Cresco Labs (CSE:CL,OTCQX:CRLBF) announced it was pre-qualified for a cultivation and processing license in Michigan.
As quoted in the press release:
The pre-qualification represents the authorization of the entity to move forward with the licensing process for its intended facilities.
“We continue to execute well on our expansion strategy and leverage our professional, proven approach to win access to new markets,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “Entering Michigan will add another large market opportunity to our growing footprint and increase our total addressable consumer base to more than 150 million people. Michigan is one of the largest medical cannabis markets in the country with an estimated patient population of nearly 300,000 patients and is steadily moving towards implementation of an adult-use program. Pre-qualification is the most significant regulatory hurdle in the Michigan licensing process. We expect to replicate the process that has enabled us to quickly and efficiently get operational in other markets and begin making our full suite of brands available to patients wanting to experience the positive medicinal benefits of cannabis.”