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 provided comments on the passage of
legislation on June 2, 2019 that makes Illinois’ medical-use cannabis
program permanent, expands the list of qualifying medical conditions,
and allows for nurse practitioners and physician’s assistants to certify
a patient’s eligibility for the program in addition to doctors.
“The legislation passed this weekend represents the acknowledgement of
the enormous success of the pilot medical-use cannabis program put in
place in Illinois in 2013,” said Cresco Labs CEO & Co-Founder Charlie
Bachtell. “With the expansion of the qualifying conditions and allowing
for nurse practitioners and physician’s assistants to also certify a
patient’s eligibility, more people suffering from debilitating illnesses
like chronic pain, migraines and irritable bowel syndrome will be able
to treat and manage the pain of their conditions with cannabis rather
than highly addictive opioids. The expansion of the Illinois program
will continue to set the bar for other states to follow and maintain the
Illinois medical cannabis program as one of the best in the country. The
new legislation also includes a social equity component, and our
recently announced social
equity and educational development (SEED) program will assist the
state in meeting its goals to ensure that a broader segment of our
population have the opportunity to pursue employment in the growing
cannabis industry. To date, approximately 60,000 patients are registered
for the Illinois medical-use program and we expect the expansion of the
program to significantly impact the number of participants. As the
current market leader in the medical-use cannabis program in the state,
we have the cultivation capacity, dispensary network and distribution
platform in place to effectively meet the increased demand for cannabis
in Illinois that will result from the expansion of the medical-use
program, as well as the legalization of adult-use cannabis beginning in
2020.”
The market share leader in Illinois, Cresco currently distributes its
suite of wholesale brands to every dispensary in Illinois:
-
Cresco
– an everyday cannabis brand with above-average quality -
remedi
– products designed for the medically-minded patient, with forms
similar to traditional pharmaceuticals - Reserve – a premium cannabis line
-
Mindy’s
Artisanal Edibles – a line of culinary-backed,
cannabis-infused edibles created by James Beard Award-winning chef
Mindy Segal -
Mindy’s
Kitchen – a line of fun, fruity confections
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]
