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Thursday, December 3, 2020

Fresh Growth is Sticky for Cresco Labs Inc (OTCMKTS:CRLBF)

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It should be noted that Cresco Labs Inc (OTCMKTS:CRLBF) just announced the opening of Sunnyside Schaumburg, its ninth dispensary in the state, creating the largest retail footprint in Illinois. Sunnyside achieved its highest share ever of the reported $61 million July adult-use retail market. Cresco’s retail share of the adult-use market has almost doubled since January and now far exceeds its prorated share compared to the number of dispensaries it operates. Additionally, the Company’s wholesale business in Illinois continues to grow rapidly with sales to every dispensary across the state and the largest cultivation footprint.

According to the release, this new Sunnyside dispensary is adjacent to the Woodfield Mall, the largest shopping mall and heart of one of the densest areas of stores, hotels, and restaurants in Illinois. The Woodfield Mall attracts more than 27 million visitors annually.

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 Schaumburg, its ninth dispensary in the state, creating the largest retail footprint in Illinois. Sunnyside achieved its highest share ever of the reported $61 million July adult-use retail market.

We’ve witnessed 37% tacked on to share pricing for the name in the past month. What’s more, the stock has seen interest climb, with an increase in recent trading volume of 38% over the long run average.

“We continue to grow our share of adult-use retail sales on the back of an excellent retail experience and expanded supply of premium flower,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. “We are taking more share both at an individual store level and by opening more stores than any other operator in the state. With Sunnyside* Schaumburg opening today we operate nine dispensaries (eight adult-use) in Illinois, with a license for one more. Our substantial retail share is supported by our expanded cultivation facility, which has driven a consistent supply of premium flower into this capacity-constrained market.”

Earning a current market cap value of $1.3B, CRLBF has a significant war chest ($101.6M) of cash on the books, which must be weighed relative to about $201M 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 $231.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 219%. 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.

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