CHICAGO–(Enterprise WIRE)–Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), a single of the biggest vertically integrated multistate cannabis operators in the United States, currently 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 incorporates funding for more tenant improvements at the Kankakee house. 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 house 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 resolution 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 develop the scale in our cultivation capacity and retail dispensary network required to meet the considerable improve in demand projected from the legalization of adult-use cannabis and the expansion of the health-related-use plan in Illinois. With the Illinois cannabis industry projected to attain $two billion to $four billion in annual sales at maturity, the expansion of our operations will position Cresco Labs to make upon our major industry share and considerably improve the income we create from Illinois in the coming years.”
About Cresco Labs:
Cresco Labs is a single of the biggest vertically-integrated multi-state cannabis operators in the United States. Cresco is constructed to turn into the most crucial enterprise in the cannabis market by combining the most strategic geographic footprint with a single of the major distribution platforms in North America. Employing a customer-packaged goods (“CPG”) strategy to cannabis, Cresco’s home of brands is developed to meet the wants of all customer segments and incorporates 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 developed to make trust, education and comfort for each current and new cannabis buyers. Recognizing that the cannabis market is poised to turn into a single of the major job creators in the nation, Cresco has launched the industry’s initially national extensive Social Equity and Educational Improvement (SEED) initiative developed to make certain that all members of society have the capabilities, information and chance to perform in and personal corporations in the cannabis market. Discover far more about Cresco Labs at www.crescolabs.com.
Forward Searching Statements
This press release consists of “forward-seeking information” inside the which means of applicable Canadian securities legislation and might also include statements that might constitute “forward-seeking statements” inside the which means of the protected harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-seeking data and forward-seeking statements are not representative of historical information or data or present 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 manage. Normally, such forward-seeking data or forward-seeking statements can be identified by the use of forward-seeking 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-seeking statements involve identified and unknown dangers, uncertainties and other elements which might result in the Company’s actual benefits, efficiency or achievements to be materially distinct from any future benefits, efficiency or achievements expressed or implied by the forward-seeking 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 elements, numerous of which are beyond the manage of the Corporation. Readers are cautioned that the foregoing list of elements is not exhaustive. Since of these uncertainties, you ought to not location undue reliance on the Company’s forward-seeking statements. No assurances are offered as to the future trading cost or trading volumes of Cresco’s shares, nor as to the Company’s economic efficiency in future economic periods. The Corporation does not intend to update any of these elements or to publicly announce the outcome of any revisions to any of the Company’s forward-seeking statements contained herein, whether or not as a outcome of new data, 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 just after the date hereof or develop any duty or commitment to update or supplement any data offered in this press release or otherwise.
Jason Erkes, Cresco Labs
Chief Communications Officer
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