CHICAGO--(BUSINESS WIRE)--Cresco Labs (CSE: CL) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that Charles Bachtell, Co-founder and CEO of Cresco Labs, has been appointed to the Cannabis Legalization Subcommittee of Illinois Governor-elect JB Pritzker’s transition team. Cannabis Legalization is one of four subcommittees under the Governor-elect’s Restorative Justice and Safe Communities Transition Committee. Bachtell will collaborate other civic, judicial and social justice leaders named to the committee. Within the group, he is the only cannabis industry operator appointed to provide input that will shape the possibility of legal adult-use cannabis in Illinois.
The primary goals of the Cannabis Legalization Subcommittee are to evaluate and develop implementation recommendations for the Governor-elects platform on legalizing cannabis. As outlined during the campaign, these priorities include safely legalizing and decriminalizing cannabis, reviewing and commuting the sentences of people incarcerated for cannabis offenses in Illinois, intentionally including black and brown entrepreneurs in the planning and licensing of new cannabis dispensaries and reinvesting in communities hit hardest by the war on drugs and the legacy of mass incarceration.
“It is a great honor to be appointed by Governor-elect JB Pritzker to work with an esteemed group of leaders to advance legalization of cannabis in Illinois, a state that has been historically been one of the most highly regulated markets in the country,” said Bachtell. “At Cresco, we were one of the first cannabis companies to successfully win licenses and scale our business in this highly competitive market. We understand the Illinois market – our home state – very well and have been active in endorsing legislation that will protect and support the well-being of our citizens.”
Named one of the “Top 100 Cannabis Leaders of 2018” by Entrepreneur, Bachtell co-founded Cresco Labs in 2016 with the vision of normalizing and professionalizing the cannabis industry. Bachtell is an attorney with deep legal expertise in regulatory compliance and is recognized as one of the foremost authorities on regulatory affairs in some of the nation’s most heavily regulated industries. He serves as an adjunct professor at the Northwestern University Pritzker School of Law teaching classes on legal and regulatory matters concerning the emerging cannabis industry and has leadership positions in numerous cannabis trade associations across the country.
About Cresco Labs, LLC:
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: the illegality of the Company’s business at the U.S. federal level and the risk of prosecution; the U.S. State level regulatory uncertainty; clearing of the securities; risks to Canadian investors being barred from entering the U.S.; restricted access to banking; the availability of additional financing; the lack of approval by the U.S. Food and Drug Administration; constraints on marketing products; limited trademark protection; unfavorable tax treatment; the tax classification of the Company in the U.S.; lack of access to U.S. bankruptcy protections; proceeds of crime statutes; liability and enforcement; risks inherent in the agricultural business; environmental risks and regulations; access to third-party service providers; product liability; personal information breaches; liability for fraudulent or illegal activity by employees, contractors and consultants; the Company’s limited operating history; the difficulty quantifying the target market; planned expansion; the limited market for securities; security risks; public and consumer perceptions; contracts may not be legally enforceable; restricted transfer of securities; voting control; reliance on management; risks related to the Illinois Medical Cannabis Pilot Program; reliance on management; the 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. 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 to update or supplement any information provided in this press release or otherwise.