Social Equity Groups In Illinois Given A Chance In Cannabis Business, Supported By Cresco Labs

Social Equity Groups In Illinois Given A Chance In Cannabis Business, Supported By Cresco Labs

Cresco Labs CRLBF CL revealed that Parkway Dispensary, LLC and Navāda Labs, LLC, both social equity groups supported by the company’s SEED initiative, received conditional adult-use dispensary licenses as part of the 185 new licenses recently issued by the state of Illinois.

“We’re thrilled for all new Illinois cannabis business owners who finally have the opportunity to get their businesses up and running. We’re also incredibly proud of our Cresco Labs team members who—through our SEED Community Business Incubator—assisted social equity groups with their license applications,” stated Charlie Bachtell, CEO and co-founder of Cresco Labs.

“The issuance of an additional 185 retail licenses is the result of years of hard work and patience and marks a game-changing moment for inclusiveness and social justice in cannabis. We see this milestone as a win-win-win: it’s a historic initiative in furtherance of diversifying the cannabis industry, it provides more customers with access to trusted, safe, top quality cannabis products, and it’s a terrific catalyst for the continued growth of this very important and powerful economic engine and job creator in Illinois,” continued Bachtell.

SEED’s Community Business Incubator will continue to provide essential services and support to Parkway Dispensary, Navāda Labs and all other social equity groups issued dispensary and craft grow licenses by the state. Through Cresco’s Illinois Cannabis Education Center, the company’s SEED team will regularly host seminars, workshops and networking events with subject matter experts from the organization and community partners to assist social equity groups with refinement and enactment of business plans, site construction and initial launch operations.

Photo: Benzinga; Sources: courtesy of Matthias Zomer via Pexels, squarefrog via Pixabay

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Posted In: Charlie BachtellNavāda LabsParkway DispensaryCannabisNewsPenny StocksSmall CapMarkets

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