Cresco Labs (CSE:CL,OTCQX:CRLBF) announced the completion of its first harvest from its expanded cultivation facility in Lincoln, Illinois.
As quoted in the pess release:
With the recent growth of the state’s medical market and adult-use legalization going live on January 1st, Cresco has been scaling operations to be able to accommodate what is expected to be one of the largest cannabis markets in the country.(1) As the only operator in Illinois with three (3) cultivation facilities, Cresco has a unique competitive advantage and is positioned to build on its already market-leading position(2).
To date, Cresco has been able to capture an approximate 25% market share(2) through its original 35,000 square feet of aggregate cultivation space across its three facilities. Earlier this year, after the expansion of the medical program and the passing of adult-use legislation, the Company embarked on an ambitious expansion plan that will bring the total area under cultivation to approximately 243,000 square feet by year end. At the Lincoln location alone, Cresco has created the largest cultivation facility in Illinois(3) at roughly 224,000 sqft and added over 140,000 sqft of additional indoor and greenhouse cultivation space. First production from the initial phases of this expansion was harvested last week. Cresco is legally entitled to expand its three facilities to have an aggregate total of 630,000 sqft of flowering canopy – the largest capacity footprint in the state(3).