Company Website: https://www.crescolabs.com
CHICAGO -- (Business Wire)

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), today provided an update on its application under the Texas Compassionate Use Program (TCUP). The Texas Department of Public Safety (DPS) has announced a retroactive correction to the tabulation methodology used in its conditional license selection process, impacting multiple applicants. Under the corrected tabulation, the conditional license previously awarded and publicly announced by DPS for Cresco Labs Texas, LLC has been rescinded, and Cresco Labs Texas, LLC has been placed on the TCUP eligibility list. Cresco Labs maintains that its application merits a conditional license, as originally determined by DPS, and is evaluating its options to work with the state to protect that determination.

Under House Bill 46, the 12 conditional licensees announced under the new tabulation are subject to ongoing DPS due diligence and required to fully operationalize within 24 months of licensure. Cresco Labs Texas, LLC is eligible to receive a conditional TCUP license in the event any of the conditional licensees does not satisfy these requirements. The Company is prepared to quickly deploy operational and capital resources into Texas once permitted.

"Cresco Labs has a multi-state track record of building patient-first medical cannabis programs in highly regulated markets, and we remain confident in our application’s merits, reflected in the Department's original award," said Charlie Bachtell, CEO of Cresco Labs. "We are committed to the Texas medical cannabis program. Cresco Labs has the operational capability, capital position, and patient-centered approach to bring Texas patients the high-quality medicine they deserve, and we will continue engaging with the Department on a path forward."

About Cresco Labs Inc.

Cresco Labs’ mission is to normalize and professionalize the medical marijuana 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 medical marijuana industry possible. Learn more about Cresco Labs’ journey by visiting www.crescolabs.com or following the Company on Facebook, X or LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain n 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 (collectively, “forward-looking statements”). Such 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 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 Annual Information Form for the year ended December 31, 2024, filed on SEDAR+ and EDGAR, other documents filed by the Company with Canadian securities regulatory authorities; 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 Labs’ 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260511242350/en/

Contacts:

Media
press@crescolabs.com

Investors
Sharon Schuler, Chief Financial Officer
investors@crescolabs.com

For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com

Source: Cresco Labs