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Cresco Labs Expands Cultivation Area, Looks To Rebrand Stores To 'SunnySide'

Cresco Labs (CSE: CL) (OTC: CRLBF) announced it has made a significant expansion of its cultivation and manufacturing facilities located in Brookville, Pennsylvania. 

Benzinga · 05/07/2020 21:52

Cresco Labs (CSE: CL) (OTC: CRLBF) announced it has made a significant expansion of its cultivation and manufacturing facilities located in Brookville, Pennsylvania. 

This project expands its cultivation area from 22,000 square feet to a massive 88,000 square feet greenhouse area. 

Additionally, Cresco extended its manufacturing capabilities adding extraction booths and safety systems, providing a 300% increase in butane extraction capacity and 90% in ethanol extraction.

"This expansion project follows the recently completed scale-up of our cultivation facilities in Lincoln and Kankakee, Illinois," Charlie Bachtell, Cresco Labs’ CEO and Co-founder stated. "It is testament to our stated strategy of going deep in key states and focusing on branded products and wholesale distribution."

The company controls one of the largest wholesale market shares in Pennsylvania, a state with a big demand acceleration and more than 284,000 registered patients.

The company also expressed its plans to inaugurate three new dispensaries in Philadephia and to rebrand all of its retail stores to its SunnySide brand.

Cresco Labs has a market cap of more than $660 million.

Photo courtesy of Cresco