Cresco Labs (CSE: CL) announced this morning that the firm has conducted its first harvest from its expanded facility in Lincoln, Illinois. The facility is the largest in the state, measuring at 224,000 square feet – small by Canadian standards – and one of three cultivation facilities owned by Cresco within Illinois.
The expanded cultivation facility is the result of Cresco placing a heavy emphasis on establishing market control within the soon to be recreational state. With Illinois transitioning to an adult-use state as of January 1, 2020. the firm has been on a path of expansion to maintain and increase its current market share of 25%. Collectively, the firm currently has approximately 243,000 square feet of cultivation space across Illinois.
The current expansion is viewed as an initial phase for the multi state operator, with the firm having received approvals to increase its total cultivation capacity to 630,000 square feet of flowering space. The issuer was also one of the first to receive approval to sell adult-use cannabis at all five of its current medical dispensaries, enabling the firm to be one of the first to capture market share in the new industry.
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Cresco Labs has an additional three locations within the state set to open in the near term.
Cresco Labs last traded at $6.71 on the Canadian Securities Exchange.
Information for this briefing was found via Sedar and Cresco Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
