Cresco Labs & PharmaCann Get Illinois Recreational Cannabis Approval
The state of Illinois issued seven cannabis cultivation licenses in order to begin the process of recreational cannabis sales next year. Recreational cannabis sales could begin as soon as the law of legal adult-use cannabis goes into effect on January 1st of 2020. Today held the first distributed recreational cannabis licenses of its kind for the state and more may be on the way. Ascend Illinois, Columbia Care, Cresco Labs, and PharmaCann are the operators that received the seven licenses to cultivate recreational cannabis. All of the awarded licenses went to cultivators in existence, such as those specifically mentioned, as the law allows for established medical cannabis cultivators to do so with state approval.
Jeremy Unruh, director of public and regulatory affairs for PharmaCann, stated: “Now we can really put the pedal down in terms of producing supply in anticipation of the Jan. 1 kickoff.”
After PharmaCann received two recreational cannabis cultivation licenses, for Dwight and Hillcrest facilities, the company intends to double Dwight facility production. Expansion plans at the Dwight facility location were implemented earlier this month. Expansion plans have also been executed at Cresco’s facility in Kankakee and Lincoln after the company completed the expansion of Joliet. All three medical cannabis facilities received the necessary approval to cultivate recreational adult-use cannabis.
Jason Erkes, Cresco spokesman, stated: “We are happy to receive the first round of state approvals as we ramp up our operations to continue to provide residents of Illinois our trusted suite … of tested, consistently-dosed cannabis products.”
Cresco sold Joliet and Kankakee facilities to Innovative Industrial Properties for $46.3 million and followed up with a lease agreement. This leaseback agreement between Cresco and Innovative Industrial Properties allowed for the company to expand additional operations in Illinois.
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Cresco Labs & PharmaCann Get Illinois Recreational Cannabis Approval
