Cresco Labs Inc (OTCMKTS:CRLBF), one of the major cannabis operators in the U.S issued an update about its market expansion efforts in Illinois on June 25 after adult use was legalized in the state.
Governor JB Pritzker of Illinois passed a bill that allowed cannabis to secure legal status for adult use in the state as of January 2020. This prompted cannabis operator Cresco Labs to release an update about its expansion plans in the state so that it can serve the recreational adult consumers.
“The legalization of adult-use cannabis and the recent expansion of the state’s medical-use program are expected to dramatically increase the consumer base in Illinois,” stated Cresco Labs CEO, Charlie Bachtell.
The CEO also added that the legalization will provide a noteworthy annual revenue that will range from $2 billion to $4 billion as the market approaches maturity. Bachtell also noted that Cresco Labs has been making significant strides in its efforts to serve the widening consumer base while maintaining its lead in Illinois. The company plans to open five new cannabis dispensaries in the state next year so that it can double down on the sale of recreational cannabis.
Aside from the cannabis dispensaries, Cresco Labs also operates 3 cultivation facilities within Illinois. It also plans to expand its cultivation facility which is located in Lincoln. The latter will be expanded to 170,000 square feet and should be ready in Q4 2019.
Cresco Labs launches social equity program for the legalized cannabis market
Cresto Labs recently unveiled a new social equity and educational program through which it plans to promote equity, community engagement, and inclusion in the legalized cannabis industry. The cannabis industry will soon become one of the leading employers in the country courtesy of all the jobs that it will create. The program aims to help facilitate diversity and workplace balance in the cannabis industry.
The program also aims to make sure that the worker will have the right skills for the industry. Cresto Labs is already working together with universities through the social equity program to develop cannabis-based courses and also to host events that will spur more interest in cannabis industry jobs.