CHICAGO & LANSING, Mich.--(BUSINESS WIRE)--PRESS RELEASE--Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators in the United States, has announced that it has completed the most comprehensive portion of Michigan’s application process, being pre-qualified for a cultivation and processing license by the Department of Licensing and Regulatory Affairs Medical Marihuana Licensing Board. The pre-qualification represents the authorization of the entity to move forward with the licensing process for its intended facilities.
“We continue to execute well on our expansion strategy and leverage our professional, proven approach to win access to new markets,” said Cresco Labs CEO and Co-Founder Charlie Bachtell. “Entering Michigan will add another large market opportunity to our growing footprint and increase our total addressable consumer base to more than 150 million people. Michigan is one of the largest medical cannabis markets in the country with an estimated patient population of nearly 300,000 patients and is steadily moving towards implementation of an adult-use program. Pre-qualification is the most significant regulatory hurdle in the Michigan licensing process. We expect to replicate the process that has enabled us to quickly and efficiently get operational in other markets and begin making our full suite of brands available to patients wanting to experience the positive medicinal benefits of cannabis.”
Cresco Labs has applied for a cultivation and processing facility to be located in a former 100,000-plus-square-foot factory in Marshall, Mich. The company has been granted conditional local approval to build and operate the facility pending final approval of its state facility license application.
Michigan Market:
Michigan is the 10th largest state in the country with a population of nearly 10 million people and more nearly 300,000 registered patients in the state’s medical cannabis program. According to Arcview Market Research/BDS Analytics, the total cannabis market in Michigan--including both medical spending and future legalized adult-use spending--is projected to increase to nearly $1.4 billion by 2022 from $869 million in 2018.
Cresco Labs Footprint:
Upon the receipt of licensure in Michigan and the closing of the company’s pending acquisition in Florida, Cresco Labs will have 15 production facilities, 21 operational retail dispensaries and licenses to operate a total of 51 retail dispensaries across 11 states: Illinois, Pennsylvania, Ohio, Nevada, California, Arizona, Florida and Michigan, with New York, Maryland and Massachusetts pending regulatory approval. The company’s products are currently on the shelves of over 250 dispensaries. Cresco Labs will have operations in seven of the ten most populated states in the country with legalized cannabis programs totaling more than 150 million residents, which is nearly 70 percent of the estimated total addressable U.S. cannabis market.
