CHICAGO--(BUSINESS WIRE)--Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the results of the City of Chicago lottery for recreational cannabis dispensary locations (the “Lottery”). Cresco Labs won two of the seven available licenses in the Central District, and one of the six available licenses in the Southeast District. Following the results of the Chicago Lottery, Cresco will have one dual-purpose dispensary in the North District of Chicago, as well as the right to open two adult-use dispensaries in the Central District and one in the Southeast District. The Company also has operating Illinois medical dispensaries in Buffalo Grove, Elmwood Park, Rockford, and Champaign that have been state approved for dual-use, with the opportunity to open two additional adult-use dispensaries outside of the City of Chicago.
“With the first and sixth pick in today’s Lottery, we were thrilled to be the only public cannabis company to have the opportunity to pick two locations in Chicago’s highly populated Central District,” said Joe Caltabiano, Cresco Labs President and Co-founder. “The Central District is the epicenter of Chicago’s business community, retail community, and draws the greatest proportion of the 55 million tourists that come to Chicago each year. These two licenses, combined with our existing North District dispensary, which is steps from Wrigley Field, and our new Southeast license, are expected to drive consistent traffic and build brand recognition for our new Sunnyside* retail brand. Supported by the ongoing expansion of our three cultivation facilities in the state, our robust wholesale into 100% of dispensaries in Illinois, and now multiple locations at the nexus of where Chicago lives, shops and eats, Cresco Labs is positioned to continue to be the leader in Illinois, as the market opens up to adult-use after January 1st.”
The full list of available Districts can be viewed here.
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 and Mindy’s, a line of 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 has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative 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.