CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the opening of its eighth Illinois dispensary in the city of South Beloit. The adult-use dispensary is located near Highway 75 and visible from Interstate 90 by the Illinois-Wisconsin border.
“We are thrilled to bring the Sunnyside retail experience to the hundreds of thousands of people living in South Beloit and surrounding communities in Winnebago County. This is our third store opening since the COVID-19 pandemic began, and I’m incredibly proud of our team’s dedication to providing responsible access to cannabis,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. “At 7,208 square feet, this is one of the largest dispensaries in Illinois and across our entire portfolio. Illinois cannabis sales set a record in June reaching approximately $77 million, which translates to an almost billion-dollar annualized run rate. With our 6x increase in cultivation capacity and focus on going deep in the state, we continue to command an outsized share of this market.”
Sunnyside South Beloit is where cannabis meets wellness. The store aims to educate today’s diverse users on the many positive benefits of cannabis and provides one of the widest ranges of cannabis brands. A more sophisticated and familiar shopping destination that combines high-end design from healthcare, retail and hospitality, Sunnyside South Beloit elevates the value dispensaries can add to a community with a bright, welcoming aesthetic and convenient shopping whether in-store or online.
The store will employ 35 people who will work out of the state-of-the-art, built from the ground up dispensary featuring nearly 20 points of sale and more than 7,200 square feet of space with cannabis products divided by form and function. Adult-use customers can place online orders browsing live inventory through Sunnyside.shop and pick up orders in-store the same day.
Cresco now has eight Sunnyside dispensaries open in Illinois: Wrigleyville Chicago, River North Chicago, Elmwood Park, Buffalo Grove, Rockford, Champaign, Danville and South Beloit. Cresco’s ninth store in Schaumburg, a northwestern suburb of Chicago, is expected to open soon.
In addition to its retail network in Illinois, the Company has 215,000 square feet of cultivation space – the largest capacity of any operator in the state. Cresco distributes its full suite of branded products, including Cresco, Mindy’s Chef Led Artisanal Edibles, Remedi, Reserve, High Supply and Good News.
Sunnyside South Beloit is located at 7000 First Ranger Dr. Store hours are 9:00 AM to 9:00 PM daily, seven days a week.
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, High Supply, Reserve, Good News and Mindy’s Chef Led Artisanal 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 provides the industry’s first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. 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.
Jason Erkes, Cresco Labs
Chief Communications Officer
Vice President, Investor Relations email@example.com
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