One stock that might be worth keeping on the radar right now is Cresco Labs Inc (OTCMKTS:CRLBF). Shares of the stock recently carved out what looks like a strong potential for an intermediate-term low in a pullback, with key support under test right now in the $10/share area. To make matters more interesting, the company just announced that Mo Dastagir has joined the Company as its new Chief Information Officer. The big tagline here is that this guy is coming from Amazon and Sears.
According to the release, “Mr. Dastagir succeeds Zach Marburger, who is taking on a new role at Cresco as Entrepreneur in Residence. As CIO, Mr. Dastagir will be responsible for overseeing the technological infrastructure throughout Cresco and designing, scaling and implementing technological systems and platforms to optimize the customer experience.”
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.”
Find out when $CRLBF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, CRLBF just announced that Mo Dastagir has joined the Company as its new Chief Information Officer.
The stock has suffered a bit of late, with shares of CRLBF taking a hit in recent action, down about -3% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -3%. In addition, the listing has seen interest climb, with an increase in recent trading volume of 15% over the long run average.
“We continue to attract top-tier talent across a variety of disciplines, and Mo Dastagir is the latest example,” said Cresco Labs CEO & Co-Founder Charlie Bachtell. “Mo has a long track record of successfully scaling and implementing a diverse array of major technology programs for Fortune 500 companies and will ensure that Cresco’s technology infrastructure and capabilities remain on the leading edge of the cannabis industry. His experience and expertise in managing the technology needs of growing companies entering and integrating new markets will be extremely valuable to Cresco as we continue to build our footprint and deepen our presence in the most attractive cannabis markets in North America.”
At this time, carrying a capital value in the market of $462M, CRLBF has a significant war chest ($151.5M) of cash on the books, which compares with about $49.5M in total current liabilities. One should also note that debt has been growing over recent quarters. CRLBF is pulling in trailing 12-month revenues of $50.4M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 25%. You can bet we will update this one again as new information comes into view. 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.