Cresco Labs Continues To Dominate Illinois

In another sign of Illinois state market domination, Cresco Labs  (OTCQX:CRLBF) completed the expansion of its cultivation facility in Lincoln, IL, which is the largest in the state. The company also finished the first phase of expansion at its Kankakee facility.
Cresco is the only operator in Illinois with three cultivation sites that are licensed to grow up to 630,000 square feet of flowering canopy. These expansions add almost 180,000 square feet of additional indoor and greenhouse cultivation space, bringing the total cultivation space to 215,000 square feet across all three of its Illinois facilities.
“The expansion of our Illinois cultivation footprint at both our Lincoln and Kankakee facilities enables us to quickly bring additional capacity to such a growing, high-demand market, support supply to our statewide dispensary and wholesale network, and simultaneously cater to both medical and recreational consumers in our home state,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. ” The completion of these two fully-funded, industrial-scale expansion projects demonstrates the many strengths of Cresco’s team and our unique ability to continually execute on plan. Due to our phased construction schedule, our first harvests from the additional capacity recently occurred and they will bring limited incremental supply to market toward the end of May and significantly ramp up through Q3. This should dramatically increase sales in the state and help to address the current supply-demand imbalance,”.
Market Domination
The adult-use market in Illinois has been projected by Marijuana Business Daily to potentially generate up to $2.5 billion annually, depending on how many tourists take part in purchasing cannabis products. Cresco currently sells into 100% of licensed dispensaries in Illinois and has maintained its leading market share of wholesale sales in the state. The Company sells its Remedi, Cresco, Reserve, High Supply and Mindy’s Chef Led Artisanal Edibles products wholesale throughout Illinois, and the Company’s products are currently available at every dispensary in the state.
Furthermore, to meet the increasing demand in the state, the company has also bolstered its retail presence through its Sunnyside dispensaries. The company currently operates five dispensaries. It recently received approval to open its sixth location, and it has licenses to open an additional four. The company has announced its intention to open locations in the Gold Coast neighborhood of Chicago, as well as Danville, Schaumburg and South Beloit in Illinois.
Bachtell added, “We are proud to have the largest production capacity in this market, a widely-recognized portfolio of branded products and a rapidly growing retail footprint. The increase in profitability we expect to see over the course of the year will demonstrate the value of Cresco’s stated strategy of going deep in key states and focusing on brands and wholesale distribution.”
Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 6 days

The Daily Hit: November 25, 2020

@GreenMarketRpt – 6 days

$PLNHF ⁦@Planet13lv⁩ Revenue Rises 36% To $22 Million, Turns A Profit

@GreenMarketRpt – 6 days

$VREOF ⁦@VireoHealth⁩ Revenue Rises 67%, Turns Profitable

Back to Top

You have Successfully Subscribed!