Traders may benefit from taking note of the fact that Cresco Labs Inc (OTCMKTS:CRLBF) just announced the opening of Sunnyside River North, the first Illinois adult-use dispensary in Chicago located at 436 N. Clark Street in the prestigious River North neighborhood.
According to the release, Sunnyside will open for adult-use cannabis sales on May 28th at 10:00 AM for online orders and in-store pick up that day through a pop-up retail experience.
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 the opening of Sunnyside River North, the first Illinois adult-use dispensary in Chicago located at 436 N. Clark Street in the prestigious River North neighborhood.
Traders will note 24% tacked on to share pricing for the company in the past month. Moreover, the name has registered increased average transaction volume recently, with the past month seeing 44% beyond its prior sustained average level.
“We are thrilled to be opening the first adult use store in Chicago under the state’s new legislation and to provide an example of what normalized and professionalized cannabis looks like with a location in a traditional business district, a local and diverse operating team and a tremendous amount of community input and support,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. “We recruited and trained our team of wellness advisors from all over Chicagoland and look forward to catering to the wellness needs of the downtown community following the responsible shopping methods we developed in conjunction with state regulators.”
Earning a current market cap value of $775M, CRLBF has a significant war chest ($70.2M) of cash on the books, which stands against 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 may be a very interesting story and we will look forward to updating it again soon. 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.