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Cresco Labs Announces Voluntary Lock-up Agreements with Founders, Insiders and Key Shareholders

CHICAGO–(BUSINESS WIRE)–Cresco
Labs
, Inc. (CSE: CL) (OTCQX: CRLBF) (“Cresco” or “the Company”)
announced today that shareholders representing 205,172,192 common shares
(the “Shareholders”) have entered into voluntary lock-up agreements with
the Company (the “Agreements”), representing 97% of the shares subject
to the initial lock-up and 80% of the total issued subordinate voting
shares (on an as-if converted basis). Included among the Shareholders
are all of the Company’s founders, its entire executive management team
and board of directors, as well as several of the largest outside
investors in Cresco. The voluntary lock-up Agreements stipulate that
these shareholders will not, subject to limited exception, offer to
sell, contract to sell, lend, pledge or otherwise dispose of any Cresco
securities, or enter into any transaction to such effect, directly or
indirectly, in addition to other restrictions until December 3rd,
2019 when a portion of the shares will be released followed by the
remainder of the shares being released by June 3, 2020.

Charlie Bachtell, CEO & Co-Founder of Cresco, commented, “The lock-up
agreements announced today reflect the continued confidence that
Cresco’s management, board and outside shareholders have in the future
of the Company. Our ability to deliver on the vision we have for
building Cresco into one of the most important company’s in the U.S.
cannabis industry has instilled a high level of trust among our
investors that we can continue executing on plan, responsibly manage the
increase of the Company’s liquidity and continue to preserve and create
long-term shareholder value.”

About Cresco Labs, Inc.

Cresco Labs, based in Chicago, is a leading U.S. cannabis company with
experienced management, access to capital and a demonstrated growth
strategy. As a differentiated grower, processor and retailer of premium
cannabis operating in seven states, the company focuses on entering
highly regulated markets with outsized demand potential and high
barriers to entry. Its impressive speed-to-market gives Cresco a
distinct competitive advantage as it replicates its model to expand its
national footprint. Cresco’s proven ability to execute is complemented
by a cutting-edge brand strategy spearheaded by several of the brightest
minds in consumer marketing in the nation. Cresco’s products are
tailored to all major consumer segments: everyday cannabis, medicinally
focused, connoisseur grade, and chef inspired edibles by James Beard
Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at crescolabs.com.

Forward Looking Statements

This press release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation and may also
contain statements that may constitute “forward-looking statements”
within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative of
historical facts or information or current condition, but instead
represent only the Company’s beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently uncertain and
outside of the Company’s control. Generally, such forward-looking
information or forward-looking statements can be identified by the use
of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’
‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’
‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the
negative of those forms or other comparable terms. The Company’s
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company’s actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements, including but not limited to those risks
discussed under “Risk Factors” in the company’s CSE Listing Statement
and other public filings on SEDAR; and other factors, many of which are
beyond the control of the Company. Readers are cautioned that the
foregoing list of factors is not exhaustive. Because of these
uncertainties, you should not place undue reliance on the Company’s
forward-looking statements. No assurances are given as to the future
trading price or trading volumes of Cresco’s shares including, without
limitation, as a consequence of the Lock-Up Agreements, nor as to the
locked-up shareholders’ compliance with or the Company’s enforcement of
the terms thereof. The Company does not intend to update any of these
factors or to publicly announce the result of any revisions to any of
the Company’s forward-looking statements contained herein, whether as a
result of new information, any future event or otherwise. Except as
otherwise indicated, this press release speaks as of the date hereof.
The distribution of this press release does not imply that there has
been no change in the affairs of the Company after the date hereof or
create any duty or commitment to update or supplement any information
provided in this press release or otherwise.

Contacts

Media
Jason Erkes, Cresco Labs
Chief Communications
Officer
[email protected]
312-953-2767

Investors
[email protected]
312-319-8442

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