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Marijuana

Cresco Labs Inc (OTCMKTS:CRLBF) Completes Takeover Of Hope Heal Health Inc: Launches The Sale Of Recreational Cannabis At Hope Heal Health Dispensary

Cresco Labs Inc (OTCMKTS:CRLBF) has completed the takeover of Hope Heal Health Inc.  It has received the regulatory nod of the Cannabis Control Commission in Massachusetts for the change in ownership.

Hope Heal owns licenses for the production

Hope Heal owns the licenses for the cultivation and manufacturing of the products in Massachusetts. It also holds licenses for retail operations. The company can obtain two more retail licenses in Massachusetts. Hope Heal manages a manufacturing and cultivation facility in Fall River.

Hope Heal dispensary commences sale of recreational cannabis

Hope Heal dispensary has commenced the sale of recreational cannabis. The company can use its license to serve the prevailing medical cannabis users. Hope Heal can also quickly meet the growing demand for adult-use cannabis through its retail/ wholesale distribution of the products of Cresco. Massachusetts has reported record cannabis sales of $450 million in the first year itself.

Charlie Bachtell, Co-founder and Chief Executive Officer of Cresco, said the company is excited to commence serving the adult-use cannabis users. This is part of its endeavor to establish a global presence. The company will continue to meet the needs of medical cannabis patients in Massachusetts.

After entering a pact to take over Hope Heal in late 2018, Cresco worked with the team of Hope Heal to develop a reputation for consistency and quality in the northeast’s largest adult-use cannabis space. Charlie said the company will look forward to establishing its retail presence in the market under the Sunnyside brand. It is also developing its wholesale channels.

Supports over 40 cannabis dispensaries

Hope Heal services over 40 cannabis dispensaries in Massachusetts. It distributes a full suite of cannabis products to Remedi, Cresco, and Mindy’s Edibles. With River Fall dispensary situated at a distance of less than 20 miles from downtown Providence, Hope Heal expects to attract more adult-use cannabis customers in the tourism sector of Massachusetts and the local communities.

Cresco closes a non-brokered credit agreement

Cresco has announced the closure of a non-brokered credit accord for the Senior Loan of $100 million. It can increase the loan amount by up to $200 million on mutually agreeable terms. The company will use the proceeds for expanding the operations in Illinois.

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Marijuana

Cresco Labs Inc (OTCMKTS:CRLBF) Provides Illinois Expansion Update

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.

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