Cresco Labs Announces Opening of Sunnyside Philadelphia, Its Fourth Dispensary in Pennsylvania and 33rd Operating U.S. Store

Rhea-AI Summary

Cresco Labs (OTCQX:CRLBF) has opened its fourth Sunnyside dispensary in Pennsylvania, located in downtown Philadelphia. The medical-only store, housed in a historic building, offers over 5,500 square feet of space and 10 points of sale for a variety of cannabis products. Patients can enjoy a seamless shopping experience with options for online ordering and same-day pickup. With this expansion, Cresco continues to solidify its presence in the state, distributing its portfolio of branded products to all dispensaries. The company remains focused on professionalizing the cannabis industry.

Positive

• Opening of fourth Sunnyside dispensary in Pennsylvania.
• Strategic location in downtown Philadelphia enhances market presence.
• Store features 10 points of sale and 5,500 sq. ft. space.
• Offers online ordering and same-day pickup for convenience.
• Continues to distribute products to all dispensaries in Pennsylvania.

Negative

• None.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the opening of Sunnyside Philadelphia, its fourth dispensary in Pennsylvania. The medical-only cannabis store is located at 1221 Chestnut St. in Philadelphia. It is in the former historic Cathay Tea Garden Restaurant building which is centrally located and steps away from the heart of downtown. Cresco’s other Sunnyside dispensaries are in Butler, Pittsburgh and New Kensington.

Cresco Labs Sunnyside expands into Philadelphia with fourth dispensary opening in Pennsylvania. (Photo: Business Wire)

“I commend our Retail, Real Estate and Community Integration teams for their outstanding work in the opening of another Sunnyside location that will help grow our presence in the sixth largest U.S. city,” said Charlie Bachtell, Cresco Labs’ CEO and Co-Founder. “Our Sunnyside retail platform continues to outpace industry averages on per store retail metrics thanks to our teams’ ability to open in the best locations, secure an array of products to serve a breadth of consumer needs, and deliver an excellent customer experience. We’re delighted to begin bringing the Sunnyside retail experience to medical patients in downtown Philadelphia.”

Sunnyside Philadelphia will feature 10 points of sale with more than 5,500 square feet of space and an array of medical cannabis products displayed by form and function. Patients can place online orders, browse live inventory through Sunnyside.shop and pick up orders in-store the same day.

In addition to its retail network in Pennsylvania, Cresco Labs continues to distribute its portfolio of branded products to 100% of dispensaries throughout the state.

Sunnyside Philadelphia’s store hours are 9:00 AM to 6:00 PM Sunday through Thursday and 9:00 AM to 7:00 p.m. Friday and Saturday.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

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 instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, 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,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s 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 “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2020 filed on March 26, 2021, 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’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to 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 any revisions to any of the Company’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210621005212/en/

FAQ

What is the significance of Cresco Labs opening a new dispensary in Philadelphia on June 21, 2021?

The opening of the new Sunnyside dispensary in Philadelphia marks Cresco Labs' expansion in a key market, enhancing its market presence and accessibility for medical cannabis patients.

How many Sunnyside dispensaries does Cresco Labs have in Pennsylvania?

Cresco Labs now has four Sunnyside dispensaries across Pennsylvania, including the newly opened location in Philadelphia.

What features does the Sunnyside dispensary in Philadelphia offer?

The Philadelphia Sunnyside dispensary features over 5,500 square feet of space, 10 points of sale, and options for online ordering and same-day pickup.

When are the store hours for the new Sunnyside dispensary in Philadelphia?

The store hours for the Sunnyside Philadelphia dispensary are 9:00 AM to 6:00 PM Sunday through Thursday, and 9:00 AM to 7:00 PM on Friday and Saturday.

What is the role of Cresco Labs in the cannabis industry?

Cresco Labs is a leading multistate operator and the largest wholesaler of branded cannabis products in the U.S., focused on normalizing and professionalizing the cannabis industry.