Cresco Labs - CRLBF STOCK NEWS

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.

Cresco Labs announced its exit from agreements serving as the exclusive distributor of certain third-party branded cannabis products in California, focusing on owned-brand distribution to enhance profitability. This shift is part of a long-term strategy to capitalize on California's competitive market, where Cresco's owned FloraCal brand ranks among the top-15 flower brands. The company has adjusted its Q4 2021 revenue guidance to $235 million to $245 million, while maintaining an adjusted EBITDA guidance of at least 30% and gross margins exceeding 50%.

Cresco Labs Inc. (OTCQX:CRLBF) will report its third-quarter financial results for the period ended September 30, 2021, on November 11, 2021, before the market opens. The company will also host a conference call at 8:30 am EST to discuss the results and highlight key business developments. Cresco Labs, a leading multistate cannabis operator in the U.S., focuses on a consumer-packaged goods approach and is the largest wholesaler of branded cannabis products. The company's mission is to normalize the cannabis industry while emphasizing social equity initiatives.

Cresco Labs (CNSX:CL, OTCQX:CRLBF) has announced a definitive agreement to acquire 100% equity interest in Bay, LLC d/b/a Cure Pennsylvania for US$90 million. This acquisition aims to expand Cresco's retail operations in Pennsylvania and strengthen its position as a leading wholesaler of cannabis products in the state. The transaction includes three Cure Penn dispensaries in Lancaster, Phoenixville, and Philadelphia, and is expected to close in Q4 2021.

Cresco Labs (OTCQX:CRLBF) has successfully closed its acquisition of Cultivate, enhancing its operational footprint in Massachusetts. This acquisition adds approximately 42,000 square feet of flowering canopy, increasing the company's total to around 64,000 square feet, and includes three dispensaries located in Leicester, Worcester, and Framingham. The acquisition aims to leverage Massachusetts's adult-use cannabis market, which is noted for its limited cultivation licenses and strong pricing. CEO Charlie Bachtell expressed confidence in a smooth integration process and the potential for growth.

Cresco Labs (OTCQX:CRLBF) has executed a definitive agreement to acquire 100% of Blair Wellness, a Baltimore-based medical cannabis dispensary, expected to close in Q4 2021. This transaction highlights Cresco's strategy to strengthen its position in the Maryland market, which has significant growth potential. Blair Wellness is recognized as a top-performing dispensary, generating revenue consistently above the Maryland state average. The acquisition is valued at a 1.8x 2021 revenue multiple and is anticipated to enhance Cresco's wholesale operations.

Cresco Labs (OTCQX: CRLBF) has opened its first Sunnyside store in Fort Lauderdale, Florida, marking its ninth retail location in the state. Positioned in a busy shopping center, the store spans nearly 2,500 sq. ft. and features five POS stations. Offerings include products from its One Plant brand and various brands under Cresco Labs, with plans to introduce edibles later this year. CEO Charlie Bachtell emphasized the company's commitment to providing high-quality products and a leading cannabis shopping experience for South Florida patients.

Cresco Labs reported robust financial results for Q2 2021, highlighting a revenue of $210.0 million, up 17.7% quarter-over-quarter and 122.8% year-over-year. Gross profit reached $107.0 million, representing 51.0% of revenue, a 22.2% increase from the previous quarter. Net income surged to $2.7 million, a substantial rise from previous quarters. Adjusted EBITDA was reported at $45.5 million. The company maintains its guidance for a $1 billion annualized revenue run-rate by the end of 2021 and aims for gross profit margins exceeding 50%.