CHICAGO--(BUSINESS WIRE)--Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) (“Cresco” or “Company”), the industry leader in branded cannabis products with a portfolio of America’s most popular brands and the operator of Sunnyside dispensaries, today issued a statement on behalf of its CEO Charles Bachtell following over 56 percent of Ohioans voting to pass adult-use cannabis legalization through state ballot measure. Ohio represents the 24th state to end cannabis prohibition for adults 21 and over and the 15th state to legalize adult-use cannabis by election.
“It is clear when cannabis is on the ballot—people turn out to vote—and we commend the people of Ohio for raising their voices on an important issue that has helped break down barriers of partisanship in states across the country. Now, over 85 percent of the U.S. population lives in a state with some form of legal cannabis, and over 50 percent reside in a state with adult-use cannabis—the tipping point has been reached.
The total U.S. cannabis market is estimated to exceed $100 billion in sales a year, with less than 30 percent of that coming from state-regulated programs. As states like Ohio—the seventh most populous state with nearly 12 million residents—pass and develop adult-use programs with appropriate cannabis laws, it will continue to help bring consumers into the regulated, safety-focused cannabis industry. Even with regulated channels contributing to less than a third of the total U.S. cannabis consumption, the regulated industry still generated over $4 billion in tax revenue for states last year.
Ohio’s adult-use program will be among the most regulated in the country, ensuring public safety with lab-tested products, child-resistant packaging and age verification. This public health initiative will also provide a safe alternative to opioids that have ravaged the state and bring access to those who were unable to obtain relief through the current medical program. With 500,000 people currently employed in the U.S. cannabis industry, Ohio’s Cannabis Social Equity and Jobs program will contribute to employment and business opportunities for all, especially those disproportionately impacted by the War on Drugs.
Cresco Labs was a first mover in Ohio’s medical program, and we look forward to helping launch the adult-use program with the distribution of our top-quality cannabis brands and the expansion of our Sunnyside Dispensaries.”
Ohio’s Issue 2 ballot measure gives current medical cannabis businesses a head start in the adult-use market. Regulators will begin issuing adult-use licenses to qualified applicants who operate existing medical operations within nine months of enactment.
Cresco Labs operates a 50,000 square foot cultivation and processing facility in Yellow Springs that distributes its industry-leading cannabis brands to approximately 60 percent of Ohio’s 111 operating medical dispensaries. It has five Sunnyside dispensaries in Cincinnati, Chillicothe, Marion, Newark and Wintersville. According to state agency reports (Ohio Medical Marijuana Control Program), the current Ohio medical market has nearly 200,000 active patients and generates approximately $500 million in annual sales. The transition to adult-use sales is expected to increase the total annual run-rate to over $1 billion by 2025, according to Marijuana Business Daily.
About Cresco Labs Inc.
Cresco Labs’ mission is to normalize and professionalize the cannabis industry through a CPG approach to building national brands and a customer-focused retail experience, while acting as a steward for the industry on legislative and regulatory-focused initiatives. As a leader in cultivation, production and branded product distribution, the Company is leveraging its scale and agility to grow its portfolio of brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi, on a national level. The Company also operates highly productive dispensaries nationally under the Sunnyside brand that focus on building patient and consumer trust and delivering ongoing education and convenience in a wonderfully traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs embraces the responsibility to support communities through authentic engagement, economic opportunity, investment, workforce development and legislative initiatives designed to create the most responsible, respectable and robust cannabis industry possible. Learn more about Cresco Labs’ journey by visiting www.crescolabs.com or following the Company on Facebook, X or LinkedIn.