Chicago-based Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) today announced the company is moving ahead with three home state acquisitions after receiving the green light through necessary state-level licensing.
With approval from the Illinois Department of Financial and Professional Regulation in hand, Cresco can now officially complete acquiring the dispensary PDI Medical (located in Buffalo Grove) as well as MedMar Lakeview and MedMar Rockford (both located in the Chicago area).
Cresco had previously announced its intentions to purchase all three dispensaries, but was waiting on regulatory approval.
With these acquisitions Cresco has reached the maximum number of patient outlets currently allowed under state regulations for a single company, with Cresco now operating five dispensaries and three cultivation facilities in Illinois.
Medical marijuana usage was legalized in 2014 when Illinois became the 14th state to allow cannabis for medical patients. In addition to the District of Columbia, there are now 33 states across the U.S. that have enacted medical cannabis laws, although the restrictions on amounts, number of patients, and dispensary access can vary widely.
Discussing the potential for medical sales growth in the company’s home state following these three acquisitions, Cresco’s Chief Executive Officer Charlie Batchell had this to say:
Aside from Illinois, Cresco has also been aggressively expanding into California, where cannabis is legal for recreational usage.
Most recently, the company announced an agreement to acquire all outstanding shares of CannaRoyalty Corp (CSE: OH; OTCQX: ORHOF), which is more widely known by the name Origin House, in a stock deal valued at $1.1 billion.
The particulars of that deal are expected to be discussed at length as Cresco CEO Batchell and President Joe Caltabiano will additionally present at two investor-focused conferences in Ontario later this month.
The senior management duo is set to appear at both the GMP Securities Cannabis Conference on April 16 and the 3rd Benzinga Cannabis Capital Conference taking place the next day.