The company just announced In the past two days, we may be seeing a potential fresh breakout and new leg higher in the powerful bullish trend in momentum cannabis patch play CRESCO LABS ORD (OTCMKTS:CRLBF). To add some further color to the story, the company just announced that the Hope Heal Health, Inc. (HHH) cultivation facility and dispensary in Fall River, Bristol County, Massachusetts has received provisional approvals for adult-use cannabis cultivation, manufacturing, and retail licenses.
According to the release, “Cresco Labs entered into a definitive merger agreement with HHH for its Massachusetts cultivation, manufacturing, processing, and dispensary operations at the end of 2018. An application for approval of the merger will be submitted to the Massachusetts Cannabis Control Commission, and the change of control of HHH is subject to such approval.”
CRESCO LABS ORD (OTCMKTS:CRLBF) trumpets itself as a company that manufactures and sells medical cannabis products in the United States. It offers cannabis dry flower; vaporizer forms of cannabis; cannabis oil in capsule, oral and sublingual solutions; cannabis in topical; and other cannabis products.
The company also provides cannabis infused edibles, including chocolate and toffee confections, fruit-forward gummies, and hard sweet and chews. Cresco Labs Inc. sells its products under the Cresco brand.
In addition, it operators a Hope Heal Health dispensary in Fall River, Bristol County, Massachusetts.
The company was formerly known as Cresco Labs, LLC and changed its name to Cresco Labs Inc. in November 2018. Cresco Labs Inc. is headquartered in Chicago, Illinois.
According to the release, “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 ten 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.”
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As noted above, CRLBF just announced that the Hope Heal Health, Inc. (HHH) cultivation facility and dispensary in Fall River, Bristol County, Massachusetts has received provisional approvals for adult-use cannabis cultivation, manufacturing, and retail licenses.
Recent action has seen 32% added to share values of the listing over the past month of action. What’s more, the company has seen interest climb, with an increase in recent trading volume of 20% above its longer-run average levels.
“The receipt of this provisional adult-use licenses for HHH’s Fall River dispensary is another example of our strategic business approach to partner with professional and responsible operators,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “With only 15 adult-use cannabis dispensaries currently open in Massachusetts, we anticipate that there will be strong demand in the Fall River dispensary given the robust growth being seen in this market. The receipt of the adult-use licenses is well timed with the first medical pilot harvest coming in from the HHH cultivation facility in Fall River. The harvest will provide the dispensary with superior quality cannabis to meet the volume of sales that we expect going forward.”
Now commanding a market cap of $1.72B, CRLBF has virtually no cash on the books, which compares with about $188K in total current liabilities. The company is pre-revenue at this point. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $CRLBF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CRLBF, either long or short, and we have not been compensated for this article.