Cresco achieved a record share of Illinois adult-use retail market in July
Cresco Labs (CSE:CL) (OTCQX:CRLBF) ("Cresco" or "the Company"), one of the largest vertically integrated multistate cannabis operators in the United States, announced the opening of Sunnyside Schaumburg, its ninth dispensary in the state, creating the largest retail footprint in Illinois. Sunnyside achieved its highest share ever of the reported $61 million July adult-use retail market. Cresco’s retail share of the adult-use market has almost doubled since January and now far exceeds its prorated share compared to the number of dispensaries it operates. Additionally, the Company’s wholesale business in Illinois continues to grow rapidly with sales to every dispensary across the state and the largest cultivation footprint.
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Cresco Labs opens its ninth Illinois Sunnyside Dispensary today adjacent to Schaumburg’s Woodfield Mall (Photo: Business Wire)
"We continue to grow our share of adult-use retail sales on the back of an excellent retail experience and expanded supply of premium flower," said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. "We are taking more share both at an individual store level and by opening more stores than any other operator in the state. With Sunnyside* Schaumburg opening today we operate nine dispensaries (eight adult-use) in Illinois, with a license for one more. Our substantial retail share is supported by our expanded cultivation facility, which has driven a consistent supply of premium flower into this capacity-constrained market."
This new Sunnyside dispensary is adjacent to the Woodfield Mall, the largest shopping mall and heart of one of the densest areas of stores, hotels, and restaurants in Illinois. The Woodfield Mall attracts more than 27 million visitors annually.
With more than 11,500 square feet of space and 20 points of sale, Sunnyside Schaumburg is Cresco’s largest dispensary in Illinois, followed by Sunnyside South Beloit which opened last month, and is the largest location in its nationwide retail portfolio.
Sunnyside Schaumburg is located at 1735 East Golf Road. Store hours are 9:00 AM to 9:00 PM daily, seven days a week. Adult-use customers can place orders online by browsing live inventory through Sunnyside.shop and pick up orders same day.
About Cresco Labs:
Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods ("CPG") approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Reserve, Good News and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry’s first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
Forward Looking Statements
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
Vice President, Investor Relations
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