Cresco Labs began growing and selling marijuana in Illinois in 2015
Demand for marijuana products in U.S. states where they are legal in some form has been resilient this year, despite the pandemic.
In California and other states that account for most of the retail sales of marijuana for recreational use, sales are up 8.5% from a year ago, according to data from industry tracker Headset.
Charlie Bachtell, CEO and co-founder of Chicago-based Cresco Labs, credits strong sales this year to growing marijuana demand and retailers having been deemed essential businesses during the pandemic.
Cresco Labs began growing and selling marijuana in Illinois in 2015, and as of this year has expanded to a total of nine states and Canada. Its sales more than tripled in the first half of this year to nearly $161 million. Its stock trades on the Canadian stock exchange and on over the counter markets in the U.S.