Cresco Labs To Start Adult-Use Cannabis Sales In Phoenix On Heels of Election Day Legalization
The company's Sunnyside dispensary is located at 2620 West Encanto Boulevard in Phoenix.
Cresco joins other big cannabis enterprises who already obtained approval for recreational marijuana sales in The Grand Canyon state, including The Mint Dispensary, Columbia Care Inc. (OTCQX:CCHWF), Curaleaf Holdings Inc. (OTCQX:CURLF), and Harvest Health & Recreation Inc. (OTCQX:HRVSF).
Arizona said yes to recreational cannabis legalization during November’s election, and started the application process on Jan. 19. Dispensaries can apply online, but are required to pass an FBI background check. The application fee is set to $25,000.
Adult-use cannabis sales in Arizona are taxed at 16%.
“As a company, our strategy is to invest our resources in only the most strategic markets with appropriate regulations and strong consumer demand. For the last 10 years, not only has Arizona administered a responsible medical cannabis program, but has also garnered strong participation with more than 300,000 active patients,” Cresco Labs CEO Charlie Bachtell says.
Arizona is among seven of Cresco's 10 states with run-rates of more than $1 billion.
"With the same playbook deployed in other states, we have invested in infrastructure, we are executing in cultivation, and we are accelerating the wholesale distribution of our branded products," Bachtell adds. "Arizona has long been an important component of Cresco Labs’ strategic geographic footprint and we are thrilled to bring our portfolio of brands to more consumers at Sunnyside and at retail stores throughout the state.”
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