'Key Milestone': Cresco Labs Obtains First Adult-Use Cultivation Approvals In Illinois

Vertically integrated cannabis company Cresco Labs Inc. CL CRLBF said Monday that its three Illinois-based cultivation facilities have obtained approval from the state's Department of Agriculture for adult-use cannabis cultivation.

The three facilities combined offer 630,000 square feet of cultivation space and are based in Lincoln, Kankakee and Joliet, the company said.

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“We are very pleased to receive the first adult-use cultivation approvals granted in Illinois, which speaks to our continued success in efficiently executing on our strategic priorities,” Charlie Bachtell, Cresco's co-founder and CEO, said in a statement.

The new approvals are "a key milestone" for the company as it prepares to welcome the legalization of recreational cannabis in Illinois in 2020, emphasizing that the company is the only one with the maximum number of cultivation facilities in the state, he said. 

“We continue to have the leading share of the Illinois medical use cannabis market, and we believe the exceptional progress we have made this year to expand our cultivation capacity and retail dispensary network in Illinois will position Cresco Labs to be the market leader in recreational cannabis as well.”

Cresco shares were falling by 5.12% at $5.60 at the time of publication Monday. 

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