Cresco Labs Continues Illinois Expansion With Acquisition of Two Dispensaries
New Key Retail Locations Add to Existing Retail and Manufacturing Presence
CHICAGO–(BUSINESS WIRE), December 20, 2018–Cresco Labs (CL:CSE), one of the largest vertically integrated multi-state cannabis operators in the United States, today announced that it has signed dual definitive agreements to acquire licensed Illinois medical cannabis dispensaries MedMar Rockford and MedMar Lakeview, located in the popular Wrigleyville neighborhood of Chicago. These will be Cresco Labs’ fourth and fifth dispensary acquisitions, respectively, in Illinois. Cresco Labs will reach the maximum level of dispensaries any single company can own in the state, adding to the maximum three cultivation and processing facilities it currently operates. Cresco Labs is the only company in Illinois that has reached those limits, and it has the highest market share of any operator in the Illinois market.
These acquisitions affirm our commitment to maintaining a strong retail presence in Illinois, which is one of the strongest and most quickly evolving cannabis markets in the United States. The number of registered patients in Illinois has been increasing steadily, and the patient population is expected to drastically expand with the implementation of the Illinois Alternatives to Opioids Act, allowing for medical cannabis to be dispensed in place of pharmaceutical opioid medications.
Cresco Labs CEO and Co-founder Charlie Bachtell
We will continue to emphasize compliance, control, efficiency and product performance as we position Cresco Labs for new opportunities presented in this dynamic industry.
The owners of MedMar sought to give Illinois patients a true medical experience. Started by a group of pharmacists, a medical doctor and a former prosecutor, MedMar set out to ensure that Illinois medical cannabis patients received the best possible care in the safest possible environment. From the initial consultation to each return trip, MedMar wanted to make sure patients got superior treatment and superior service.
“We worked hard to create a facility that is welcoming and safe for our patients, follows all state regulations, and provides what I am confident to say is one of the best medical marijuana consultative experiences in the state of Illinois,” said MedMar Executive Vice President John Sullivan.
“Cresco’s focus on the patient experience, patient education, and patient results aligns well with our values and intertwines perfectly,” Sullivan added.. “We know our patients are in the best hands with Cresco.”
Under the terms of this non-material transaction, Cresco Labs will pay an undisclosed amount of stock and cash for the deal. The transaction is expected to close before year-end subject to customary closing conditions including approval from the Illinois Department of Financial and Professional Regulation (IDFPR).
About Cresco Labs, LLC:
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at crescolabs.com.
