Cresco Labs Stock Price, News & Analysis

Cresco Labs (OTCQX: CRLBF) announced the closing of its acquisition of Laurel Harvest Labs, enhancing its position in Pennsylvania's cannabis market. The acquisition includes 52,000 sq. ft. of cultivation space and the ability to open four additional dispensaries, alongside an operational dispensary in Montgomeryville and another under construction in Scranton. This move is a part of Cresco's strategic plan to increase retail presence and ensure product quality, while supporting ongoing cannabis research initiatives with Temple University.

Cresco Labs (OTCQX:CRLBF) has announced the opening of a new Sunnyside dispensary in Pensacola, FL, marking its second location in the Panhandle region. This is the fourth store opening in Florida since the acquisition of Bluma Wellness. The company aims to double its store count in the state by the anniversary of the acquisition. With the new location, Cresco Labs now operates 12 stores in Florida and a total of 44 nationwide. The store offers medical cannabis to patients with valid medical cards and provides online ordering and next-day delivery.

Cresco Labs (OTCQX:CRLBF) announced the closing of its acquisition of Cure Pennsylvania, which includes three operational dispensaries located in Lancaster, Phoenixville, and Philadelphia. This acquisition expands Cresco's reach in Pennsylvania, complementing its existing Sunnyside dispensaries. The company anticipates enhancing operational efficiency through its retail model, aiming to increase revenues. CEO Charlie Bachtell stated that the move positions Cresco for future growth as it prepares for potential adult-use cannabis legalization in the state.

Cresco Labs has announced the grand opening of its flagship Sunnyside dispensary near Wrigley Field in Chicago. This new location features 21 points of sale and a 10,000 sq. ft. store, enhancing the shopping experience for both medical and adult-use cannabis consumers. The dispensary aims to serve the high traffic from events at Wrigley Field, maintaining a strong focus on medical patients with dedicated services. The previous location will be transformed into the Illinois Cannabis Education Center to support social equity in the cannabis industry.

Cresco Labs reported a strong financial performance for Q3 2021, achieving $215.5 million in revenue, marking a 2.6% increase quarter-over-quarter and 40.6% year-over-year. Gross profit was $116.7 million, representing 54.2% of revenue. The adjusted EBITDA reached $56.4 million, or 26.2% of revenue, a 24.0% increase from the previous quarter. The firm maintains its guidance for Q4 revenue between $235 million and $245 million

and anticipates gross margins exceeding 50%.

Cresco Labs (CSE:CL, OTCQX:CRLBF) has opened a new Sunnyside dispensary in Oakland Park, Florida, marking its 40th location nationwide. This new facility is strategically positioned in Broward County, the fifth in South Florida, and will serve patients with medical cards. CEO Charlie Bachtell emphasized the company's goal to expand access to its popular cannabis products, noted for their strong demand in states like Illinois and Pennsylvania. The dispensary aims to enhance customer choice and is conveniently located near key commuter routes.

Cresco Labs (OTCQX:CRLBF), a top U.S. wholesaler of branded cannabis products, has opened its first Sunnyside dispensary in the Panhandle region of Florida, located in Tallahassee. This marks the company's 10th store in Florida and the 39th nationwide. The new location, spanning nearly 1,500 sq. ft., offers premium products including hand-trimmed flower and concentrates, catering to patients with state-issued medical cards. Customers can order online or visit in-store. Regular hours are Monday-Sunday, 10 AM-8 PM; Sunday, 10 AM-5 PM.

Cresco Labs, a leading U.S. cannabis company, has opened a new Sunnyside dispensary in Wyomissing, Pennsylvania, marking its fifth store in the state and 38th nationwide. The dispensary, spanning nearly 6,000 sq. feet, is strategically located for easy access to commuters and will serve patients with medical cards issued by the Pennsylvania Department of Health. Customers can shop a range of premium products, including flower, vape products, and topicals. Regular hours are Monday-Thursday and Sunday from 9AM to 6PM, and Friday-Saturday from 9AM to 7PM.

Cresco Labs (CSE:CL, OTCQX:CRLBF) announced the acquisition of Laurel Harvest Labs for US$80 million. The deal will enhance Cresco's position in Pennsylvania's legal cannabis market, adding immediate cultivation capacity and six retail permits. The acquisition includes a 52,000 sq. ft. indoor grow facility and expands Cresco’s operational footprint. Laurel Harvest’s Chapter 20 license aids Cresco’s research initiatives. The transaction is set to close in Q4 2021, contingent upon regulatory approvals.