Cresco Labs Makes First Legal Sale in Ohio’s Medical Marijuana Program
Cresco Labs (CSE:CL) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the opening and first legal sale of medical marijuana in the state of Ohio at its CY+ dispensary, making this the second state medical marijuana program in which the Company has been first to market.
“In Ohio, we are continuing our pattern of ‘firsts’ across the U.S. As a multi-state operator, we have repeatedly proven our ability to gain access to selected markets, get operational, distribute product and claim a first mover advantage in market share,” said Charlie Bachtell, CEO of Cresco Labs. “Following our similar achievement in Pennsylvania where we were the first operator to be approved and come to market as a cultivator, Ohio is the second state in a row where our expeditious path to market positioned us to serve the patients of the state by making the first legal sale of marijuana, officially launching Ohio’s statewide medical marijuana program.”
Cresco Labs’ new dispensary, named CY+ (pronounced “see why plus”), opened its doors on January 16 and offers a wide selection of pharmaceutical-grade marijuana for physician-certified patients across Ohio. In December 2018, Cresco Labs was granted the first certificate of operation for a medical marijuana dispensary in the state, over a month before other cannabis operators received the same approvals.
“Cresco has repeatedly scaled the steepest learning curves in the most highly regulated markets to get operational and to establish a dominant market position,” Bachtell added. “Our achievement in Ohio again shows Cresco Labs’ ability to efficiently put capital to use for the benefit of state programs, patients and our shareholders.”
In addition to the Wintersville dispensary, the Company has built an environmentally advanced 50,000-square-foot growing and cultivation facility located in Yellow Springs, Ohio that will supply statewide dispensaries.
CY+ will launch with flower only products but, in addition to other brands, will eventually carry Cresco’s full brand suite—Cresco, Remedi, Reserve, and Mindy’s Edibles, an infused edible line created by James Beard Award-winning chef Mindy Segal — providing a full suite of consistently dosed products catering to all consumers.
CY+ is located at 180 Main Street in Wintersville, Ohio and can be reached at 740/617-8649.
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 in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. 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 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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Jason Erkes, Cresco Labs
Chief Communications Officer
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Source: Cresco Labs
Posted In: New Markets