In the category of “recent revivals in the cannabis patch”, one has to add Cresco Labs Inc (OTCMKTS:CRLBF) to the list at this point. The stock has vaulted higher as much as 30% in the past couple weeks to check up against key technical resistance at the downward sloped 50-day moving average in the neighborhood of $9.25/share. A move above this level in the new week would go a long ways toward further establishing the importance of this recovery trend.
To help further flesh out the story, the company just announced that its Euro-denominated shares are now listed on the Frankfurt Stock Exchange and are trading under the symbol “6CQ.” According to the release, the Company’s shares continue to be listed on the Canadian Securities Exchange under the symbol “CL” and on the OTCQX under the symbol “CRLBF.”
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 its Euro-denominated shares are now listed on the Frankfurt Stock Exchange and are trading under the symbol “6CQ.”
The chart shows 19% added to share values of the stock over the past week of action. What’s more, the name has registered increased average transaction volume recently, with the past month seeing 3% over what the stock has registered over the longer term.
“We are pleased to further expand access to Cresco Labs shares with our listing on the Frankfurt Stock Exchange,” said Cresco Labs CEO & Co-Founder Charlie Bachtell. “We believe that the FSE listing will make it easier for European institutional and retail investors to pursue an investment in Cresco Labs and participate in our continued success in creating shareholder value.”
Currently trading at a market capitalization of $495M, CRLBF has a significant war chest ($151.5M) of cash on the books, which is balanced by 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.