Cresco Labs Inc
(OTCMKTS:CRLBF), one of the major cannabis operators in the U.S issued an
update about its market expansion efforts in Illinois on June 25 after adult
use was legalized in the state.
Governor JB Pritzker of Illinois passed a bill that allowed
cannabis to secure legal status for adult use in the state as of January 2020.
This prompted cannabis operator Cresco Labs to release an update about its
expansion plans in the state so that it can serve the recreational adult
“The legalization of adult-use cannabis and the recent expansion of the state’s medical-use program are expected to dramatically increase the consumer base in Illinois,” stated Cresco Labs CEO, Charlie Bachtell.
The CEO also added that the legalization will provide a
noteworthy annual revenue that will range from $2 billion to $4 billion as the
market approaches maturity. Bachtell also noted that Cresco Labs has been
making significant strides in its efforts to serve the widening consumer base
while maintaining its lead in Illinois. The company plans to open five new
cannabis dispensaries in the state next year so that it can double down on the
sale of recreational cannabis.
Aside from the cannabis dispensaries, Cresco Labs also
operates 3 cultivation facilities within Illinois. It also plans to expand its
cultivation facility which is located in Lincoln. The latter will be expanded
to 170,000 square feet and should be ready in Q4 2019.
Cresco Labs launches
social equity program for the legalized cannabis market
Cresto Labs recently unveiled a new social equity and educational
program through which it plans to promote equity, community engagement, and
inclusion in the legalized cannabis industry. The cannabis industry will soon
become one of the leading employers in the country courtesy of all the jobs
that it will create. The program aims to help facilitate diversity and
workplace balance in the cannabis industry.
The program also aims to make sure that the worker will have
the right skills for the industry. Cresto Labs is already working together with
universities through the social equity program to develop cannabis-based
courses and also to host events that will spur more interest in cannabis