Cresco Obtains Zoning Approval For Dispensary In Chicago's River North Neighborhood

Vertically integrated cannabis company Cresco Labs CRLBF CL announced Monday that it has obtained special use authorization from the Zoning Board of Appeals for a Chicago dispensary located in the River North neighborhood.

The location is one of only two city-authorized recreational dispensaries in downtown Chicago and is the sixth Sunnyside dispensary in Illinois, according to Cresco. 

The company said it has licenses to open an additional four dispensaries, with locations in the Gold Coast neighborhood of Chicago and the Illinois cities of Danville and South Beloit. 

“Cresco has a long history of being first to market in new jurisdictions. Our ability to execute quickly and efficiently in a highly regulated, complex industry has always been a core strength of the Company,” Charlie Bachtell, Cresco's CEO and co-founder, said in a statement.

“We are proud to have received zoning approval in another step in the process to open an adult-use dispensary in downtown Chicago. Earning the right to operate in this highly coveted location is both a privilege and a significant opportunity for Cresco. The Dispensary is minutes from the Magnificent Mile, one of the busiest shopping districts in the United States. On a personal note, it is also minutes from Cresco’s corporate headquarters, and I couldn’t be more excited about Sunnyside* potentially having a flagship dispensary in this neighborhood.”

Cresco shares were down 15.52% at $3.32 at the time of publication Monday. 

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Photo courtesy of Cresco.