MARSHALL – As it rained, the scent of 13,000 cannabis plants oozed from a nearby door when state and local officials severed a ribbon to officially welcome Cresco Labs to Michigan on Monday.
The Chicago-based vertically integrated cannabis company unveiled its first Michigan grow and processing facility as it celebrated the first harvest on its 100,000-square-foot property in Marshall.
The company claims to have invested more than 30 million US dollars in the renovation of the former Campbell’s Soup production facility in three years.
“It was more of a community-based initiative when we look at a redevelopment like this because we are looking at a building that was dormant for nearly 10 years and we can bring it back to life,” said Cresco Labs CEO and Co-Founder Charlie Bachtell. “We couldn’t be happier to be here today to bring the Cresco mission of normalizing and professionalizing cannabis to Marshall and Michigan as a whole.”
Cresco Labs Inc. is a publicly traded legal cannabis and medical marijuana company with brands sold in over 700 pharmacies nationwide. According to market research group BDS Analytics, Cresco’s approach to consumer packaged products makes it the best-selling cannabis brand in the United States. The portfolio includes Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms.
Cresco holds 47 licenses for Sunnyside retail locations in seven states, but none in Michigan.
The company expanded its Michigan presence by moving into the Marshall facility in June. The company now employs over 60 people at the site and plans to create 110 additional jobs in cultivation and production in the region by the end of the year. Full-time employees are granted benefits such as 401 (k) health, dentistry, and eyesight benefits, as well as corporate equity.
Medical cannabis was legalized in Michigan in 2013 with 63% of the vote. In 2018, recreational grass followed with 56% of the vote.
According to a study commissioned by the Michigan Cannabis Manufacturers Association, the Michigan cannabis market has grown to $ 3.2 billion since legalization. In August alone, the state surpassed $ 40 million in medical cannabis sales and $ 125.5 million in adult sales, according to the Michigan Marijuana Regulatory Agency.
Bachtell said Michigan has “one of the most resilient markets in the country, with over $ 450 million in quarterly sales, bringing our full range of consumer products, including floral and finished products, here to the state and consumers.”
Rep. Matt Hall, R-Marshall, chairs the Michigan House of Representatives’ Tax Policy Committee and serves on the Regulatory Reform Committee. He said that highly regulated facilities like that of Cresco Labs help protect consumers from what they might otherwise be consuming on the black market.
“People have spoken, they voted, and now our job is to make sure it’s safe, tested, and regulated so the people of Michigan know they have healthy products that are safe,” he said. “I am delighted that the City of Marshall has chosen Cresco. Our job is to ensure that it is grown where people get their cannabis through the state, where it is safe, tested and regulated. We welcome Cresco to our community. “
Contact reporter Nick Buckley at firstname.lastname@example.org or 269-966-0652. Follow him on Twitter: @NickJBuckley