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Cresco Labs Inc
Symbol C : CL
Shares Issued 21,873,969
Close 2019-04-15 C$ 14.45
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Cresco partner receives pot licences for Mass. facility

2019-04-15 09:32 ET - News Release

Mr. Jason Erkes reports

CRESCO LABS ANNOUNCES HOPE HEAL HEALTH'S PROVISIONAL APPROVAL FOR ADULT-USE CANNABIS LICENSES AT HOPE HEAL HEALTH DISPENSARY IN BRISTOL COUNTY, MASSACHUSETTS

Cresco Labs Inc. partner Hope Heal Health Inc.'s (HHH) cultivation facility and dispensary in Fall River, Mass., has received provisional approvals for adult-use cannabis cultivation, manufacturing and retail licences. Cresco Labs entered into a definitive merger agreement with HHH for its Massachusetts cultivation, manufacturing, processing and dispensary operations at the end of 2018. An application for approval of the merger will be submitted to the Massachusetts Cannabis Control Commission and the change of control of HHH is subject to such approval.

The Fall River dispensary is currently approved for medical-use cannabis sales and offers medical-grade vape cartridges, edibles, tinctures, topicals, concentrates and flower. Upon completion of inspections and other final steps in the licensing process, the Fall River dispensary expects to begin selling cannabis products for adult use in 60 days to 90 days.

"The receipt of this provisional adult-use licenses for HHH's Fall River dispensary is another example of our strategic business approach to partner with professional and responsible operators," said Cresco Labs chief executive officer and co-founder Charlie Bachtell. "With only 15 adult-use cannabis dispensaries currently open in Massachusetts, we anticipate that there will be strong demand in the Fall River dispensary given the robust growth being seen in this market. The receipt of the adult-use licences is well timed with the first medical pilot harvest coming in from the HHH cultivation facility in Fall River. The harvest will provide the dispensary with superior quality cannabis to meet the volume of sales that we expect going forward."

The HHH dispensary, located at 1 West St. in Fall River, Mass., is open daily from 10 a.m. to 7 p.m. For more information, call 774-377-9333.

About Cresco Labs Inc.

Cresco Labs, based in Chicago, is a leading United States 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.

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