CRESCO LABS INC - CRLBF STOCK NEWS

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%.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced the closure of an agreement to upsize its senior secured term loan to US$400 million, with a reduced interest rate of 9.5% per annum and a maturity date of August 12, 2026. The funds will be used to retire a US$200 million credit facility, finance capital expenditures, and support growth initiatives in the U.S. cannabis sector. This move is seen as a strategy to improve capital structure and flexibility without diluting shareholder equity.

Cresco Labs, a leading cannabis operator in the U.S., will report its second-quarter financial results on August 13, 2021. The conference call will occur at 8:30 AM EDT, providing insights into the company's performance and business highlights. Cresco Labs is recognized for its extensive portfolio of branded cannabis products and aims to normalize the cannabis industry. Their wellness-focused dispensary brand, Sunnyside, represents a commitment to consumer education and trust.

Cresco Labs (OTCQX:CRLBF) has opened its fourth Sunnyside dispensary in Pennsylvania, located in downtown Philadelphia. The medical-only store, housed in a historic building, offers over 5,500 square feet of space and 10 points of sale for a variety of cannabis products. Patients can enjoy a seamless shopping experience with options for online ordering and same-day pickup. With this expansion, Cresco continues to solidify its presence in the state, distributing its portfolio of branded products to all dispensaries. The company remains focused on professionalizing the cannabis industry.