CHICAGO--(BUSINESS WIRE)--
Cresco
Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF),
one of the largest vertically integrated multistate cannabis operators
in the United States, today announced the opening of new VidaCann
medical cannabis dispensaries in the cities of Pensacola and
Jacksonville, Florida. With the opening of the new dispensaries,
VidaCann now has 12 operating dispensaries throughout the state of
Florida. Cresco Labs has entered into an agreement to acquire the
ownership interests of VidaCann, one of the largest and most advanced
providers of medical cannabis in Florida. The acquisition of VidaCann is
expected to close within the next 30 to 90 days, subject to the
satisfaction of customary closing conditions including approval by the
Florida Department of Health.
“Since announcing the acquisition in March, VidaCann has continued to
execute on the expansion of its retail footprint,” said Cresco Labs CEO
and Co-founder Charlie Bachtell. “The new dispensaries in Pensacola and
Jacksonville provide a retail presence in two of the largest cities in
Florida, which will improve our ability to capitalize on the very strong
growth in the Florida market with more than 10,000 new patients being
registered each week. Upon the closing of the acquisition, we project
that Cresco Labs will have the fifth largest network of retail
dispensaries in the state of Florida, which will provide us with an
immediate meaningful presence in this market and an excellent platform
for driving future growth. By the end of 2019, we expect to have up to
20 dispensaries operating in Florida, and that number will grow
significantly in 2020 when our license converts to an unlimited number
of dispensaries.”
New Dispensary Locations and Hours of Operation
Pensacola
2401 Langley Ave, Unit A
(850) 741-2895
Monday
through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m.,
closed on Sunday
Jacksonville
5298 Sunbeam Road, Unit 6
(904) 337-0554
Monday
through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m.,
closed on Sunday
In addition to Pensacola and Jacksonville, VidaCann operates
dispensaries in Orlando, St. Petersburg, Port Charlotte, Bonita Springs,
Tampa, Tallahassee, Daytona Beach, Deerfield Beach, Bradenton and Palm
Bay.
With over 30 premium strains, each VidaCann dispensary offers a variety
of products including flower, tinctures, capsules, vapes and concentrate
syringes in a range of cannabinoid ratios from completely
non-psychoactive to higher levels of THC.
About Cresco Labs:
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with
experienced management, access to capital and a demonstrated growth
strategy. As a differentiated grower, processor and retailer of premium
cannabis operating across the United States, the company focuses on
entering highly regulated markets with outsized demand potential and
strong regulatory structures. Its impressive speed-to-market gives
Cresco a distinct competitive advantage as it replicates its model to
expand its national footprint. Cresco’s proven ability to execute is
complemented by a cutting-edge brand strategy spearheaded by several of
the brightest minds in consumer marketing in the nation. Cresco’s
products are tailored to all major consumer segments: everyday cannabis,
medicinally focused, connoisseur grade, and chef inspired edibles by
James Beard Award-winning pastry chef Mindy Segal. Learn more about
Cresco Labs at www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation and may also
contain statements that may constitute "forward-looking statements"
within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative of
historical facts or information or current condition, but instead
represent only the Company's beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the use
of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’
‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’
‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the
negative of those forms or other comparable terms. The Company’s
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company’s actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements, including but not limited to those risks
discussed under "Risk Factors" in the company’s CSE Listing Statement
filed with SEDAR; and other factors, many of which are beyond the
control of the Company. Readers are cautioned that the foregoing list of
factors is not exhaustive. Because of these uncertainties, you should
not place undue reliance on the Company’s forward-looking statements. No
assurances are given as to the future trading price or trading volumes
of Cresco’s shares, nor as to the Company’s financial performance in
future financial periods. The Company does not intend to update any of
these factors or to publicly announce the result of any revisions to any
of the Company’s forward-looking statements contained herein, whether as
a result of new information, any future event or otherwise. Except as
otherwise indicated, this press release speaks as of the date hereof.
The distribution of this press release does not imply that there has
been no change in the affairs of the Company after the date hereof or
create any duty or commitment to update or supplement any information
provided in this press release or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190612005295/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications
Officer
press@crescolabs.com
Investors:
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs Inc.