CHICAGO, Oct. 5, 2018 /PRNewswire/ -- Cresco Labs announced today the closing of its oversubscribed Series D funding round securing $100 million (US), making it the second largest private funding round in U.S. cannabis history. These funds provide Cresco Labs with the capital they need as they continue to expand the footprint to produce and dispense their full brand suite of medically-focused and adult-use cannabis products.
"This capital raise demonstrates our commitment to growing our national footprint and establishing dominant brand presence in key markets across the country," CEO Charlie Bachtell said.
Cresco was founded after winning three merit-based cultivation licenses in the Illinois market. They have since been awarded vertically-integrated licenses in Pennsylvania and Ohio, in addition to acquiring cultivation and dispensary operations in Arizona, Nevada and California earlier this year. Based in Chicago, Cresco Labs brings a quick go-to-market strategy, operational excellence and award-winning outreach campaigns normalizing the cannabis industry to every new market they launch in.
This private round yielded investors spanning the United States and multiple countries across the world that have been watching the evolution of the cannabis market. "The financial commitments we secured for this round represent both how appealing the cannabis industry has become to investors and how impressed they are with the direction Cresco is headed," Bachtell added.
About Cresco Labs:
Recently being named to Entrepreneur Magazine's 100 Cannabis Leaders list, Cresco Labs currently operates in six states, giving the company the largest consumer footprint of any U.S.-based cannabis company. Their brands; Cresco, Remedi, Reserve and Mindy's Edibles, an infused edible line with James Beard Award-winning Chef Mindy Segal, provide a full suite of consistently dosed products. These products cater to all consumers, from the novice to connoisseur, from the medically-minded to the recreational user. The company has a core value of educating consumers while trying to eliminate the stigma associated with marijuana.
SOURCE Cresco Labs