On September 9, Cresco announced the launch of its latest cannabis brand, Good News. The brand is designed to appeal to the social consumer, marketing pot as approachable and fun. “Cannabis is increasingly becoming a part of our daily lives and playing a larger role during occasions where we want a little ‘me time’, to laugh and find ways to have a break during these difficult times,” said Greg Butler, Chief Commercial Officer. “After a successful soft launch in Illinois and California, we’re excited to expand Good News availability to all of our operational states.”
The launch of Good News is just the latest in a recent string of announcements from the vertically integrated giant, including store openings in Illinois that gave Cresco the state’s largest retail footprint. This represents a turnaround from this spring, when the company announced the termination of its acquisition of Tryke, citing regulatory delays, a decline in capital markets, and the COVID-19 pandemic.
But things are looking up. Cresco’s second quarter results showed a 42% increase over quarter one. “We grew revenue in every single one of our U.S. markets sequentially by more than 30%, with the exception of Massachusetts, where adult use was halted for part of the quarter,” said CEO Charles Bachtell. “While Q2 continued to be about building, scaling and refining our operations in the largest and most important cannabis markets in the US, we are also beginning to see the fruits of our labor…”