It might pay to take note of the fact that Cresco Labs Inc (OTCMKTS:CRLBF) just announced that it has received its special use approval from the Zoning Board of Appeals for its dispensary located at 436 N. Clark St. in the prestigious River North neighborhood of Chicago.
According to the release, the Dispensary is one of the two licenses Cresco won in the Central District in Chicago’s lottery, as announced on November 15, 2019, and one of the only two city-approved adult-use dispensaries in downtown Chicago to date. The Dispensary will be Cresco’s sixth Sunnyside* location in Illinois. Cresco has licenses to open an additional four dispensaries and has so far announced its intention to open locations in the Gold Coast neighborhood of Chicago, Danville, Il and South Beloit, Il.
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 has received its special use approval from the Zoning Board of Appeals for its dispensary located at 436 N. Clark St. in the prestigious River North neighborhood of Chicago.
Even in light of this news, CRLBF has had a rough past week of trading action, with shares sinking something like -31% 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 -48%. In addition, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed greater than 110% above its longer-run average levels.
“Cresco has a long history of being first to market in new jurisdictions. Our ability to execute quickly and efficiently in a highly regulated, complex industry has always been a core strength of the Company. We are proud to have received zoning approval in another step in the process to open an adult-use dispensary in downtown Chicago,” said Charlie Bachtell, Cresco Labs CEO and Co-founder. “Earning the right to operate in this highly coveted location is both a privilege and a significant opportunity for Cresco. The Dispensary is minutes from the Magnificent Mile, one of the busiest shopping districts in the United States. On a personal note, it is also minutes from Cresco’s corporate headquarters, and I couldn’t be more excited about Sunnyside* potentially having a flagship dispensary in this neighborhood.”
At this time, carrying a capital value in the market of $696M, 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%. 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.