CHICAGO–(BUSINESS WIRE)–Cresco
Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF),
one of the largest vertically integrated multistate cannabis operators
in the United States, today announced the launch of its Social Equity &
Educational Development (SEED) program, the cannabis industry’s first
national social equity initiative promoting inclusion, expungement,
equality, access and community engagement.
“With the U.S. cannabis industry at an inflection point with changing
public perception, political support and legalization of adult use being
considered, the industry is poised to become one of the leading job
creators in the country,” said Cresco Labs CEO & Co-Founder Charlie
Bachtell. “Our SEED initiative is designed to ensure that all members of
our society have the skills, knowledge and opportunity to work in and
own businesses in this industry. From collaborating with universities to
develop cannabis-focused curriculum to working with local agencies and
community organizations to sponsor expungement events, the SEED
initiative consists of impactful programs and actionable solutions-based
approaches that we believe will help make the cannabis industry a highly
inclusive force for job creation. We are also focused on providing a
pathway to business ownership through our comprehensive incubator
program, which we believe will assist states in achieving the diversity
goals they have established for their regulated cannabis programs.
Through our commitment to driving positive social change and the various
programs in the SEED initiative, our goal is to provide 20,000
individuals with the opportunity to seek employment in the cannabis
industry by 2022.”
Cresco Labs began developing elements of the SEED program in early 2018
that focused around three main areas: Social Equity, a Community Impact
Incubator program and Workforce Development/Education.
Social Equity
-
Collaborating with community organizations and local agencies to
facilitate expungement events that assist individuals formerly
convicted of expungable offenses in obtaining clearance to work within
the cannabis industry. -
Developing systematic outreach efforts to veteran, minority- and
women-owned businesses to increase the diversity of vendors supporting
the cannabis industry. -
Providing cannabis-focused small business development and support
through educational events.
To date, Cresco Labs has begun activating on many of its social equity
initiatives including supporting an expungement event for nearly 150
people with cannabis convictions in Illinois, conducting a Veteran’s
Hiring Fair in Pennsylvania, developing a community workforce program
with organizations in Brooklyn, NY, and participating in a Cannabis
Health and Wellness Fair on Chicago’s southside.
Community Impact Incubator
-
Cresco Labs has developed a model for a business incubator program
that will provide or support the raise of the capital needed to build
and ramp-up operations for licensed cultivators and/or dispensaries.
Eligibility will be for state-licensed applicants who enhance the
diversity goals of Cresco Labs and the individual program of the state
in which they reside. -
The long-term goal of the incubator will be to have participants own
the majority share of their business. -
Cresco Labs will provide practical, real-life experience in all facets
of the cannabis business including business formation, regulatory,
compliance, cultivation, manufacturing and operational support.
Education & Workforce Development
-
Developing curriculum/course work with colleges and universities to
educate and prepare students for pursuing a career in the cannabis
industry. -
Collaborating with civic leaders and organizations to develop
community education activities to help individuals better understand
the employment opportunities available in the cannabis industry. -
Partnering with universities, colleges, and community colleges to
develop pathways to employment in the cannabis industry including for
those newly eligible for employment through expungement:- Internship programs
- Job training and placement assistance
- Career services
- Scholarships
- Entrepreneur program support
Cresco Labs is working with the leadership at multiple community
colleges, state universities, and Ivy League universities to establish
the following: cannabis-focused courses of study in their respective
business, agriculture, and entrepreneurship programs; scholarships for
people from communities most negatively impacted by the war on drugs;
and scholarly research in plant science. The company has a targeted
internship program and has develop scholarship programs designed
specifically for Central State University and Wilberforce University in
Ohio. Additionally, Cresco Labs launched a national summer 2019
internship program for 50 cannabis-focused candidates to work at the
Company.
Cresco Labs is proud to have identified and engaged a set of partners
whose work in the community improves all of our experiences. True
community integration requires acknowledging the interconnectedness of
non-profit community groups and the role successful corporations like
Cresco Labs have to support their work. Cresco Labs’ community
partnerships proudly include The Monroe Foundation, Central State
University, Agraria, The 4th Episcopal District, AME Church,
Montessori School of Englewood, North Lawndale Employment Network,
Chicago NORML, Help Heal Veterans, Teamwork Englewood, Rotary Club of
Carpinteria, Howard Brown Health Center, Amplify, T.R.E.A.D. and Susan
G. Komen For the Cure.
Cresco Labs is deeply committed to effecting positive social change
through inclusion, equality and community involvement. The Company has
hired Barrington Rutherford as its Senior Vice President of Community
Integration to head up its SEED initiative. Rutherford brings with him
20 years of community activism spanning religious, non-profit and
educational organizations.
About Cresco Labs:
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 across the United States, the company focuses on
entering highly regulated markets with outsized demand potential and
strong regulatory structures. 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 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.
Contacts
Media:
Jason Erkes, Cresco Labs
Chief Communications
Officer
[email protected]
Investors:
[email protected]
For
general Cresco Labs inquiries:
312-929-0993
[email protected]
