Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), 1 of the biggest vertically integrated multistate cannabis operators in the United States, nowadays announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Revolutionary Industrial Properties, Inc. (“IIP”) for around $46.three million, which quantity involves funding for added tenant improvements at the Kankakee home. Concurrent with the closing of the sale, Cresco Labs will enter into a extended-term, triple-net lease agreement with IIP and will continue to operate every home as a licensed cannabis cultivation and processing facility. The two properties represent around 100,000 square feet of industrial space in aggregate. The agreement is anticipated to close inside the subsequent 30 days.
“This sale-and-leaseback agreement with IIP represents a non-dilutive capital remedy for Cresco Labs that will assistance the expansion of our Illinois operations in preparation for the legalization of adult-use cannabis on January 1, 2020,” mentioned Cresco Labs CEO and Co-founder Charlie Bachtell. “A portion of the proceeds from the sale of the two properties will be utilized to make the scale in our cultivation capacity and retail dispensary network essential to meet the substantial enhance in demand projected from the legalization of adult-use cannabis and the expansion of the healthcare-use plan in Illinois. With the Illinois cannabis marketplace projected to attain $two billion to $four billion in annual sales at maturity, the expansion of our operations will position Cresco Labs to create upon our major marketplace share and considerably enhance the income we create from Illinois in the coming years.”
About Cresco Labs:
Cresco Labs is 1 of the biggest vertically-integrated multi-state cannabis operators in the United States. Cresco is constructed to come to be the most essential organization in the cannabis market by combining the most strategic geographic footprint with 1 of the major distribution platforms in North America. Employing a customer-packaged goods (“CPG”) method to cannabis, Cresco’s home of brands is made to meet the desires of all customer segments and involves some of the most recognized and trusted national brands which includes Cresco, Remedi and Mindy’s, a line of edibles designed by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand, is a wellness-focused retailer made to create trust, education and comfort for each current and new cannabis shoppers. Recognizing that the cannabis market is poised to come to be 1 of the major job creators in the nation, Cresco has launched the industry’s 1st national complete Social Equity and Educational Improvement (SEED) initiative made to assure that all members of society have the expertise, know-how and chance to operate in and personal corporations in the cannabis market. Understand extra about Cresco Labs at www.crescolabs.com.
Forward Seeking Statements
This press release includes “forward-searching information” inside the which means of applicable Canadian securities legislation and may possibly also include statements that may possibly constitute “forward-searching statements” inside the which means of the secure harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-searching information and facts and forward-searching statements are not representative of historical information or information and facts or existing situation, but rather represent only the Company’s beliefs relating to future events, plans or objectives, numerous of which, by their nature, are inherently uncertain and outdoors of the Company’s handle. Commonly, such forward-searching information and facts or forward-searching statements can be identified by the use of forward-searching terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the damaging of these types or other comparable terms. The Company’s forward-searching statements involve identified and unknown dangers, uncertainties and other aspects which may possibly trigger the Company’s actual outcomes, functionality or achievements to be materially distinct from any future outcomes, functionality or achievements expressed or implied by the forward-searching statements, which includes but not restricted to these dangers discussed beneath “Risk Factors” in the company’s CSE Listing Statement filed with SEDAR and other aspects, numerous of which are beyond the handle of the Corporation. Readers are cautioned that the foregoing list of aspects is not exhaustive. Since of these uncertainties, you really should not location undue reliance on the Company’s forward-searching statements. No assurances are provided as to the future trading value or trading volumes of Cresco’s shares, nor as to the Company’s monetary functionality in future monetary periods. The Corporation does not intend to update any of these aspects or to publicly announce the outcome of any revisions to any of the Company’s forward-searching statements contained herein, whether or not as a outcome of new information and facts, any future occasion or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no alter in the affairs of the Corporation right after the date hereof or make any duty or commitment to update or supplement any information and facts supplied in this press release or otherwise.
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