Cresco Labs Expands Into Several Western States
(Chicago, IL) Midwest-based Cresco Labs announced acquisition and expansion plans today adding three new markets, one medical and two adult-access states, to their already impressive operational presence in Illinois, Pennsylvania and Ohio. Cresco Labs will be launching vertically-integrated businesses in California, Arizona and Nevada with their product suite available in late 2018. With over 88,000,000 residents residing in these six states, this expansion makes Cresco Labs the largest cannabis operator in the US based on potential consumer footprint.
“We’re excited to be expanding at such a rapid pace – these are three of the most important cannabis markets in the US. With our success in regulated cannabis markets and the ability to consistently produce and distribute high-quality, consumer packaged cannabis products, we’re looking forward to bringing our brand of cannabis, as operators and products, to these markets,” said Cresco Labs CEO Charlie Bachtell.
Cresco Labs has partnered with one of the largest indoor commercial farming networks in California and will have immediate access to substantial cultivation space, which can be expanded as product demand dictates. The aggregate capacity of the grow facilities will ensure that Cresco Labs can provide its high-quality brands to consumers throughout the state. Cresco Labs estimates their full suite of products will be available for distribution in the fourth quarter of this year. Cresco Labs has also entered into a lease arrangement with Canna-Hub at their zoning-approved Mendota location. There, Cresco Labs will operate their processing and manufacturing facility producing their full suite of award- winning concentrates, vape pens and infused edible line. With approximately 40,000,000 residents and over 250,000,000 annual tourists, California represents arguably the largest cannabis market in the world.
Cresco Labs has acquired an ownership interest in an existing Nevada operation which holds one cultivation, one processing, and one dispensary license located in Las Vegas. The operation includes one of the most productive dispensaries located just off the strip in Las Vegas and an 18,000 square foot processing facility for the production of concentrates and edibles. The operation is currently constructing a 67,000 square foot cultivation facility. Cresco Labs full suite of branded products will be produced and sold in NV through this venture. With over 40,000,000 annual tourists visiting Las Vegas, this venture presents a terrific opportunity for Cresco Labs’ brands to be experienced by a wide range of visitors from other areas of the US and international consumers.
Cresco Labs acquired an ownership interest in an existing Arizona operation which holds a vertically integrated license with cultivation, processing, and one dispensary location near Phoenix. Cresco Labs will bring their operational expertise overseeing the cultivation and manufacturing process which will produce the full suite of Cresco Labs product line. With over 170,000 registered patients, Arizona is one of the largest medical cannabis programs in the country.
Cresco Labs is a leading innovator developing professional-grade cannabis products across the country. Their brands (Cresco, Remedi, Reserve and Mindy’s Edibles, an infused edible line with James Beard Award-Winning Chef Mindy Segal) provide a full suite of products including flower, edibles, vape pens/cartridges, and multiple forms of extracts catering to all consumers, from the novice to connoisseur and medically-minded to recreational user. They have an unmatched success in winning licenses through competitive, merit-based state application processes, winning ten licenses in the most competitive, highly-regulated markets. Cresco Labs is currently seeking additional investment to continue their aggressive expansion strategy.
Posted In: Company News