Connect with us

Business

Cresco Labs (OTCMKTS:CRLBF) Announce Completion Of Expansion Of Its Ultramodern Growing and Manufacturing Facility

Published

on

Cresco Labs (OTCMKTS:CRLBF) has announced the completion of the expansion project for the cultivation and manufacturing facility situated in Brookville, Pennsylvania.

Cresco Labs completes the expansion project bringing growing space to 88,000 sq. ft.

The expansion project will offer the company an extra 66,000 sq. ft. of greenhouse and indoor cultivation area, which will bring the company’s total space under cultivation to 88,000 sq. ft. The facility in Brookville supplies the company’s house of brands to all the licensed dispensaries in Pennsylvania, and currently, the company controls one of the biggest wholesale markets.

Cresco also completed the expansion of the manufacturing capabilities by having new and latest extraction booths as well as safety systems. With the expansion, the company will increase its butane extraction capacity by 300% and enhance ethanol extraction by 90%. The enhanced capability enables the company to efficiently process the increase in biomass in manufacturing its brand’s portfolio. This includes Remedi, Cresco, and Reserve, as well as other new brands, expected soon.

Following the facility’s tripling capacity, the company expects the products from the third 22,000 sq. ft. phase to hit the market soon. Production from the fourth phase will hit the market at the start of July and then gradually increase throughout the rest of the year.

Pennsylvania became an important market for Cresco Labs

Cresco CEO and Founder, Charlie Bachtell, indicate that Pennsylvania has continued to show that it is among the most attractive markets in the country currently. He added that the completion of the expansion is a huge milestone for the company towards establishing itself as a Pennsylvania leader. Bachtell stated that the expansion will help Cresco to efficiently meet patient demands in the state and enhance its operating leverage.

The expansion project comes at the back of the company’s recently finalized scale-up of cultivation operations in Kankakee and Lincoln in Illinois. Bachtell explained that these moves are a testament to the company’s strategy of focusing on wholesale distribution and branded products as well as going deep into key states.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

PROFILES2 months ago

Post Views: 52,998 CBD market growth over the next ten years will outpace marijuana growth by more than 30-to-one By...

Business3 months ago

Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures

Post Views: 1,013 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...

Business3 months ago

Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues

Post Views: 915 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...

Business3 months ago

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Post Views: 951 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...

Business3 months ago

Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia

Post Views: 1,035 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...

INDUSTRIAL HEMP3 months ago

Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)

Post Views: 863 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...