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Cresco Labs Rebrands Its 4 New York Cannabis Dispensaries

By Eric Volkman – Feb 27, 2020 at 10:29AM

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They're now doing business under the Sunnyside* name, but that may not be the most interesting change underway.

Cresco Labs (CRLBF -6.66%) has brought all four of its New York cannabis dispensaries under one brand name: Sunnyside*.

One of the four is located in the Williamsburg district of Brooklyn. Another sits in the hamlet of Huntington Station on Long Island, while the others are upstate in the towns of Bardonia and New Hartford. These are the first East Coast Cresco dispensaries to be rebranded.

A Sunnyside* dispensary in Champaign, Illinois.

Image source: Sunnyside* (Cresco Labs)

Additionally, Cresco wrote in the press release announcing the shift, it has launched a home-delivery service for customers in the vicinity of its New Hartford dispensary. Orders can be placed through the Sunnyside* website, with a minimum of $80 required for delivery. The company aims to roll out similar services for communities in proximity to the other three locations.

At the moment, New York state permits only the sale and consumption of medical cannabis, although it is seriously considering legalizing recreational marijuana too. So far, 10 business licenses have been granted allowing cannabis companies to operate in the state; each license gives the holder the right to have one grow facility and up to four dispensaries.

Cresco has a longer-term ambition to reduce its current count of five dispensary brands to the single one, Sunnyside*, where, it says, "we aim to provide a best-in-class shopping experience through ongoing education, product availability and technology."

All told, Chicago-based Cresco holds 31 retail licenses and owns 21 dispensaries across the U.S. 

In early trading on Thursday, the company's stock was up by nearly 3%.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Cresco Labs Inc. The Motley Fool has a disclosure policy.

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