Cresco Labs Inc (OTCMKTS:CRLBF) is hiring 250 displaced workers for full-time for its Sunnyside dispensaries across Illinois to support the customers and patients with cannabis products. The company is recruiting restaurant and hospitality services industry employees who are impacted by the coronavirus. It will also provide support to the existing employees who on duty at distribution facilities, cultivation centers, and dispensaries. Cresco also included an essential pay program for its employees.
Chief Executive Officer and Co-founder of Cresco, Charlie Bachtell, said the spread of coronavirus has impacted the lives of individuals, groups and disrupted their livelihoods in the nation. The company acknowledged the need for cannabis products at this difficult juncture and continuing its operations to serve the communities with essential cannabis products. It is putting in extra efforts to help those who are affected by the COVID-19 pandemic.
Expands cultivation facility in Lincoln, IL
Cresco has completed the expansion of the cultivation facility in Lincoln, Illinois. It is the first phase of its expansion at the Kankakee facility. With these expansions, the company will add an additional greenhouse and indoor cultivation space of 180,000 Sq. Ft. Cresco’s combined cultivation space in three facilities in Illinois is 215,000 Sq. Ft.
Licensed to grow up to 630,000 Sq. Ft. flowering canopy
Cresco is the only operator in Illinois licensed to the flowering canopy on up to 630,000 Sq. Ft. area. It maintains a unique competitive advantage. The company is well-positioned to build on its established leading position in the market.
Charlie said Illinois offers significant opportunities in US cannabis. Cresco is poised to strengthen its market share in this flourishing cannabis market. The expanded cultivation footprint at Kankakee and Lincoln helps the company to bring in additional capacity quickly to satisfy the high demand and growing market. It also helps to support the wholesale network and state-wide dispensary and also cater to the recreational and medical consumers in the state.
The expansion of these facilities shows the strengths of its team and its capabilities to execute the plan. It has realized the first harvests because of the phased construction and improves supply to the international market by the end of May 2020.
Cresco will report the Q4 2019 results on April 27, 2020.