NEW KENSINGTON, Pa.–(BUSINESS WIRE)– Cresco Labs (CSE:CL) (OTC:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the opening of a CY+ dispensary in New Kensington, Pennsylvania. To commemorate the opening, Cresco welcomed Pennsylvania Lieutenant Governor John Fetterman to cut the ceremonial ribbon and to speak about the opioid crisis plaguing the state and Cresco’s role in advancing medicinal cannabis as a safe and accessible alternative for patients. With New Kensington as the third CY+ dispensary to open in Pennsylvania, Cresco has licenses for three more dispensaries planned to open during the second quarter of 2019.
Pennsylvania Lt. Governor John Fetterman cut the ceremonial ribbon officially opening Cresco Labs CY+ dispensary in New Kensington, PA (Photo: Business Wire)
“We are excited to open our third CY+ dispensary in the growing Pennsylvania market and to be the first in the Pittsburgh metro area to launch our online ordering feature,” said Cresco Labs CEO and co-founder Charlie Bachtell. “Patients across the state can reserve their orders online and enjoy convenient and easy access to their selected medicines at three dispensaries in Pennsylvania with three more planned for the first half of this year. These firsts in the state of Pennsylvania underscore our mission to normalize and professionalize the cannabis experience for customers across a multitude of market segments.”
Cresco Labs first entered the Pennsylvania market in February 2018 with the opening of its Butler retail dispensary, making the first ever legal sale of cannabis under Pennsylvania’s medical marijuana program. Cresco’s flagship location in Pennsylvania, which opened in June 2018, is located in the historic Strip District of the city of Pittsburgh. Cresco also operates a state-of-the-art cultivation facility in the city of Brookeville.
“We’re creating a retail experience that matches the varied needs of our patients,” Bachtell continued. “We are incorporating technology that can help patients get the product they want when they want it, and without the wait. In conjunction with our New Kensington dispensary, we are also launching our RESERVE branded product in Pennsylvania, delivering a premium and exclusive cannabis experience based on years of selective plant breeding. Our CY+ dispensaries carry a high-quality selection of products such as dry leaf, vape pens and cartridges, oral sprays, pills, topicals, and transdermal patches from growers across the state. We are deeply committed to solidifying our market leadership in one of the most attractive and highly coveted markets in the country and expanding the relief we provide to patients in that state.”
Pennsylvania operates as a high-barrier market with very limited market participation. Retail sales opened in February 2018 to a limited number of retail locations across the state. Pennsylvania’s medical marijuana market is expected to become one of the biggest markets in the U.S., according to Marijuana Business Daily, January 2018. Cresco Labs operates as Cresco Yeltrah in Pennsylvania.
About Cresco Labs:
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at crescolabs.com.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
Jason Erkes, Cresco Labs
Chief Communications Officer
Aaron Miles, Cresco Labs
Vice President, Investor Relations
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