Cresco Labs Completes First Harvest From Lincoln-Based Cultivation Facility

Vertically-integrated cannabis company Cresco Labs CL CRLBF announced Monday it has finished its first harvest from its cultivation facility in Lincoln, Illinois.

The company has been expanding its operations to prepare for what is projected to become one of the biggest cannabis markets in the U.S. once the adult-use legalization commences on Jan. 1.

Cresco Labs is the only cannabis company in Illinois that operates three cultivation facilities, which gives it a slight competitive advantage.

At the beginning of October, the company reported obtaining early approval adult-use dispensing organization licenses for all five of its dispensaries in Illinois. In this manner, it has become the first company in the state to attain approval for both adult-use cultivation and dispensary operations.

“Cresco Labs has worked tirelessly to bring additional capacity to the Illinois cannabis market. The beneficial changes in the medical law created a rapid increase in demand that has recently outpaced supply. With this first harvest out of the expanded Lincoln facility, we are thrilled to bring this additional capacity to the patients of Illinois and the consumers in the soon to launch adult-use program,” said Charlie Bachtell, Cresco Labs CEO and co-founder.

Cresco Labs traded 5.5% higher at $5.34 per share at time of publication.

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