Cresco Labs Inc (OTCMKTS:CRLBF) just announced the conversion of four dispensaries to Cresco’s nationwide retail brand, Sunnyside*, in the Williamsburg neighborhood in Brooklyn, Huntington Station, New Hartford and Bardonia, New York.
According to the release, “Cresco also launched today a home delivery service for medical cannabis patients in the New Hartford area of New York. Patients can place orders for home delivery for a variety of products including vape pens and cartridges, topical creams, oral tinctures and capsules at Sunnyside.shop. Cresco plans to roll out its medical cannabis home delivery program to the three other communities with Sunnyside* locations in the coming months.”
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 the conversion of four dispensaries to Cresco’s nationwide retail brand, Sunnyside*, in the Williamsburg neighborhood in Brooklyn, Huntington Station, New Hartford and Bardonia, New York.
Even in light of this news, CRLBF has had a rough past week of trading action, with shares sinking something like -18% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -25%. What’s more, the company has seen interest climb, with an increase in recent trading volume of 56% above its longer-run average levels.
“As we continue to build our national retail brand and consolidate the five dispensary brands we operate around the country under the Sunnyside* name, we remain focused on ensuring that we deliver against the promise of what Sunnyside* stands for—wellness, education and convenience,” said Charlie Bachtell, Cresco Labs CEO and Co-founder. “New York has a growing medical cannabis patient program of more than 114,000 people who look to dispensaries and their cannabis product forms to treat a variety of qualifying conditions and critical illnesses. With Sunnyside*, we aim to provide a best-in-class shopping experience through ongoing education, product availability and technology. The ease of home delivery provides the convenience that many living in New York will appreciate with the benefit of the quality and consistency that regulated, third-party tested, cannabis products can provide. Home delivery plays a critical role in our ecommerce strategy, and we are excited to offer this service to reach medical cannabis patients in our communities with the right products they need.”
Earning a current market cap value of $1.17B, 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%. 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.