Illinois Adopts Legislation Legalizing Adult Use Cannabis From January 2020

Illinois Adopts Legislation Legalizing Adult Use Cannabis From January 2020

Cresco
Labs Inc. (OTCMKTS:CRLBF)

has commented on the legalization of adult use cannabis in the state of
Illinois. Cresco is among the largest multistate cannabis operators in the US
and its CEO and Founder Charlie Bachtell was part of the cannabis Legalization
Subcommittee of Illinois that was constituted by Governor JB Pritzker’s transition
team.

Adult
use cannabis will create opportunities in Illinois

Commenting on the legalization Bachtell
said that the legislation legalizing adult use cannabis in Illinois fromm2020
is a thoughtful milestone on the expansion of access to cannabis in the state.
He added that they expect the move to have a positive impact on social justice issues
as well as from a tax revenue perspective as it will expand employment and
ownership opportunities for business in the state.

The Cresco CEO stated that as a market
leader in the rapidly growing medical use cannabis market in Illinois they are
looking forward to leveraging the largest adult use cannabis market in the US.
Voters across the country continue to strongly support the legalization of
adult-use cannabis with the legislation passed in the state serving as a good
model for other states to adopt in legalizing cannabis

The company supports responsible and legal
access to cannabis and the CEO stated that there is proof of the resulting
benefits like helping curb opioid addiction and lowering of crime rates.
Bachtell stated that they were excited about the new opportunities that adult
use cannabis will bring to the state and that they were expecting some
enhancements on the already existing medical cannabis program.

Legalizing
cannabis has social benefits

The legislation legalizes adult use cannabis
in Illinois for adult above 21 years as from January 2020. It is estimated that
the market of adult use will be10 to 20 times the size of Illinois’ medical
cannabis program. Currently, Cresco Labs has a presence in 11 states which
include Illinois that is the fifth populous state in the US.

Through its current medical use cannabis
licenses in Illinois, Cresco will open five more retail dispensaries for adult
use cannabis thus increasing its dispensaries to 10 and its total growing
footprint to three facilities.

Published at Thu, 06 Jun 2019 12:04:48 +0000

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