{"id":468932,"date":"2021-03-31T14:03:26","date_gmt":"2021-03-31T18:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=468932"},"modified":"2021-03-31T14:03:26","modified_gmt":"2021-03-31T18:03:26","slug":"cresco-labs-commends-new-york-state-for-passing-adult-use-cannabis-legislation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cresco-labs-commends-new-york-state-for-passing-adult-use-cannabis-legislation\/","title":{"rendered":"Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation<\/b><\/p>\n<p class=\"bwalignc\"><i>Company will have the ability to cultivate, manufacture, distribute and dispense cannabis for adult use customers<\/i><\/p>\n<p>CHICAGO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crescolabs.com%2F&amp;esheet=52404957&amp;newsitemid=20210331005866&amp;lan=en-US&amp;anchor=Cresco+Labs&amp;index=1&amp;md5=ef52539082e7dd20f40dbd3d05fe6542\">Cresco Labs<\/a> (CSE:CL) (OTCQX:CRLBF) (\u201cCresco Labs\u201d or \u201cthe Company\u201d), a vertically integrated operator and the number one wholesaler of branded cannabis products in the U.S., today provided comments on the legalization of adult-use cannabis in New York.\n<\/p>\n<p>\n\u201cThe legislation passed today significantly expanding the medical program and legalizing adult-use cannabis in New York represents a massive domino falling in what has been a steady march towards acceptance and legalization of cannabis nationwide. The fourth most populated state in the country with almost 20 million total residents will now have access to high quality, regulated cannabis products and will benefit from the jobs, tax revenue and ancillary business opportunities that this industry creates,\u201d said Charlie Bachtell CEO and Co-Founder of Cresco Labs. \u201cWe are thrilled with the inclusive framework put forward by the New York state government as we firmly believe that responsible regulations create respectable programs that lead to robust marketplaces. This balanced approach to creating a competitive market with a strong emphasis on social equity, and prioritizing diversity of ownership, reiterates a trend that states are following as they transition to adult-use programs, while normalizing and professionalizing the U.S. cannabis industry along the way. New York is the financial and cultural capital of the world and the legalization of cannabis for adult-use should serve as a catalyst for the progression of cannabis laws far beyond the boundaries of the state. Cresco Labs is one of the ten operators licensed for vertical operations in New York and we look forward to deepening our position in the state ahead of adult-use sales commencing.\u201d\n<\/p>\n<p><b>Highlights from New York Cannabis Legislation<\/b><\/p>\n<p>\nThe creation of a robust adult-use market allowing existing operators (like Cresco Labs) to remain vertically integrated. Existing operators will have the ability to increase their retail store count from four to eight medical dispensaries, with the option to co-locate three of those with adult-use retailing. <b>Existing operators will also be permitted to operate cultivation, manufacturing, and wholesale distribution of their products to all existing and future dispensaries around the state<\/b>. We expect that hundreds of new dispensaries will be authorized under the program. A large portion of the cannabis sales tax revenue will be directed to the communities most impacted by the war on drugs.\n<\/p>\n<p>\nSignificant improvements to the medical cannabis program include the sale of flower as an approved form, expansion of qualifying conditions to any ailment at the discretion of healthcare practitioners, and improved patient access through additional retail licenses.\n<\/p>\n<p>\nNew York is the fourth most populous state in the U.S., with a population of approximately 19.5 million (21+ population approximately 14.7 million). New York City is most populated city in the United States and considered the cultural, financial, and media capital of the world. It is estimated that the New York cannabis market will grow to $5 billion at maturity.\n<\/p>\n<p><b>Forward Looking Statements<\/b><\/p>\n<p>\nThis press release contains \u201cforward-looking information\u201d within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company&#8217;s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company&#8217;s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, \u2018may,\u2019 \u2018will,\u2019 \u2018should,\u2019 \u2018could,\u2019 \u2018would,\u2019 \u2018expects,\u2019 \u2018plans,\u2019 \u2018anticipates,\u2019 \u2018believes,\u2019 \u2018estimates,\u2019 \u2018projects,\u2019 \u2018predicts,\u2019 \u2018potential\u2019 or \u2018continue\u2019 or the negative of those forms or other comparable terms. The Company\u2019s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company\u2019s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under &#8220;Risk Factors&#8221; in the company\u2019s Annual Information Form dated April 28, 2020, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company\u2019s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco\u2019s shares, nor as to the Company\u2019s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company\u2019s forward-looking statements contained herein, whether as a result of new information, any future event 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 change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210331005866r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210331005866\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210331005866\/en\/<\/a><\/span><\/p>\n<p><i>Media:<br \/>\n<\/i><br \/>Jason Erkes, Cresco Labs<br \/>\n<br \/>Chief Communications Officer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@crescolabs.com\">press@crescolabs.com<\/a><\/p>\n<p><i>Investors:<br \/>\n<\/i><br \/>Jake Graves, Cresco Labs<br \/>\n<br \/>Manager, Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investors@crescolabs.com\">investors@crescolabs.com<\/a><\/p>\n<p><i>For general Cresco Labs inquiries:<br \/>\n<\/i><br \/>312-929-0993<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:info@crescolabs.com\">info@crescolabs.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Illinois New York United States North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Alternative Medicine Public Policy\/Government Retail Health State\/Local Tobacco<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210331005866\/en\/1055904\/3\/PR_BW_LOGO.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation Company will have the ability to cultivate, manufacture, distribute and dispense cannabis for adult use customers CHICAGO&#8211;(BUSINESS WIRE)&#8211;Cresco Labs (CSE:CL) (OTCQX:CRLBF) (\u201cCresco Labs\u201d or \u201cthe Company\u201d), a vertically integrated operator and the number one wholesaler of branded cannabis products in the U.S., today provided comments on the legalization of adult-use cannabis in New York. \u201cThe legislation passed today significantly expanding the medical program and legalizing adult-use cannabis in New York represents a massive domino falling in what has been a steady march towards acceptance and legalization of cannabis nationwide. The fourth most populated state in the country with almost 20 million total residents will now have access to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cresco-labs-commends-new-york-state-for-passing-adult-use-cannabis-legislation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-468932","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cresco-labs-commends-new-york-state-for-passing-adult-use-cannabis-legislation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Cresco Labs Commends New York State for Passing Adult Use Cannabis Legislation Company will have the ability to cultivate, manufacture, distribute and dispense cannabis for adult use customers CHICAGO&#8211;(BUSINESS WIRE)&#8211;Cresco Labs (CSE:CL) (OTCQX:CRLBF) (\u201cCresco Labs\u201d or \u201cthe Company\u201d), a vertically integrated operator and the number one wholesaler of branded cannabis products in the U.S., today provided comments on the legalization of adult-use cannabis in New York. \u201cThe legislation passed today significantly expanding the medical program and legalizing adult-use cannabis in New York represents a massive domino falling in what has been a steady march towards acceptance and legalization of cannabis nationwide. 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