CRESCO LABS INC - CRLBF STOCK NEWS

Cresco Labs (OTCQX:CRLBF) announced the appointment of Sidney Dillard to its board, enhancing its corporate governance. Dillard, with over 30 years in financial services, brings expertise in raising capital and strategic growth. Her background includes leadership roles at Loop Capital Markets, contributing to significant revenue growth. The company anticipates that her insights will aid in preparing for a potential U.S. listing and optimizing capital structure, further strengthening Cresco's industry-leading role in social impact and shareholder value.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced it will report its Q1 2021 financial results on May 27, 2021, before market opens. For the first time, the company will present its results under U.S. GAAP, prompting a later reporting date. This transition aims to align with U.S. investor expectations and enhance opportunities in U.S. capital markets. Alongside the Q1 results, prior financials for four quarters will also be provided in U.S. GAAP format. A conference call will occur on the same day at 8:30 AM EST to discuss the results and business highlights.

Cresco Labs (OTCQX:CRLBF) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its acquisition of Cultivate Licensing LLC and BL Real Estate LLC. The absence of a "second request" from the DOJ indicates regulatory clearance, moving the company closer to finalizing the deal, pending state approval expected in Q4 2021. Upon completion, Cresco Labs anticipates entering the top three in Massachusetts' cannabis market, enhancing its strategic position in states with significant revenue potential.

Cresco Labs (OTCQX:CRLBF), a leading U.S. cannabis operator, announced its participation in two upcoming investor conferences. The first is the Alliance Global Partners Spring Consumer Cannabis Conference on May 4, 2021, where CEO Charlie Bachtell will join a panel at 12:00 PM EST. The second event is the Canaccord Genuity Cannabis Virtual Conference on May 11, 2021, with Bachtell presenting at 8:30 AM EST. Cresco Labs is the largest wholesaler of cannabis products in the U.S., operating major brands and focusing on consumer education and equity initiatives.

Cresco Labs has received approval for its final base shelf prospectus, replacing its previous one to enhance financial flexibility. The U.S. Securities and Exchange Commission effective registration facilitates future financing. CEO Charlie Bachtell emphasized readiness to meet U.S. investor demands amidst ongoing cannabis banking reforms. A new Equity Distribution Agreement with Canaccord Genuity enables up to US$100 million in subordinate voting shares sales. The ATM program will be conducted in Canada at market prices, while shares remain unregistered in the U.S.

Cresco Labs (OTCQX:CRLBF) welcomes New York's legalization of adult-use cannabis, representing a significant step towards nationwide acceptance. This move is expected to provide access to high-quality cannabis for approximately 20 million residents while generating jobs and tax revenue. The state will allow existing operators to expand their retail presence and production capabilities. With the New York cannabis market projected to grow to $5 billion, Cresco Labs anticipates strengthening its position in this lucrative market.

Cresco Labs reported remarkable financial results for 2020, with revenue soaring to $476.3 million, a 271% increase year-over-year. The company excelled as the leading wholesaler of branded cannabis products, benefiting from significant cultivation expansions in Illinois and Pennsylvania. Adjusted EBITDA rose to $116.0 million, reflecting strong operational efficiency. In Q4 2020, revenue was $162.3 million, a 6% quarter-over-quarter increase. The company also secured a $200 million senior secured term loan and successfully completed a $125 million share offering to enhance its financial flexibility.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced its definitive agreement to acquire Cultivate Licensing LLC and BL Real Estate LLC for up to US$158 million, including an upfront payment of US$90 million and an earnout of up to US$68 million. This acquisition is expected to enhance Cresco's market position in Massachusetts, a key cannabis market projected to exceed $1 billion. The deal aims to bolster Cresco's leadership in a rapidly growing industry, with operational synergies expected from Cultivate's established presence and premium product offerings.