“Appreciate the opportunity to be here today,” said keynote speaker Charlie Bachtell, co-founder & CEO of Cresco Labs Inc CRLBF at the September Benzinga Cannabis Capital Conference panel discussion, moderated by Debra Borchardt, executive editor at Green Market Report and John Pletz, a reporter at Crain Communications.
Amidst a room full of stakeholders eager to unravel the rapid strides and lurking challenges of the cannabis industry, Bachtell laid bare the strategic pivots and maneuvers that have kept Cresco Labs thriving in a tumultuous environment.
Want to know more about innovative business models, regulatory landscapes, and future growth prospects of the cannabis industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!
See Also: Cannabis Stocks: Why Tomorrow Might Be Too Late To Invest And How To Pick The Right Stocks
Cresco Labs' Performance, Strategy, & Industry Insights
The intimate dialogues between these renowned figures dabbled between Cresco Labs’ second-quarter performance and the legislative landscape surrounding the cannabis industry. Bachtell attributed the robust health of his company to a disciplined focus on core markets, products, brands, and team members, a strategy crafted out of the necessities spurred by unpredictable legislative and regulatory reforms.
“Shedding certain assets, choosing to keep others there are very few easy decisions in this industry,” Bachtell opened up, illuminating the arduous journey towards securing a stronghold in an industry known for its unpredictable shifts and turns.
Cannabis Legislation & Industry Engagement
Borchardt, tapping into the enthusiasm stemming from recent legislative breakthroughs, pulled the conversation towards the historic voting in the Senate - a first for the cannabis industry.
Bachtell, who was on the ground in Washington DC during the deliberations, underscored the pivotal role of educating legislators: “Our reps down in DC [Washington DC] don't have the time or the bandwidth to be experts on every subject matter that they have to weigh in on.”
As the conversation drifted towards the unprecedented momentum gaining ground in the Senate, Bachtell clarified, “We all deserve to take one high five and a cartwheel. And then we gotta get back to work.” The hurdles ahead are substantial, and the shift in focus toward the House underscores the multilayered challenges still lingering.
Illinois’s Industry Challenges, Neighboring States Competition
Pletz brought the discussion home, spotlighting the dynamics at play in Illinois.
Bachtell, with the dexterity carved from his in-depth experience in the industry, highlighted the significant strides Illinois has made through its thoughtful legislation. Yet, the landscape is pockmarked with challenges, particularly for new licensees who are navigating a markedly different economic and competitive terrain.
Furthermore, Bachtell drew a stark contrast between the initial optimism and the current challenging environment new entrepreneurs face, “They walked into a 180-degree different environment where the investor sentiment could not have been more different,” said.
The burgeoning cannabis market in Illinois is not just battling internal constraints but is also shadowed by the competition from neighboring states and the emerging market of intoxicating cannabinoids.
Cannabis Regulation & Social Equity In IL
Pletz probed further into the social equity program in Illinois, eliciting a thoughtful reflection from Bachtell on the pendulum swings of regulatory overhauls he has witnessed. Cresco Labs CEO emphasized the necessity of resources to bolster the opportunities created for diversity in the industry.
“Access has been created for this industry to get more diverse, now resources are needed for this industry to get more diverse,” Bachtell remarked, weaving the complex narrative of opportunities, challenges, and the imperatives of aligning regulatory frameworks to foster an equitable and thriving cannabis industry.
Price Action
CRLBF shares traded at $1.60 per share, down 2.44% in Thursday afternoon's session.
Eager to delve into the innovative business models, regulatory landscapes, and future growth prospects of the cannabis industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!
Read Next: EXCLUSIVE: Gov. Pritzker Champions Chicago's Crucial Role In Illinois Cannabis Equity Push
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
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