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Cresco Labs Inc (OTCMKTS:CRLBF) Improves Its Posture

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It might be advantageous to note that Cresco Labs Inc (OTCMKTS:CRLBF) just announced that it has completed the agreement to sell its Marshall, MI property to Innovative Industrial Properties, Inc.

According to the release, the previously announced sale was for a consideration of approximately $16 million, which includes $11 million in funding for tenant improvements. The property represents approximately 115,000 square feet of industrial space in aggregate. This sale marks Cresco’s fifth completed sale-and-leaseback transaction, the fourth with IIP, which has unlocked a total of nearly $123 million in the last seven 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 that it has completed the agreement to sell its Marshall, MI property to Innovative Industrial Properties, Inc.

We’ve witnessed 51% added to share values of the stock over the past month of action. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 56% over what the stock has registered over the longer term.

Cresco Labs CEO and Co-founder Charlie Bachtell said, “We are pleased to announce the successful completion of yet another sale-and-leaseback transaction. This is directly aligned with our stated strategy of unlocking valuable capital and building a stronger foundation to support revenue growth, expand our retail presence across Michigan and enhance shareholder value. IIP has been our long-term capital partner across multiple states, and we are pleased to team up with them once again.”

Earning a current market cap value of $607M, CRLBF has a significant war chest ($108.2M) of cash on the books, which compares with 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 as soon as developments transpire. 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.

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