CHICAGO–(BUSINESS WIRE) – Cresco Labs (CSE: CL) (OTCQX: CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated operator and the largest wholesaler of branded cannabis products in the United States, today issued comments on the legalization of cannabis for adults in New York.

“Legislation passed today greatly expands the medical program, and the legalization of adult cannabis in New York is a massive domino on the path to national acceptance and legalization of cannabis. The fourth largest state in the country, with a population of nearly 20 million, will now have access to high quality, regulated cannabis products and benefit from the jobs, tax revenues and additional business opportunities this industry creates, ”said Charlie Bachtell, CEO and co-founder of Cresco Labs. “We love the inclusive framework that the New York state government is proposing because we firmly believe that good regulations create reputable programs that lead to robust marketplaces. This balanced approach to creating a competitive marketplace with a strong emphasis on social justice and prioritizing property diversity reinforces a trend that states are following in transitioning to adult consumption programs while normalizing and professionalizing the U.S. cannabis industry. New York is the financial and cultural capital of the world, and adult cannabis legalization should serve as a catalyst for advancing cannabis laws well beyond state lines. Cresco Labs is one of ten operators licensed for vertical operation in New York and we look forward to deepening our position in the state before adult sales begin. ”

Highlights from New York Cannabis Legislation

Creating a resilient adult market that allows existing operators (like Cresco Labs) to remain vertically integrated. Existing operators have the option of increasing the number of their retail stores from four to eight medical pharmacies, three of which can be co-located with adult retail stores. Existing operators are also allowed to grow, manufacture and wholesale their products at all existing and future pharmacies across the state. We expect hundreds of new pharmacies to be approved under the program. Much of the sales tax revenue for cannabis is directed to the communities hardest hit by the war on drugs.

Major improvements to the medical cannabis program include the sale of flowers as an approved form, the widening of qualification requirements to include diseases at the discretion of doctors, and improved patient access through additional retail licenses.

New York is the fourth most populous state in the United States with a population of approximately 19.5 million (21+ population approximately 14.7 million). New York City is the most populous city in the USA and is considered the cultural, financial and media capital of the world. The New York cannabis market is estimated to grow to $ 5 billion when due.

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” 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 only represent the company’s beliefs regarding future events, plans or goals, many of which are inherently uncertain and beyond the control of the company. In general, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “would”, “expect”. “plans”, “anticipates”, “believes”, “estimates”, “projects”, “forecasts”, “potential” or “sets” or the negative of these forms or other comparable terms. The company’s forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the company’s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied in the forward-looking statements including, but not limited to, the risks discussed under “Risk Factors” on the Company’s Annual Information Form dated April 28, 2020 and other documents the Company has filed with the Canadian Securities and Exchange Commission; and other factors, many of which are beyond the control of the company. Readers are cautioned that the above list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on any forward-looking statements made by the company. No representations are made as to the future trading price or volume of Cresco shares or the company’s financial performance in future financial periods. The company does not intend to update any of these factors or to publicly announce the result of changes in any forward-looking statements contained herein, whether as a result of new information, a future event or otherwise. Unless otherwise stated, this press release is effective as of the date of this agreement. The distribution of this press release does not imply that nothing has changed in corporate affairs after the date of this press release, and there is no obligation or obligation to update or add to any information provided in this press release or otherwise.