CHICAGO–(BUSINESS WIRE)– Cresco Labs Inc. ("Cresco Labs" or the "Company") (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that its three cultivation facilities in the state of Illinois have been approved for growing adult-use cannabis by the Illinois Department of Agriculture.
The three facilities, located in Joliet, Kankakee and Lincoln, can represent a total combined cultivation space at the completion of 630,000 square feet per Illinois state regulations.
"We are very pleased to receive the first adult-use cultivation approvals granted in Illinois, which speaks to our continued success in efficiently executing on our strategic priorities," said Cresco Labs CEO and Co-founder Charlie Bachtell.
The approval of our cultivation facilities is a key milestone in our preparation for the legalization of recreational cannabis in Illinois on January 1, 2020. As the only operator with three cultivation facilities in Illinois – the maximum number allowed in the state – we will have the scale and capacity to effectively capitalize on the dramatic increase in demand for cannabis expected next year. Cresco Labs CEO and Co-founder Charlie Bachtell.
We continue to have the leading share of the Illinois medical-use cannabis market, and we believe the exceptional progress we have made this year to expand our cultivation capacity and retail dispensary network in Illinois will position Cresco Labs to be the market leader in recreational cannabis as well."
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
About Cresco Labs:
Cresco Labs is one of the largest vertically-integrated multi-state 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. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco has launched the industry's first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry.
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