Replies to post #1680 on Cresco Labs Inc (CRLBF)

[FUNMAN]

Cresco Opens Ninth, And Largest, Illinois Store

These Illinois stores are going to be revenue explosions for the MSOs. Cresco now has 2 more Illinois stores than GTI. - FUNMAN

Jelena Martinovic , Benzinga Staff Writer
August 06, 2020 9:29am

https://www.benzinga.com/markets/cannabis/20/08/16966153/cresco-opens-ninth-and-largest-illinois-store

Just weeks following Sunnyside South Beloit's opening, Cresco Labs Inc. (OTCQX: CRLBF) expanded its Illinois footprint by launching its ninth dispensary in the sate.

The newly opened store is located at 1735 East Golf Road, Schaumburg.

Sunnyside Schaumburg, Cresco's largest store in Illinois, spans 1,500 square feet.

In addition, it has 20 points of sale, the company said.

Moreover, it's nearby Woodfield Mall, which counts over 27 million visitors yearly.

The Chicago based company disclosed Thursday, Sunnyside reached its record share of the state's adult-use market, which hit $61 million in sales last month.

Charlie Bachtell, Cresco Labs' CEO and Co-founder, explained they are opening more stores in the state than their competition.

Cresco's substantial retail share is backed up by its expanded cultivation facility, Bachtell added.

Separately, the company welcomed Carol Vallone into its ranks. Vallone was appointed to the board of directors and will serve alongside NBPA executive director Michele Roberts, who Cresco tapped in June.

[mauiguy2]

I like CRLBF. As we move forward, I think it has a lot of untapped potential. I much prefer to be a long-term holder of a stock than a swing trader. And, I think CRLBF is the type of stock that I want to hold for a long time. Actually, I've already been holding it (ORHOF/CRLBF) for quite some time. It's been a rocky ride, but, of course, it's been the same for all cannabis stocks.

[wwg1wga]

Congrats RangerPete. Looong here, came over with ORHOF and before that with CRZ, and it's been a great, great ride. Welcome aboard! This should do very well into next year.

[FUNMAN]

Illinois' Adult Use Market Continues to Flourish

By: Kaitlin Domangue
August 7, 2020

https://www.greenmarketreport.com/illinois-adult-use-market-continues-to-flourish/

The adult-use cannabis market in Illinois is booming. Illinois has sold about $300 million worth of cannabis products since the adult-use market opened in January. The state hit record-breaking sales once again in July and is expected to continue on an upwards curve as the market grows and stabilizes.

A lot of Illinois’ sales can be attributed to COVID-19. Dispensaries were declared essential businesses and remained open during America’s closing period over March and April. The Illinois adult-use cannabis market continues to set records, and has since May. The Chicago Tribune reported July’s sales as a 75% increase over February, the lowest reported sales at $34.8 million. Many cannabis brands reported their customers to be using more cannabis products than normal due to their heightened stress levels during the pandemic and other issues happening in the United States during this time.

Adult-use cannabis went into law in Illinois on June 25th, 2019 when it received Governor Jay Pritzker’s signature. It was the 11th state in the US to legalize cannabis for recreational purposes and the first to do so via legislative action. The bill passed 66-47 after being revised to a slightly more restrictive version.

Adult-use sales began on January 1st, 2020. The state reported sales to reach $110 million from the sale of 2.6 million cannabis items in the first three months of operation, with $3.6 million of that being on the first day. The data confirms roughly 75% of that spending to be coming from residents of Illinois. The Illinois adult-use market is predicted to experience enormous growth – with sales expected to surpass $1 billion in sales in 2025. According to the Illinois Department of Financial and Professional Regulation, the state sold $60,956,981.41 worth of cannabis products and 1,270,063 cannabis items.

Linda Marsicano is the Vice President of Corporate Communications for Green Thumb Industries (OTC:GTBIF). Green Thumb Industries has eight cannabis retail stores in Illinois. She told Green Market Report, “After record-breaking sales in June of $47.6 million, Illinois adult-use cannabis sales increased by more than 25% month-over-month to $60.9 million in July. Throughout the ongoing COVID-19 crisis, the cannabis industry has successfully pivoted and continued to safely operate as an essential service. We continue to see strong demand for adult-use cannabis, an increase in supply as operators ramp up capacity and new store openings throughout the state. We look forward to the next chapter for Illinois’ cannabis industry with the award of social equity licenses in the near future.”