It might be worth noting that Cresco Labs Inc (OTCMKTS:CRLBF) just announced an update on the strategic initiative it has undertaken to increase the strength and depth of the Company’s senior leadership team.
According to the release, these key appointments position the Company to scale rapidly, efficiently, and with a view to generating industry-leading sustaining returns on invested capital by focusing on brands and wholesale in the States that matter.
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 an update on the strategic initiative it has undertaken to increase the strength and depth of the Company’s senior leadership team.
We’ve witnessed 24% tacked on to share pricing for the listing in the past month. Moreover, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 69% beyond its prior sustained average level.
Cresco Labs’ CEO and Co-founder Charlie Bachtell commented, “To successfully transition from entrepreneurial growth, to an organization focused on consistent execution at scale, it is imperative to have access to the best talent available and to go deep in key areas. You have to fortify the traits needed for early-stage success with sound fundamentals, a scalable structure and a dynamic leadership team that can pull your organization to the next level. Starting last year, we began the transition to our next phase of growth as an organization. The very team we picked to lead this expansion, is the same team that has been invaluable during this time of uncertainty resulting from the COVID-19 pandemic. Our team hit the ground running during this crisis, engaging quickly and taking the steps required to support the Company’s objective to be the most important cannabis company in the U.S. market. I would like to thank each of them for the outsized contributions they have already made, which have reinforced the strength of the Company and positioned it for continued success.”
Earning a current market cap value of $792M, CRLBF has a significant war chest ($108.2M) of cash on the books, which is balanced by 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.