Shares of Cresco Labs Inc (OTCMKTS:CRLBF) have been steadily working up some bullish momentum as the cannabis space sees improving macro contextual issues and the company builds on its narrative. To further flesh out the story, the company just announced that it has completed the expansion project for its cultivation and manufacturing facility located in Brookville, PA.
According to the release, the expansion project provides an additional 66,000 square feet of indoor and greenhouse cultivation area, bringing the total cultivation space1 in the facility to 88,000 square feet. The Brookville site supplies Cresco’s house of brands to 100% of the licensed dispensaries in Pennsylvania and the Company currently maintains one of the largest wholesale market shares.
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 expansion project for its cultivation and manufacturing facility located in Brookville, PA.
Traders will note 18% during the past week in terms of shareholder gains in the name. Moreover, the listing has seen interest climb, with an increase in recent trading volume of 52% above its longer-run average levels.
Charlie Bachtell, Cresco Labs’ CEO and Co-founder said, “Pennsylvania continues to be one of the most attractive and highly coveted markets in the country. Today’s announcement marks a strategic milestone towards building our leadership in this high-growth market. This expansion enables us to more efficiently cater to patients across the Keystone State and increase our operating leverage. This expansion project follows the recently completed scale up of our cultivation facilities in Lincoln and Kankakee, Illinois. It is testament to our stated strategy of going deep in key states and focusing on branded products and wholesale distribution.”
At this time, carrying a capital value in the market of $746M, CRLBF has a significant war chest ($70.2M) of cash on the books, which compares with about $194.7M 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 $170.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 143.9%. This is an exciting story, and we look forward to a follow-up chapter as events 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.