Cresco Labs is one of the largest cannabis operators in the United States and they have since announced that they will be moving into the limited license New York market. The company received regulatory approval for its acquisition of the membership interests of Gloucester Street Capital. Cresco Labs is the parent entity of Valley Agriceuticals which holds one of the vertically integrated cannabis business licenses in the of state of New York. Each license gives the operator permission to operate one cultivation facility and four dispensaries. The license was renewed recently for the next two years.
Valley Agriceuticals’ assets include four licensed dispensaries with multiple locations. They are looking at growing their geographical footprint and they are looking to contribute to the $500 million in sales expected from the cannabis industry in New York by 2022. In many industries, New York is known as a crucial market which is why it was part of the company’s strategic expansion plan. They are on a mission to be the first national brand in the cannabis industry. The approval also signifies that regulators see how Cresco Labs can play a significant role in building social and economic equity in New York.
Cresco Labs has a national initiative called the Social Equity and Education (SEED) initiative. It proves their dedication to social change and providing access to all to the cannabis industry. They look forward to growing their New York operations, delivery a quality experience to customers and offering the tools and education required to participate in the industry. Valley Agriceuticals is excited about the merger and are impressed by the guidance offered by the Cresco Labs management team. They are building a 75,000 square-foot facility and opening four dispensaries in 2020.
They are hoping to cater to the medical market as New York is currently a medical-use only state. There are 15 qualifying conditions for the medical cannabis program which include chronic pain, PTSD, and opioid replacement. Currently, there are nearly 105,000 certified patients in the state of New York.