Cresco Labs Takes On Trulieve As Major Competitor In Florida Where Weed Market Is Poised To Explode

Cresco Labs Inc. CL CRLBF 6CQ is opening a second Sunnyside medical cannabis store in Jacksonville, Florida.

Located at 2725 College St., the new shop joins its sister location in Jacksonville Beach in providing patients with greater access to best-in-class cannabis products from the company's branded portfolio.

The latest store opening brings the number of Cresco dispensaries in the Sunshine State to 33 and 70 nationwide.

"We're bringing our bestselling branded products to our stores and expanding access to cannabis to more patients—it's a win-win scenario," said Charlie Bachtell, the company's CEO and co-founder. "Jacksonville has significant population density, and our newest dispensary is in the heart of Riverside, where there is tremendous development taking place."

Bachtell will join a slew of other top cannabis executives, experts and entrepreneurs at the upcoming Benzinga Cannabis Capital Conference in Chicago, this Sept. 27-28, as a keynote speaker.

The newly opened shop has one of the largest and most diverse assortments among Florida dispensaries, offering a suite of accessories and products like flower, pre-rolls, vape cartridges, disposable vape pens, concentrates, edibles and topicals from the company's branded portfolio that includes Cresco, Supply, One Plant, FloraCal, Good News, Remedi and Sunnyside.

As such, it's one of the main competitors to medical marijuana giant Trulieve Cannabis Corp TCNNF, which has over 120 dispensaries in its home state, representing a quarter of the state's total number of cannabis stores.

Some companies that are also positioning themselves for the potential legalization of recreational marijuana in the state include Planet 13 and AYR Wellness, Inc. Planet 13, the Las Vegas cannabis operator has its eyes on VidaCann's 26 Florida dispensaries, while AYR opened three retail locations in Orange County.

A legalization initiative is expected to go to the voters in 2024, that is if the Supreme Court and Attorney General Ashley Moody don't manage to push the industry off the ballot.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo: Courtesy of Mike Petrucci on Unsplash