Cresco Labs Stock Price, News & Analysis

Cresco Labs (CSE:CL, OTCQX:CRLBF) has announced the extension of the acquisition agreement with Columbia Care (NEO:CCHW, OTCQX:CCHWF) to June 30, 2023, allowing time for finalizing divestiture agreements and securing regulatory approvals. CEO Charles Bachtell stated that progress is being made on divestitures, contributing to the planned acquisition's completion. Furthermore, Cresco Labs will report its financial results for Q4 and the full year 2022 on March 16, 2023, and will host a conference call to discuss these results, including updates on the Columbia Care acquisition.

Cresco Labs announced the opening of its newest Sunnyside dispensary in Daytona Beach, Florida, marking its 23rd dispensary in the state and 58th nationwide. The new location is strategically situated on a busy thoroughfare, enhancing patient access to Cresco's top-quality cannabis products. The dispensary will offer a diverse range of products from Cresco's branded portfolio and accessories. This expansion underscores Cresco's commitment to growth in key markets like Florida in 2023, aiming to meet the needs of a growing consumer base.

Cresco Labs (OTCQX:CRLBF) has expanded its retail presence to 57 locations with the opening of its 11th dispensary in Pennsylvania, located in Erie. This new Sunnyside location features a drive-through service for medical patients. CEO Charles Bachtell highlighted that Cresco has maintained its status as the top branded portfolio for medical patients in Pennsylvania throughout 2022. With licenses for four more stores in the state, the company aims to enhance patient access to its high-quality products. The Erie dispensary is strategically placed for increased accessibility, near major retailers and on Interstate 90.

Cresco Labs (OTCQX:CRLBF), a leading cannabis operator, has opened a new Sunnyside dispensary in Lutz, Florida, marking its 22nd location in the state and 56th nationwide. This expansion aims to serve more patients in the Tampa Bay area, complementing existing dispensaries in Tampa, Clearwater, and St. Petersburg. The dispensary features a range of products from Cresco Labs’ diverse portfolio, including Cresco and One Plant brands. CEO Charles Bachtell highlighted ongoing growth plans for 2023, emphasizing quality service and product availability. Sunnyside Lutz is strategically located on State Road 54 to enhance customer access.

Cresco Labs (OTCQX:CRLBF) announced the opening of its second dispensary in Orlando, Florida, marking the 21st store in the state and the 55th nationwide. This expansion targets the growing medical cannabis market, which now serves nearly 770,000 qualified patients in Florida. The new store aims to enhance accessibility to Cresco's branded products, aiming to serve both new and existing patients. Customers can order online or utilize next-day delivery, with regular hours set from 10 AM to 8 PM (Mon-Sat) and 10 AM to 5 PM (Sun).

Cresco Labs (CSE:CL, OTCQX:CRLBF), a leading U.S. cannabis wholesaler, announced its executive team's participation in key virtual conferences this December. CEO Charles Bachtell will engage in a fireside chat at the Cowen Cannabis Conference on December 6, followed by an MSO panel at the Stifel Future of Health Conference on December 7. Cresco Labs is committed to professionalizing the cannabis industry and offers a range of products through its well-known brands, including Cresco and Sunnyside. The firm also runs the SEED initiative, promoting social equity in cannabis.

Cresco Labs reported $210 million in revenue for Q3 2022, representing a 2% year-over-year decline, attributed to price compression and strategic exits from third-party distribution in California. Adjusted gross profit stood at $100 million, equating to 47% of revenue. The company generated $42 million in adjusted EBITDA, or 20% of revenue, impacted by cost-reduction measures. Retail revenue rose by 11%, and operating cash flow totaled $26 million. Cresco Labs plans divestitures of assets for up to $185 million to facilitate the integration of Columbia Care by Q1 2023.

Sean 'Diddy' Combs has signed agreements to purchase New York, Illinois, and Massachusetts assets from Cresco Labs (CNSX:CL) and Columbia Care (NEO:CCHW). This transaction, valued at up to US$185 million, marks Combs' entry into the cannabis industry and will create the largest Black-owned cannabis company in the world. The deal is a significant step towards Cresco's acquisition of Columbia Care, enhancing their market presence in major cities like New York City, Chicago, and Boston.

Cresco Labs (CSE:CL, OTCQX:CRLBF) will report its financial results for Q3 2022 on November 15, 2022, before market open. A conference call will follow at 8:30 AM EST to discuss the results and key business highlights. Cresco Labs is recognized as the largest U.S. wholesaler of branded cannabis products, employing a consumer-packaged goods approach. The company focuses on enhancing the cannabis industry through consumer education and social equity initiatives.