CHICAGO-(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), a vertically integrated multi-state operator and number one wholesaler in the United States of branded cannabis products, today announced that Parkway Dispensary, LLC and Navāda Labs, LLC, both social groups supported by the company’s SEED™ initiative, received conditional licenses for adult dispensaries as part of the 185 new licenses recently issued by the state of Illinois.
“We are happy for all the new cannabis business owners in Illinois who finally have the opportunity to start their business. We are also incredibly proud of our Cresco Labs team members who – through our SEED Community Business Incubator – have helped community groups with their license applications,” said Charlie Bachtel, CEO and co-founder of Cresco Labs. “The issuance of an additional 185 retail licenses is the result of years of hard work and patience and marks a game-changing moment for inclusion and social justice in cannabis. We see this important event as a win-win for everyone: it is a historic initiative to promote the diversification of the cannabis industry, give more customers access to reliable, safe, high-quality cannabis products and is a great catalyst for the continued growth of this very important and powerful economic driver and job creator in Illinois.”
There are currently 110 dispensaries operating in Illinois. After a year and a half of delays, the state began issuing conditional adult dispensary licenses on July 22 to Social Equity applicants under the Cannabis Tax and Regulation Act. The new licenses will double the number of dispensaries across the country.
SEED’s Community Business Incubator will continue to provide essential services and support to Parkway Dispensary, Navāda Labs and all other social capital groups that have received state dispensary and craft licenses. Through Cresco’s Illinois Cannabis Education Center, the Company’s SEED team will regularly host seminars, workshops and networking events with the organization’s subject matter experts and community partners to assist social equity groups with the refinement and implementation of business plans, site construction and initial start-up operations. For more information about the SEED Community Business Incubator, visit www.crescolabs.com/seed or email [email protected]crescolabs.com.
The company is the leading wholesaler of branded cannabis products in Illinois, according to BDS Analytics. Its brand portfolio available in Illinois includes FloraCal Farms, Cresco, High Supply, Good News, Mindy’s, Wonder Wellness and Remedi. Cresco also manufactures and distributes Kiva Confections brand products in the state.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multi-state cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Using a consumer packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the United States. Its brands are designed to meet the needs of all consumer segments and consist of some of the most well-known and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, the national dispensary brand of Cresco Labs, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis users. Recognizing that the cannabis industry is poised to become one of the nation’s leading job creators, Cresco Labs operates the industry’s largest social equity and educational development initiative, SEED, which was created to ensure that all members of the public have the skills, knowledge and opportunity to work and own their own business in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.