After receiving approval to trade on the OTCQX marker earlier this month, Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) just hit another regulatory approval milestone this morning.
Today the company reached pre-approval status in Michigan through the Department of Licensing and Regulatory Affairs Medical Marihuana Licensing Board. That pre-approval status means Cresco now has the ability to seek final licensing for opening new grow facilities in the state.
Cresco has already applied for final approval to convert an existing 100,000 sq. ft. building located in the city of Marshall to a new cannabis cultivation and processing facility.
The former licensing board in charge of recreational and medical marijuana businesses was abolished via executive order earlier this month by Governor Gretchen Whitmer.
That move from the Governor’s office came after frequent complaints of an overly slow and inefficient licensing process established by the Medical Marihuana Facilities Licensing Act of 2016.
According to a report from Michigan Live, the “integrity and moral character” clause of that law was frequently used to arbitrarily deny licenses to applicants who otherwise appeared to meet all regulatory requirements.
Discussing the importance of reaching the pre-approval stage to begin operations in the state, Cresco Labs Chief Executive Officer Charlie Bachtell had this to say:
Michigan is just the latest state to see expansion from Cresco, with the company entering the Florida market last week after signing an agreement to acquire an interest in VidaCann Ltd.
That agreement follows the acquisition of Hope Heal Health Inc. in Massachusetts late last year, which saw Cresco opening new Hope Heal Health dispensaries in Bristol County.
In other recent company news, Director of Brand Marketing Raechel White was honoured by High Times and singled out as one of the “Women of Weed” to watch out for in the industry earlier this month.