Cresco Labs Inc. (OTCMKTS:CRLBF) has commented on the legalization of adult use cannabis in the state of Illinois. Cresco is among the largest multistate cannabis operators in the US and its CEO and Founder Charlie Bachtell was part of the cannabis Legalization Subcommittee of Illinois that was constituted by Governor JB Pritzker’s transition team.
Adult use cannabis will create opportunities in Illinois
Commenting on the legalization Bachtell said that the legislation legalizing adult use cannabis in Illinois fromm2020 is a thoughtful milestone on the expansion of access to cannabis in the state. He added that they expect the move to have a positive impact on social justice issues as well as from a tax revenue perspective as it will expand employment and ownership opportunities for business in the state.
The Cresco CEO stated that as a market leader in the rapidly growing medical use cannabis market in Illinois they are looking forward to leveraging the largest adult use cannabis market in the US. Voters across the country continue to strongly support the legalization of adult-use cannabis with the legislation passed in the state serving as a good model for other states to adopt in legalizing cannabis
The company supports responsible and legal access to cannabis and the CEO stated that there is proof of the resulting benefits like helping curb opioid addiction and lowering of crime rates. Bachtell stated that they were excited about the new opportunities that adult use cannabis will bring to the state and that they were expecting some enhancements on the already existing medical cannabis program.
Legalizing cannabis has social benefits
The legislation legalizes adult use cannabis in Illinois for adult above 21 years as from January 2020. It is estimated that the market of adult use will be10 to 20 times the size of Illinois’ medical cannabis program. Currently, Cresco Labs has a presence in 11 states which include Illinois that is the fifth populous state in the US.
Through its current medical use cannabis licenses in Illinois, Cresco will open five more retail dispensaries for adult use cannabis thus increasing its dispensaries to 10 and its total growing footprint to three facilities.