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Tuesday, December 1, 2020

Cresco Labs Inc (OTCMKTS:CRLBF) Continues to Battle for the Bulls

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Shares of Cresco Labs Inc (OTCMKTS:CRLBF) continue to show some surprising resilience in the face of continued pressure in the cannabis stock space, with a kick to the upside on Wednesday that breaks the stock back above its rolling 10-day MA. It will squarely face bounce range resistance in the $6.50-6.75 area today. To add some further color to the story, the company just announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with respect to the proposed acquisition of Origin House by Cresco Labs.

According to the release, the expiration of the waiting period under the HSR Act satisfies one of the remaining conditions to completing the Transaction. With the waiting period passed, the parties are now working towards closing the Transaction on terms that will be mutually agreeable to both parties.

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 waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with respect to the proposed acquisition of Origin House by Cresco Labs.

The chart shows 8% added to share values of the listing over the past month of action. Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 40% above its longer-run average levels.

“We look forward to working through the remaining steps required to close the Transaction” said Charlie Bachtell, CEO and Co-founder of Cresco Labs, Marc Lustig, Chairman and CEO of Origin House, added “the expiration of the HSR Act waiting period is a significant milestone for this transaction and for the entire cannabis industry.”

At this time, carrying a capital value in the market of $414M, CRLBF has a significant war chest ($89.8M) of cash on the books, which is balanced by about $41.2M in total current liabilities. CRLBF is pulling in trailing 12-month revenues of $90.4M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 42.9%. This is an exciting story, and we look forward to a follow-up chapter as events 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.

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