Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) received approval from the Illinois Department of Financial and Professional Regulation (IDFPR) for Cresco’s previously announced acquisitions of licensed medical cannabis dispensaries MedMar Rockford and MedMar Lakeview, located in the popular Wrigleyville neighborhood of Chicago.
According to Arcview Research, Illinois’ medical market is projected to have 126,566 legal consumers in 2022 and they are expected to spend approximately $400.5 million in 2022.
The company said that the IDFPR also approved Cresco’s acquisition of PDI Medical, a medical cannabis dispensary located in Buffalo Grove, Illinois, which was purchased by the Company in November 2018. The MedMar dispensaries are Cresco Labs’ fourth and fifth dispensary acquisitions in Illinois bringing the Company’s footprint to five dispensaries in its home state.
“Illinois is at the forefront of our nation’s evolution of the cannabis industry, and with these three dispensary approvals, Cresco has reached the maximum level of dispensaries any single company can own and operate in our home state,” said CEO & Co-Founder Charlie Bachtell. “We have already achieved the highest market share of any operator in Illinois and our prospects for accelerated growth are promising with the recent implementation of the Alternatives to Opioids program that began on February 1st. Illinois has opened access for patients by eliminating the three-month waiting period as well as requirements for fingerprinting and background checks for all patients with any qualifying condition. With a doctor’s approval, a patient can now receive a medical-use cannabis card in just one day.”
In addition to its five dispensaries in Illinois, Cresco operates three cultivation and processing facilities across the state.
Origin House Acquisition
Cresco announced recently that it was going to acquire Origin House in a deal valued at C$1.1 billion or C$12.68 per Origin House Share (based on the Exchange Ratio and the closing price of Cresco Labs Shares on March 29). The deal looks to be the largest public company acquisition in the history of the U.S. cannabis industry.
The combined company will be one of the largest vertically-integrated multi-state cannabis operators in the U. S.; a leading North American cannabis company, by footprint; and one of the largest cannabis brand distributors.