Cresco Labs (CRLBF) (CL) launched its incubator program in Illinois on November 6. The company’s community impact incubator program provides practical, real-life experience to its Social Equity applicants. This program also provides resources, knowledge, and guidance to its applicants.
Currently, there are 130 active participants in this program looking to acquire dispensary licenses in Illinois. This program is part of Cresco’s Social Equity and Educational Development (or SEED) initiative.
Cresco Labs stock traded at $8.60 at 3:25 PM EST on November 7. The stock’s value has increased by 8% since its announcement of the new incubator program.
Cresco Labs’ SEED program
SEED (Social Equity and Education Development) is a social equity initiative launched by Cresco Labs on June 12. The company emphasized its commitment to making the cannabis industry a highly inclusive working space. The focus of this initiative includes ensuring that these participants have the facilities, expertise, and opportunity to be part of the cannabis industry.
The SEED initiative consists of solution-based methods and impactful programs. The company worked with universities as it developed its cannabis curriculum. Further, the company works with legal agencies to work on expunging eligible candidates’ offenses.
Who can participate in this program?
Applicants must meet any of the following criteria to become part of the Illinois Social Equity program.
- Resident in Illinois’ Disproportionately Impacted Area.
- Arrested or convicted for cannabis-related offenses eligible for expungement. These offenses include possession of cannabis up to 500 gms or the intention to deliver up to 30 gms
- Parent, spouse, or child of the candidate arrested or convicted of cannabis-related offenses eligible to be expunged. These offenses also include possession of cannabis up to 500 gms or the intention to deliver up to 30 gms.
Cresco’s incubator program aims to educate and prepare qualified participants. The first stage of this program provides seminar sessions for the applicants. These sessions help applicants learn the industry’s best practices. This program also offers personal guidance from experts in the cannabis industry.
Further, this program helps the applicants develop the following:
- an application narrative
- a business plan
- financial planning and budgeting
- information on launching and operating a business
In addition to group sessions, participants would also receive personal mentoring sessions. Cresco experts help review the participants’ applications before the final submission. Plus, these experts provide feedback to improve the chances of the application’s approval. The company also plans to provide financial assistance for application fees to successful participants.
After the state approvals, Cresco Labs plans to select some approved participants to incubate for the next stages of the process. This process includes selecting sites, compliance with the laws, and operational support for their businesses.