Cresco Labs Inc (OTCMKTS:CRLBF) just announced that it won the U.S. Cannabis Company Game Changer Award at the inaugural MJBizDaily Awards in Las Vegas which recognizes excellence and impact in the cannabis industry.
According to the release, the MJBizDaily editorial staff and a panel of industry judges selected Cresco Labs as the winner for the company that demonstrated true innovation, pushed boundaries, expanded its business, influenced public policy and rulemaking at all levels, all while showing strong business performance. Other Nominees included GTI, Acreage and LivWell.
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 it won the U.S. Cannabis Company Game Changer Award at the inaugural MJBizDaily Awards in Las Vegas which recognizes excellence and impact in the cannabis industry.
The stock has suffered a bit of late, with shares of CRLBF taking a hit in recent action, down about -10% over the past week. What’s more, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 28% beyond what we have been seeing over the larger time frame.
“It is a great honor to be recognized as this year’s break-through cannabis company in the United States, and it is deeply humbling to be honored by ATACH for my efforts to make a difference in the industry,” said Charlie Bachtell, Cresco Labs CEO. “We were one of the first cannabis companies in the U.S. to compete and successfully win licenses in the most strategic markets nationally and rapidly generate scale. Today, we remain squarely focused on our objective of building the most important cannabis company in the U.S. We will achieve this objective by responsibly and rapidly expanding our market presence, remaining committed to our mission to normalize and professionalize cannabis, and by being a catalyst for positive change in the communities within which we operate.”
At this time, carrying a capital value in the market of $430M, CRLBF has a significant war chest ($108.2M) of cash on the books, which must be weighed relative to about $60.6M 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 $138.2M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 19.6%. We will update the story again soon as further details emerge. 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.