Cresco Labs Inc (OTCMKTS:CRLBF) just announced its national response to COVID-19. Cresco Labs views the health and safety of its customers, patients, and employees as its number one responsibility during this challenging time.
According to the release, “the Company will continue to operate all of its dispensaries during regularly scheduled hours, as permitted, to ensure that the tens-of-thousands of patients and consumers that rely on its cannabis products for their daily wellness and quality of life continue to have access to them. In addition, Cresco Labs has heightened its already-stringent sanitation measures and implemented procedures at the retail level to ensure adequate social distancing between employees and consumers. Some of these measures include: driving traffic to alternative channels, including online ordering; text message staging notifications; home delivery (where applicable); and curbside pickup, which will be launching next week in Illinois.”
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 its national response to COVID-19.
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. Moreover, the name has registered increased average transaction volume recently, with the past month seeing nearly 110% over what the stock has registered over the longer term.
“We have spent the last weeks preparing our organization to best manage this unique circumstance. We have approached this matter from the perspective of a responsible employer, a manufacturer, a retailer, a community member and an industry leader – we are responsible to all of our stakeholders. We have been working side-by-side with our state administrations to provide counsel regarding best practices and potential solutions that will both accomplish the social imperative to stop the spread of COVID-19 while ensuring that patients and all customers have the products they rely on for their health and wellness. Accordingly, many government agencies have deemed cannabis products “essential” in the communities that Cresco Labs operates in and as medical providers, we take our obligations during the current period of global uncertainty very seriously. Many of our dispensaries are classified in the same category as pharmacies that people depend on as trusted access points for prescription medicine and continuing to provide that access is a fundamental responsibility. We have always viewed ourselves as responsible stewards of this industry first and foremost – we fundamentally embrace our role as leaders in creating sustainable state programs within which we operate,” said Charlie Bachtell, Cresco Labs CEO and Co-Founder.
Earning a current market cap value of $628M, 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.