Cresco Labs (CSE: CL) is planning on ringing in the new year with a bang. The multi state cannabis operator this morning announced that it is heavily committed to the soon-to-be adult-use market of Illinois, which will be marked by the opening of five adult-use dispensaries in the state on January 1, 2020. The five dispensaries are expected to open at 6 AM, and long lines are anticipated for the newly legal state.
Cresco currently has a dominant position in the Illinois medical market, accounting for approximately 25% of all wholesale cannabis sales within the state based on recent data. The firm intends to keep this momentum going with the introduction of adult-use recreational markets on January 1, and this morning projected that the firm expects thousands of customers in the first week of legal sales.
The Chicago-based operator currently has three licensed cultivation facilities in the state, the most among all current operators. The firm currently has plans to increase its cultivation space to approximately 630,000 square feet of canopy, although current operations are significantly smaller at a combined 243,000 square feet. As a result of its large grow operations, the operator currently distributes its product to every dispensary in the state.
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Wednesday will see Cresco Labs launch its Sunnyside brand in five locations across the state, including Lakeview (Chicago), Elmwood Park, Champaign and Rockford. Cresco expects Illinois to have a total of ten Sunnyside dispensaries in total, with three set to open in Chicago this spring.
Cresco Labs last traded at $8.02 on the CSE.
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.
