NEW KENSINGTON, Pa.--(BUSINESS WIRE)--
Cresco
Labs (CSE:CL) (OTC:CRLBF) (“Cresco” or “the Company”), one of the
largest vertically integrated multistate cannabis operators in the
United States, today announced the opening of a CY+ dispensary in New
Kensington, Pennsylvania. To commemorate the opening, Cresco welcomed
Pennsylvania Lieutenant Governor John Fetterman to cut the ceremonial
ribbon and to speak about the opioid crisis plaguing the state and
Cresco’s role in advancing medicinal cannabis as a safe and accessible
alternative for patients. With New Kensington as the third CY+
dispensary to open in Pennsylvania, Cresco has licenses for three more
dispensaries planned to open during the second quarter of 2019.
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Pennsylvania Lt. Governor John Fetterman cut the ceremonial ribbon officially opening Cresco Labs CY+ dispensary in New Kensington, PA (Photo: Business Wire)
“We are excited to open our third CY+ dispensary in the growing
Pennsylvania market and to be the first in the Pittsburgh metro area to
launch our online ordering feature,” said Cresco Labs CEO and co-founder
Charlie Bachtell. “Patients across the state can reserve their orders
online and enjoy convenient and easy access to their selected medicines
at three dispensaries in Pennsylvania with three more planned for the
first half of this year. These firsts in the state of Pennsylvania
underscore our mission to normalize and professionalize the cannabis
experience for customers across a multitude of market segments.”
Cresco Labs first entered the Pennsylvania market in February 2018 with
the opening of its Butler retail dispensary, making the first ever legal
sale of cannabis under Pennsylvania’s medical marijuana program.
Cresco’s flagship location in Pennsylvania, which opened in June 2018,
is located in the historic Strip District of the city of Pittsburgh.
Cresco also operates a state-of-the-art cultivation facility in the city
of Brookeville.
“We’re creating a retail experience that matches the varied needs of our
patients,” Bachtell continued. “We are incorporating technology that can
help patients get the product they want when they want it, and without
the wait. In conjunction with our New Kensington dispensary, we are also
launching our RESERVE branded product in Pennsylvania, delivering a
premium and exclusive cannabis experience based on years of selective
plant breeding. Our CY+ dispensaries carry a high-quality selection of
products such as dry leaf, vape pens and cartridges, oral sprays, pills,
topicals, and transdermal patches from growers across the state. We are
deeply committed to solidifying our market leadership in one of the most
attractive and highly coveted markets in the country and expanding the
relief we provide to patients in that state.”
Pennsylvania operates as a high-barrier market with very limited market
participation. Retail sales opened in February 2018 to a limited number
of retail locations across the state. Pennsylvania's medical marijuana
market is expected to become one of the biggest markets in the U.S.,
according to Marijuana Business Daily, January 2018. Cresco Labs
operates as Cresco Yeltrah in Pennsylvania.
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 in seven states, the company focuses on entering
highly regulated markets with outsized demand potential and high
barriers to entry. 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 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/20190226005378/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications
Officer
press@crescolabs.com
Investors:
Aaron Miles, Cresco Labs
Vice President,
Investor Relations
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs