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Cresco Labs Inc (OTCMKTS:CRLBF) Receives Approval For Adult-Use Cannabis In Five Of Its Illinois Dispensaries

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Cresco Labs Inc (OTCMKTS:CRLBF) in one of the biggest vertically integrated cannabis operators in the U.S. Today, the business announces that it has obtained licenses for five of its medical cannabis dispensaries situated in Illinois.

A close outlook

A short while back, the company was approved to engage in the cultivation of cannabis for adult use. This approval was for both adult-use dispensary operations and adult-use cultivation in the state. This was a major step considering it was the first business to make such a huge achievement.

Cresco Labs CEO Charlie Bachtell says that they are looking forward to generating high revenues. According to him, shareholders should be looking forward to the massive opportunity since they stand to gain a lot if matters go according to plan.

The official recognized the company’s portfolio of recognized brands and their huge share in the current medical market. He also spoke about the company’s three cultivation facilities, which measure up to about 630,000 square feet. He thinks that with all these points working for them, they will be able to rise in the dynamic business world.

He opined, “Illinois is Cresco’s home state and with the transition to a legal adult-use market in January of 2020, the state is expected to produce between $2 – 4 billion in sales at maturity (BDS Analytics), making this one of the single largest opportunities in the U.S. cannabis space today.”

Illinois and its support for the legalization of cannabis products

One of the outstanding attributes of this state is its proper planning and organization. It already has in place a model that will place it as one of the best-regulated states in the United States. Mr. Bachtell believes the company has set up a blueprint that will serve as a pathway for the other companies that will be transitioning in years to come.

Illinois hit the headlines after it became the first major state to legalize cannabis. It achieved this through some legislative processes as opposed to resorting to a referendum. The government, at the moment, had been focusing on social equity. This is one of the guiding principles of Cresco. There is a reason to believe that it is this strategy that saw the state achieve its goal.

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