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Cresco Labs Gets Prequalification Licensing Approval To Enter Michigan Market

Cresco Labs Inc., a multistate cannabis operator in the U.S., said it has has received prequalification licensing approval to enter the Michigan cannabis market.

The Chicago-based company said Monday that it is now pre-qualified for a cultivation and processing license by the Department of Licensing and Regulatory Affairs Medical Marihuana Licensing Board.

The pre-qualification represents the authorization of Cresco Labs to move ahead with the licensing process for its intended facilities. Cresco Labs has applied for a cultivation and processing facility to be located in a former 100,000-plus-square-foot factory in Marshall, Michigan.

The company said it has received conditional local approval to build and operate the facility, pending final approval of its state facility license application.

Upon the receipt of licensure in Michigan and the closing of its pending acquisition in Florida, Cresco Labs will have 15 production facilities, 21 operational retail dispensaries and licenses to operate a total of 51 retail dispensaries across 11 states - Illinois, Pennsylvania, Ohio, Nevada, California, Arizona, Florida and Michigan, with New York, Maryland and Massachusetts pending regulatory approval.

The company's products are currently available on the shelves of over 250 dispensaries.

"Entering Michigan will add another large market opportunity to our growing footprint and increase our total addressable consumer base to more than 150 million people. Michigan is one of the largest medical cannabis markets in the country with an estimated patient population of nearly 300,000 patients and is steadily moving towards implementation of an adult-use program," said Cresco Labs CEO and Co-Founder Charlie Bachtell.

Michigan is the tenth largest state in the U.S., with a population of nearly 10 million people and more nearly 300,000 registered patients in the state's medical cannabis program.

According to Arcview Market Research/BDS Analytics, the total cannabis market in Michigan, including both medical spending and future legalized adult-use spending, is projected to increase to nearly $1.4 billion by 2022 from $869 million in 2018.

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