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Cresco Labs Inc
Symbol CL
Shares Issued 177,203,540
Close 2020-12-17 C$ 12.95
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Cresco Labs to begin selling Good News in Michigan

2020-12-18 09:13 ET - News Release

Mr. Jason Erkes reports


Cresco Labs Inc. has expanded its Good News brand to Michigan, a state with accelerating adult-use cannabis sales and a growing medical program totalling nearly $600-million in cannabis sales to date, according to data from Headset. Good News launches with gummy edibles available at dispensaries throughout the state. Good News gummies (100 milligrams total; 10, 10 mg gummies per pack) are sold in approachable packaging and crafted with consumers' desired mood in mind -- Me Time (indica), Brunch (hybrid), Friyay (sativa) and Vegas (sativa).

"Since receiving our medical-processing licence in March, 2020, and launching recreational sales in June, we have remained committed to our strategy of prioritizing wholesale distribution and I'm proud of our Michigan team for creating an outstanding operation that supports our brands and products," said Charlie Bachtell, chief executive officer and co-founder of Cresco Labs. "Michigan is a sophisticated market, and we believe our growth speaks to the quality and variety of the brands and products that we are offering to our dispensary partners, patients and customers. We are investing resources in the most strategic markets, and we continue to be excited about the growth potential of Michigan's cannabis program."

Nick Fallon, general manager of Michigan, added: "We're thrilled to bring Good News to Michigan -- it will be our fifth brand available to medical patients and recreational consumers. Our Mindy's Chef Led Artisanal Edibles and High Supply brands are performing well, with consumers appreciating a low-dose edible option from Mindy's and more affordable, quality vapes from High Supply. In addition, our customers are enjoying our Cresco liquid live-resin vape cartridges, which are unique and differentiated from other live-resin products in market today because they represent the purest form of the plant and deliver premium quality and flavour. We are proud to offer more choice with the debut of a higher-dose edible option from our Good News brand."

In December of 2019, Michigan became the 10th U.S. state to legalize cannabis for adult-use consumption. In the first eight months of this year, Michigan's adult-use and medical markets brought in over $281-million and more than $313-million, respectively, for a total of $595-million in cannabis sales, according to data from Headset. Michigan has one of the country's fastest-growing adult-use markets, with state sales generating over $104-million in October. In addition to its new adult-use market, Michigan's growing medical market is ranked second in the country behind California.

Good News is the company's mainstream, social-occasion-based brand with a product line developed to deliver a quality, safe and consistent cannabis experience through easy-to-use and benefit-forward forms focused on occasion and mood benefits. Good News is currently available in California, Illinois and now Michigan.

Cresco Labs' other house of brands and products available in the state for medical patients and customers include Cresco live-resin concentrates and liquid live-resin vape cartridges, Mindy's Chef Led Artisanal Edibles gummies, High Supply disposable vape pens, and Remedi capsules and tinctures.

Cresco Labs has a licensed cultivation and processing facility in Marshall, Mich., which has a total of 53,000 square feet of cultivation space and is currently under renovation.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged-goods approach to cannabis, Cresco's house of brands is designed to meet the needs of all consumer segments, and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Cresco Reserve, Good News, Wonder Wellness Co., FloraCal Farms and Mindy's Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco's national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry's first national comprehensive social equity and educational development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry.

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