Cresco Labs Commends Ohioans on Legalizing Adult-Use Cannabis
November 08 2023 - 7:30AM
Business Wire
More than half of the U.S. population now lives
in a state with adult-use cannabis
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) (“Cresco” or
“Company”), the industry leader in branded cannabis products with a
portfolio of America’s most popular brands and the operator of
Sunnyside dispensaries, today issued a statement on behalf of its
CEO Charles Bachtell following over 56 percent of Ohioans voting to
pass adult-use cannabis legalization through state ballot measure.
Ohio represents the 24th state to end cannabis prohibition for
adults 21 and over and the 15th state to legalize adult-use
cannabis by election.
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Cresco Labs applauds cannabis
legalization in Ohio. Pictured is the Company’s Sunnyside
dispensary in Cincinnati, one of five Sunnyside locations that will
begin serving customers when the adult-use market launches. (Photo:
Business Wire)
“It is clear when cannabis is on the ballot—people turn out to
vote—and we commend the people of Ohio for raising their voices on
an important issue that has helped break down barriers of
partisanship in states across the country. Now, over 85 percent of
the U.S. population lives in a state with some form of legal
cannabis, and over 50 percent reside in a state with adult-use
cannabis—the tipping point has been reached.
The total U.S. cannabis market is estimated to exceed $100
billion in sales a year, with less than 30 percent of that coming
from state-regulated programs. As states like Ohio—the seventh most
populous state with nearly 12 million residents—pass and develop
adult-use programs with appropriate cannabis laws, it will continue
to help bring consumers into the regulated, safety-focused cannabis
industry. Even with regulated channels contributing to less than a
third of the total U.S. cannabis consumption, the regulated
industry still generated over $4 billion in tax revenue for states
last year.
Ohio’s adult-use program will be among the most regulated in the
country, ensuring public safety with lab-tested products,
child-resistant packaging and age verification. This public health
initiative will also provide a safe alternative to opioids that
have ravaged the state and bring access to those who were unable to
obtain relief through the current medical program. With 500,000
people currently employed in the U.S. cannabis industry, Ohio’s
Cannabis Social Equity and Jobs program will contribute to
employment and business opportunities for all, especially those
disproportionately impacted by the War on Drugs.
Cresco Labs was a first mover in Ohio’s medical program, and we
look forward to helping launch the adult-use program with the
distribution of our top-quality cannabis brands and the expansion
of our Sunnyside Dispensaries.”
Ohio’s Issue 2 ballot measure gives current medical cannabis
businesses a head start in the adult-use market. Regulators will
begin issuing adult-use licenses to qualified applicants who
operate existing medical operations within nine months of
enactment.
Cresco Labs operates a 50,000 square foot cultivation and
processing facility in Yellow Springs that distributes its
industry-leading cannabis brands to approximately 60 percent of
Ohio’s 111 operating medical dispensaries. It has five Sunnyside
dispensaries in Cincinnati, Chillicothe, Marion, Newark and
Wintersville. According to state agency reports (Ohio Medical
Marijuana Control Program), the current Ohio medical market has
nearly 200,000 active patients and generates approximately $500
million in annual sales. The transition to adult-use sales is
expected to increase the total annual run-rate to over $1 billion
by 2025, according to Marijuana Business Daily.
About Cresco Labs Inc.
Cresco Labs’ mission is to normalize and professionalize the
cannabis industry through a CPG approach to building national
brands and a customer-focused retail experience, while acting as a
steward for the industry on legislative and regulatory-focused
initiatives. As a leader in cultivation, production and branded
product distribution, the Company is leveraging its scale and
agility to grow its portfolio of brands that include Cresco, High
Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and
Remedi, on a national level. The Company also operates highly
productive dispensaries nationally under the Sunnyside brand that
focus on building patient and consumer trust and delivering ongoing
education and convenience in a wonderfully traditional retail
experience. Through year-round policy, community outreach and SEED
initiative efforts, Cresco Labs embraces the responsibility to
support communities through authentic engagement, economic
opportunity, investment, workforce development and legislative
initiatives designed to create the most responsible, respectable
and robust cannabis industry possible. Learn more about Cresco
Labs’ journey by visiting www.crescolabs.com or following the
Company on Facebook, X or LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107756443/en/
Media Jason Erkes, Cresco Labs Chief Communications Officer
press@crescolabs.com 312-953-2767 Investors Megan Kulick, Cresco
Labs SVP, Investor Relations investors@crescolabs.com General
Cresco Labs Inquiries 312-929-0993 info@crescolabs.com
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