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Cannabis operator Cresco Labs (CSE:CL) (OTC:CRLBF) said Monday it has obtained the final state approval for opening the first recreational-use cannabis dispensary in downtown Chicago.
The Chicago-based company has received an adult-use dispensing organization license from the Illinois Department of Financial Regulation for its dispensary located in the River North neighborhood.
Due to the current COVID-19 crisis, the so-called Sunnyside River North dispensary will offer online cannabis sales only. Once customers are informed that their orders are prepared, they can come to the store to pick it up during usual store hours.
The dispensary is located in the popular Baton Club, which is considered one of the most active downtown neighborhoods of Chicago.
Cresco previously declared that Sunnyside River North is the company’s sixth retail location in Illinois, and that it has licenses to open four more dispensaries with plans to locate them in the Gold Coast neighborhood of Chicago, South Beloit, Schaumburg, and Danville.
Cresco Labs CEO and co-founder Charlie Bachtell touted the opening as Chicago’s "first-ever recreational only dispensary" in such a sought-after location.
"The state’s approval provides a significant opportunity for Cresco to grow its retail footprint and serve more consumers across the state through six Sunnyside dispensaries—two of which are in Chicago,” he said. “It is also incredibly rewarding to be able to help the local community during such a challenging and uncertain time by providing more convenient access to downtown residents, adding new jobs, and acting as a good community partner to build impactful, positive relationships with local businesses and provide essential products and other support that our community members need.”
Cresco’s shares were trading 4.09% higher at $2.98 per share on Tuesday morning.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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