Cannabis Market Competition Heats Up In Florida: Cresco Expands Portfolio As Legalization Looms

Cresco Labs Inc. CL CRLBF 6CQ is expanding its cannabis brand portfolio in the Sunshine State to include the FloraCal and Cresco brands.

The Chicago-based company will roll out FloraCal flower, pre-rolls, live rosin concentrates and live rosin chews as well as Cresco flower and pre-rolls at Florida-based Sunnyside dispensaries starting next week and throughout the fall.

"We continue to invest in one of our core markets, Florida, by bringing more of our best-in-class products to our Sunnyside shoppers," Charlie Bachtell, CEO and co-founder of Cresco Labs, said.

Come see Charlie Bachtell at the Benzinga Cannabis Capital Conference, the place where deals get done, this Sept 27-28 for its 17th edition.

FloraCal is the premium brand in the company's portfolio created for cannabis connoisseurs, with products available in California, Illinois, Pennsylvania, Massachusetts and Florida.

Cresco cannabis brand is sold in California, Arizona, Illinois, Michigan, Ohio, Maryland, Pennsylvania, Massachusetts and Florida, and it offers one of the largest libraries of strains and broadest assortments of forms in the company's brand portfolio, ranging from flower and pre-rolls to concentrates and vapes.

"A growing number of patients are looking for more premium quality flower options and live rosin products—which is exactly what our FloraCal and Cresco brands offer," Bachtell added.

Cresco recently opened its 33rd medical cannabis store in the state. The newly opened shop features one of the largest and most diverse assortments among Florida dispensaries, the company said earlier this month.

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

Other companies also positioning themselves for the potential legalization of recreational marijuana in Florida 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 proposal 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.

CRLBF Price Action

Cresco’s shares traded at $2.17 per share at the market close on Wednesday afternoon.

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• Cresco Labs Takes On Trulieve As Major Competitor In Florida Where Weed Market Is Poised To Explode
• Photo: Courtesy of Budding on Unsplash