sale of recreational cannabis on January 1st. With nearly 13 million residents and more than 100 million tourists a year, Illinois is projected to become one of the largest adult-use cannabis markets in the United States with annual sales estimated at between $2-4 billion at maturity. As the only operator in Illinois with three (3) cultivation facilities, Cresco has a unique competitive advantage by having the largest authorized capacity in the state and is set to build on its already market-leading position.
Cresco's Sunnyside* adult-use dispensaries are strategically located in high traffic locations and some of the most important jurisdictions in Illinois. All of the Company's adult-use locations will open January 1st at 6AM to immediately begin recreational sales. The stores are fully staffed and have put processes in place, such as pre-ordering from the line, to help accommodate the thousands of customers projected during the first week of sales.
The Company's brick-and-mortar footprint will be supplemented by the new Sunnyside.shop website that launched today and is designed to provide an educational and seamless online shopping experience. The site offers product information and expert recommendations and serves as an e-commerce platform for online ordering and in-store pickup or home delivery for applicable states. The website is currently live in Illinois and New York at launch and will integrate additional states as Sunnyside* dispensaries continue to open across the nation.
New Year's Day is a historic day as the end of cannabis prohibition launches in Illinois. We are expecting pretty large crowds and long lines to form as early as midnight on New Year's Eve to celebrate the excitement of this milestone. Charlie Bachtell, Cresco Labs CEO and Co-founder
"Our Sunnyside* Dispensaries are prepared to help introduce a new type of wellness to a broader set of customers across the state – both through our in-store consumer experience and through our new online platform," Bachtell went on to say.
"Cresco is also very thankful to our customers for supporting the social equity and restorative justice elements of this program as several of the excited customers at our Wrigleyville location have made significant donations to our Gift of History initiative with all contributions benefiting the Last Prisoner Project. From a market perspective, Illinois is poised to be one of the largest programs in U.S. cannabis and our Company is well prepared from both cultivation and retail perspectives to fully realize this opportunity. The launch of recreational cannabis sales in our home state is a transformative step for the entire industry and we are confident that Cresco is ideally positioned to provide long-term value to our customers and employees, to our communities and to our shareholders."
To learn more about Cresco Labs, visit their company HQ here.
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