There are many states in the U.S. that are ripe for explosive cannabis growth, and Ohio is one of them.
Cresco Labs (CSE: CL), one of the largest multistate cannabis companies in America, announced today that it was the first company to be granted approval by the State to open up a marijuana dispensary. Located in Wintersville, the new facility named “CY+” will offer a selection of pharmaceutical cannabis for patients referred to them by physicians across Ohio.
“Receiving the first approval to operate is a major milestone in the transformation of the cannabis program in Ohio. This is also a big step forward for Cresco along our path of unparalleled speed to market, powerful influence in industry development, and prove execution in consumer markets,” said CEO Charles Bachtell. “At Cresco, we pride ourselves on understanding the individual needs of each and every one of our patients. Our Wintersville staff is trained by leading cannabis doctors and researchers across the country to ensure that our patients’ specific needs are consistently met. In Wintersville we will continue to advance our mission of normalizing and professionalizing the cannabis industry for consumers,” he added.
The new facility would offer a full selection of medical cannabis for patients who have been certified by a physician for one of the 21 approved conditions. Additionally, Cresco Labs has built a high-tech, 50,000 square foot cultivation facility in Yellow Springs, Ohio, which would help supply all future stateside dispensaries with domestically grown product.
The company first announced that they were going public back in October through a reverse takeover of Randsburg International Gold Corp, raising close to $100 million in capital during the process. Their rationale behind the decision (as opposed to launching on a U.S. exchange such as the NYSE) was that they felt the “Canadian market has been very supportive of U.S.-based cannabis companies.”
Many Canadian investors feel that while domestic firms might have a head start in some aspects, their competitors across the border have stronger brand presences. Coupled with recent difficulties in supplying the vast demand in the Canadian market has led some to feel that Canadian cannabis companies might be weaker than first anticipated as well as suitable candidates to be gobbled up by qualitatively superior U.S.-firms.
In response to the news, Cresco Labs shares climbed up 4.8 percent by the end of today, continuing the upward 5-day trend that’s been going on since their shares have listed on the public exchange.
Cresco Labs Company Profile
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. –Cresco