Cresco Labs, one of the largest vertically integrated, multistate cannabis operators in the U.S., won three licenses in the city of Chicago’s lottery for recreational cannabis dispensary locations. The licenses include two of the seven available in the Central District, and one of the six available licenses in the Southeast District. Illinois passed legislation permitting the limited sale of marijuana for recreational use, which should impact the local retail sector.
Following the results of the Chicago lottery, Cresco will have one dual-purpose dispensary in the North District of Chicago, as well as the right to open two adult-use dispensaries in the Central District and one in the Southeast District. The Company also has operating Illinois medical dispensaries in Buffalo Grove, Elmwood Park, Rockford, and Champaign that have been state approved for dual-use, with the opportunity to open two additional adult-use dispensaries outside of the City of Chicago.
“With the first and sixth pick in today’s Lottery, we were thrilled to be the only public cannabis company to have the opportunity to pick two locations in Chicago’s highly populated Central District,” said Joe Caltabiano, Cresco Labs president and cofounder. “The Central District is the epicenter of Chicago’s business community, retail community and draws the greatest proportion of the 55 million tourists that come to Chicago each year. These two licenses, combined with our existing North District dispensary, which is steps from Wrigley Field, and our new Southeast license, are expected to drive consistent traffic and build brand recognition for our new Sunnyside* retail brand.”
“Supported by the ongoing expansion of our three cultivation facilities in the state, our robust wholesale into 100 percent of dispensaries in Illinois, and now multiple locations at the nexus of where Chicago lives, shops and eats,” Caltabiano continued, “Cresco Labs is positioned to continue to be the leader in Illinois, as the market opens up to adult-use after January 1st.”