Cresco Labs Provides Update on Response to COVID-19
CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today provided an update on its national response to COVID-19. Cresco Labs views the health and safety of its customers, patients, and employees as its number one responsibility during this challenging time.
The Company will continue to operate all of its dispensaries during regularly scheduled hours, as permitted, to ensure that the tens-of-thousands of patients and consumers that rely on its cannabis products for their daily wellness and quality of life continue to have access to them. In addition, Cresco Labs has heightened its already-stringent sanitation measures and implemented procedures at the retail level to ensure adequate social distancing between employees and consumers. Some of these measures include: driving traffic to alternative channels, including online ordering; text message staging notifications; home delivery (where applicable); and curbside pickup, which will be launching next week in Illinois.
Cresco’s cultivation and production operations will continue to operate with elevated sanitation, quality, and safety programs, which have been designed to mirror the highest standards used by food and beverage manufacturers across the country. In accordance with the guidance provided by the CDC, and with support from the Company’s Public Health and Epidemiology consultant, Cresco is taking every step possible to provide the healthiest environment at its facilities nationwide.
“We have spent the last weeks preparing our organization to best manage this unique circumstance. We have approached this matter from the perspective of a responsible employer, a manufacturer, a retailer, a community member and an industry leader – we are responsible to all of our stakeholders. We have been working side-by-side with our state administrations to provide counsel regarding best practices and potential solutions that will both accomplish the social imperative to stop the spread of COVID-19 while ensuring that patients and all customers have the products they rely on for their health and wellness. Accordingly, many government agencies have deemed cannabis products “essential” in the communities that Cresco Labs operates in and as medical providers, we take our obligations during the current period of global uncertainty very seriously. Many of our dispensaries are classified in the same category as pharmacies that people depend on as trusted access points for prescription medicine and continuing to provide that access is a fundamental responsibility. We have always viewed ourselves as responsible stewards of this industry first and foremost – we fundamentally embrace our role as leaders in creating sustainable state programs within which we operate,” said Charlie Bachtell, Cresco Labs CEO and Co-Founder.
Mr. Bachtell continued, “It is in the most difficult times where the foundation of an organization matters, and character is revealed – this is when leaders lead. Over the last year we have focused intently on building the management and operational foundation that would not only support scalability but would successfully handle all of the variables associated with an emerging and constantly-evolving industry. I’m thankful that Cresco can rely on a team with decades of senior leadership experience in safe manufacturing and supply-chain management from companies like Lifeway Foods, Abbott, AbbVie, and Johnson & Johnson, as well as a retail team that has a track record of driving responsible performance during challenging times at companies like Starbucks, Apple and Walgreens. Together, backed by our best-in-class management team, 1,200+ team members deeply committed to the wellbeing of our patients/consumers, strategic operational footprint, and strength of balance sheet, Cresco will successfully manage through this uncertainty and continue to be the most important company in cannabis.”
The Company will provide an update regarding the impacts of COVID-19 during its fourth quarter fiscal 2019 earnings call.
About Cresco Labs
Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand, is a wellness-focused retailer designed 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 has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in 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 CSE Listing Statement filed with SEDAR; 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’s 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.
Jason Erkes, Cresco Labs
Chief Communications Officer
Aaron Miles, Cresco Labs
Vice President of Investor Relations
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