With this infusion of capital, Cresco also plans to increase its national footprint
Chicago-based medical marijuana company Cresco Labs has raised $100 million in private funding to fuel continued expansion nationally and in Illinois.
Cresco Labs, which operates three cultivation centers in the state, just finished an expansion of its Joliet facility to more than double the amount of cannabis it can grow and process. The company has additional acreage available and is planning further expansions.
After years of regulatory roadblocks and lower-than-expected demand in Illinois’ medical cannabis pilot program, growers around the state are expanding to accommodate a patient count that is only expected to increase. A state report out earlier this week found that use of medical pot has risen 83 percent this year in Illinois, which has more than 46,000 qualified patients. Additionally, Gov. Bruce Rauner signed a bill into law in late August that allows people prescribed opioids to use medical marijuana.
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