Adult-use cannabis sales in Illinois legally begin Jan. 1.
This means that Illinois residents ages 21 and up will be able to buy and possess 30 grams of cannabis, 5 grams of cannabis concentrate or 500 milligrams of THC in cannabis-infused products.
Non-residents are allowed to obtain and hold 15 grams of cannabis.
Only medical marijuana patients are allowed to cultivate cannabis plants at home.
Illinois is the first state to legalize adult-use cannabis via a proposal initiated in the legislature versus a voter initiative.
Cresco Opens Sunnyside Dispensaries
The vertically integrated multistate cannabis company Cresco Labs Inc CL CRLBF has prepared for the new recreational market in Illinois, announcing Monday the opening of its first five Sunnyside dispensaries in the state.
They are located in Lakeview, Elmwood Park, Buffalo Grove, Rockford, and Champaign.
The state of Illinois is projected to become one of the biggest adult-use cannabis markets in the U.S., with annual sales of around $2-4 billion at maturity, Cresco said.
Cresco said it is the only cannabis operator in Illinois with three cultivation facilities.
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The company’s new adult-use stores will open their doors to the customers at 6 a.m. on New Year's Day.
In addition, Cresco announced the launch of its e-commerce platform for online ordering, Sunnyside.shop.
“New Year’s Day is a historic day as the end of cannabis prohibition launches in Illinois," Charlie Bachtell, Cresco Labs CEO and co-founder, said in a statement.
"We are expecting pretty large crowds and long lines to form as early as midnight on New Year’s Eve to celebrate the excitement of this milestone. Our Sunnyside Dispensaries are prepared to help introduce a new type of wellness to a broader set of customers across the state — both through our in-store consumer experience and through our new online platform.”
Cresco’s shares closed Friday’s market session 4.26% higher at $6.14 per share.
Related Links:
Cresco Labs Closes $50M Sale-And-Leaseback Agreement With GreenAcreage
Cresco Labs Announces $40M-Plus At-The-Market Offering
Photo courtesy of Cresco Labs.
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