Cresco Labs Closes $100 Million Raise, Draws Institutional Investors To Cannabis Industry

Chicago-based cannabis firm Cresco Labs closed a $100 million funding round that attracted institutional investors, a notable milestone for cannabis finance in the United States.

The raise represents the second-largest deal inked in the U.S. marijuana industry to date. New York-based Acreage Holdings’ $119 million raise in July holds the top spot for private funding deals. Unlike Cresco, that deal relied on money from high-net-worth individuals and family offices from around the globe.

Cresco plans to use the capital to grow its footprint in the six states it already operates and target new states to expand to, Cresco Labs CEO Charlie Bachtell said. The vertically integrated, plant-touching company also plans to go public in Canada.

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