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Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) is jumping into the nascent medical market in Kentucky by agreeing to manage a cultivation site. The seasoned MSO signed a management services agreement with a Tier 3 Cultivation License in Kentucky allowing it to manage and operate a cultivation facility with up to 25,000 square feet of canopy. It will be one of only two operators of Kentucky’s Tier 3 cultivation licenses.

“I look forward to showing Kentucky residents why Cresco Labs’ portfolio is the most popular choice in both medical markets like Pennsylvania and adult-use markets like Illinois. The Cultivation License allows for the construction of a state-of-the-art cultivation facility with up to 25,000 square feet of canopy, enabling us to deliver the quality and scale we are known for,” said Charlie Bachtell, CEO of Cresco Labs. “We’ve spent the last two years focused on solidifying the core and increasing our free cash flow. Kentucky is our first of many opportunities to reinvest that free cash flow back into high ROIC growth initiatives as we continue expanding into new markets.”

The program was just launched at the beginning of the year. It includes a maximum of 115,000 square feet of approved canopy space and 48 retail licenses, with industry analysts forecasting the market to generate over $135 million in revenue by 2026, growing to over $228 million by 2028.

Green Market Report wrote last month that Kentucky hauled in approximately $27.5 million in application fees during its two-month application window, according to state officials. The licensing process used a lottery system to award business permits, which proved controversial as several local businesses were not selected.

Despite a company like Cresco agreeing to operate as managers, the Governor stressed that these types of arrangements, still result in locals getting jobs

Cresco Labs will report its earnings later this week on March 12. The Yahoo Finance average analyst estimate is forecasting revenue of $172.1 million for the fourth quarter. Pablo Zuanic initiated coverage of the company last year with an Overweight rating. He wrote, “Of the top 5 MSOs, Cresco has the most rec upside (ex Trulieve), and trades at a valuation discount on EBITDA to Curaleaf and Green Thumb (in line with Verano and Trulieve).” He did not give the company a price target.

Zuanic did say that Cresco has the strongest brand portfolio measured by market share and it runs one of the best-performing dispensary chains.