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 provided comments on the signing into law of legislation that makes Illinois’ medical-use cannabis program permanent, expands the list of qualifying medical conditions, and allows for nurse practitioners and physician’s assistants to certify a patient’s eligibility for the program in addition to doctors. The new law signed by Illinois Governor JB Pritzker on August 12, 2019 takes effect immediately and adds debilitating illnesses such as chronic pain, migraines and irritable bowl syndrome to the list of qualifying medical conditions.
Cresco Labs CEO & Co-Founder Charlie Bachtell commented, “We have seen incredible growth in the Illinois medical cannabis program in 2019 with the number of registered patients increasing by more than 50% since the start of the year. Through the first seven months of 2019, retail sales at licensed medical cannabis dispensaries in Illinois exceeded $125 million, nearly surpassing the total for all of 2018. Illinois has clearly had one of the most successful medical cannabis programs in the country, and the expansion of the list of qualifying conditions and the number of medical professionals that can certify a patient’s eligibility should further accelerate the rate of growth in registered patients.
“We are making excellent progress on our efforts to scale our operations in Illinois to meet the increased demand for cannabis in Illinois that will result from the expansion of the medical-use program, as well as the legalization of adult-use cannabis beginning in 2020. We expect to have five additional Illinois dispensaries open early next year, and the expansion of our cultivation facility in Lincoln to 170,000 square feet should be completed by the end of 2019. Starting in 2020, with three cultivation facilities and 10 dispensaries – the maximum number allowed for any one company to own – we believe we are well positioned to capitalize on the continued growth in Illinois and maintain or increase our leading market position,” said Mr. Bachtell.
The market share leader in Illinois, Cresco Labs distributes its house of brands products to every dispensary in Illinois.
About Cresco Labs
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating across the United States, the company focuses on entering highly regulated markets with outsized demand potential and strong regulatory structures. Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
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