CHICAGO--(BUSINESS WIRE)--Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the opening of new VidaCann medical cannabis dispensaries in the cities of Pensacola and Jacksonville, Florida. With the opening of the new dispensaries, VidaCann now has 12 operating dispensaries throughout the state of Florida. Cresco Labs has entered into an agreement to acquire the ownership interests of VidaCann, one of the largest and most advanced providers of medical cannabis in Florida. The acquisition of VidaCann is expected to close within the next 30 to 90 days, subject to the satisfaction of customary closing conditions including approval by the Florida Department of Health.
“Since announcing the acquisition in March, VidaCann has continued to execute on the expansion of its retail footprint,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “The new dispensaries in Pensacola and Jacksonville provide a retail presence in two of the largest cities in Florida, which will improve our ability to capitalize on the very strong growth in the Florida market with more than 10,000 new patients being registered each week. Upon the closing of the acquisition, we project that Cresco Labs will have the fifth largest network of retail dispensaries in the state of Florida, which will provide us with an immediate meaningful presence in this market and an excellent platform for driving future growth. By the end of 2019, we expect to have up to 20 dispensaries operating in Florida, and that number will grow significantly in 2020 when our license converts to an unlimited number of dispensaries.”
New Dispensary Locations and Hours of Operation
Pensacola
2401 Langley Ave, Unit A
(850) 741-2895
Monday
through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m.,
closed on Sunday
Jacksonville
5298 Sunbeam Road, Unit 6
(904) 337-0554
Monday
through Friday 10:00 a.m. – 7:00 p.m., Saturday 10:00 a.m. – 5:00 p.m.,
closed on Sunday
In addition to Pensacola and Jacksonville, VidaCann operates dispensaries in Orlando, St. Petersburg, Port Charlotte, Bonita Springs, Tampa, Tallahassee, Daytona Beach, Deerfield Beach, Bradenton and Palm Bay.
With over 30 premium strains, each VidaCann dispensary offers a variety of products including flower, tinctures, capsules, vapes and concentrate syringes in a range of cannabinoid ratios from completely non-psychoactive to higher levels of THC.
About Cresco Labs:
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 across the United States, the company focuses on entering highly regulated markets with outsized demand potential and strong regulatory structures. 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 www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
