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CRESCO LABS INC - CRLBF STOCK NEWS

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CRESCO LABS INC (CRLBF) is an Illinois-based medical cannabis company licensed to develop and operate medical cannabis cultivation centers in police districts 5, 9, and 21. The company exceeded the state's qualifying standards and received the highest scores among cultivation center applicants, securing three out of 18 total awarded cultivation licenses under the Illinois Medical Cannabis Pilot Program.

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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.

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Cresco Labs (OTCQX:CRLBF) announced the immediate resignation of board director Sidney Dillard, who is joining a national health insurance provider to avoid regulatory conflicts. CEO Charles Bachtell expressed disappointment over her departure but acknowledged her contributions and emphasized the company's commitment to maintaining diverse leadership. Dillard expressed gratitude for her time at Cresco and shared optimism for the company's future. Cresco Labs is a leading U.S. cannabis wholesaler, known for its diverse array of trusted brands and initiatives focused on social equity within the industry.

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Cresco Labs (CSE:CL, OTCQX:CRLBF) has announced the opening of its second Sunnyside dispensary in Pensacola, Florida, expanding its retail presence in the Florida Panhandle. This new location is the Company’s 54th nationwide. Despite challenges posed by Hurricane Ian, which affected store operations, Cresco has reopened its facilities and continues to serve Florida patients with medical cannabis. The Company is also engaged in community support initiatives, including food and water drives, to aid recovery efforts.

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Cresco Labs announces its expansion into Florida, marking the launch of its flagship brand, Cresco, in its ninth market. The introduction includes a selection of Live Resin products available exclusively at Sunnyside dispensaries. The brand, known as the top-selling vape and concentrate brand in the U.S., aims to enhance product diversity for Florida patients. Cresco's Liquid Live Resin utilizes a patented extraction process that captures the strain's full-spectrum effects, making it a unique offering in the market.

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Cresco Labs (CSE:CL, OTCQX:CRLBF) has successfully completed a sale-leaseback transaction for its Brookville, PA property, raising $45 million in non-dilutive funding. The property, which spans approximately 135,000 square feet, will continue to be operated by Cresco's subsidiary, Cresco Yeltrah, under a long-term lease with Aventine Property Group. CEO Charles Bachtell highlighted that this transaction unlocks valuable capital, enhancing their ability to invest in high-return opportunities, particularly in light of the forthcoming Columbia Care acquisition.

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Cresco Labs (OTCQX: CRLBF) has expanded its Sunnyside retail brand in Florida with three new dispensaries located in Cape Coral, Tampa, and Panama City Beach. This addition increases Cresco's network to 19 stores in Florida and 53 nationwide. With nearly 750,000 qualified patients and over $2 billion in market revenue, Florida presents a significant growth opportunity. Further store openings are planned for late 2022 and early 2023, aiming to solidify Cresco's leading position in the cannabis market.

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Cresco Labs reported a 4% year-over-year revenue growth of $218 million for Q2 2022, alongside an 11% increase in adjusted EBITDA to $51 million, reflecting resilience amid market challenges.

The company maintains its leadership as the no. 1 U.S. wholesaler of branded cannabis products, achieving a 53% adjusted gross margin.

It also noted progress in the ongoing acquisition of Columbia Care, anticipating a year-end closing. Cash on hand stood at $90 million as of June 30, 2022.

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Cresco Labs (OTCQX: CRLBF), a leading U.S. wholesaler of cannabis products, has announced that Parkway Dispensary and Navāda Labs have received conditional adult-use dispensary licenses in Illinois. This follows the issuance of 185 new licenses aimed at promoting inclusivity in the cannabis industry. Cresco's SEED initiative has played a vital role in assisting social equity applicants throughout the process. Currently, Illinois has 110 dispensaries, and the new licenses will significantly increase access to cannabis products for consumers.

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Cresco Labs (CSE:CL, OTCQX:CRLBF), a leading U.S. cannabis wholesaler, will announce its Q2 2022 financial results on August 17, 2022, before market opening. The company plans to hold a conference call at 8:30 AM EST to discuss the results and key business highlights. After the event, an archive of the webcast will be available for one year on the Cresco Labs investor relations website. Cresco Labs aims to normalize the cannabis industry while operating the largest social equity and educational initiative in the sector.

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Cresco Labs (CSE:CL, OTCQX:CRLBF) held its annual shareholder meeting on July 15, 2022, where shareholders approved the election of 11 directors, including Charles Bachtell and Robert M. Sampson. Marcum LLP was reappointed as auditor. A significant resolution was passed regarding the company's Super Voting Shares, amending the investment agreement to facilitate a share repurchase for $800,001 after a future U.S. listing event. This decision prevents the issuance of new Super Voting Shares and mandates cancellation upon repurchase.

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FAQ

What is the current stock price of CRESCO LABS (CRLBF)?

The current stock price of CRESCO LABS (CRLBF) is $0.8655 as of December 23, 2024.

What is the market cap of CRESCO LABS (CRLBF)?

The market cap of CRESCO LABS (CRLBF) is approximately 374.6M.

What is CRESCO LABS INC (CRLBF)?

CRESCO LABS INC (CRLBF) is an Illinois-based medical cannabis company licensed to develop and operate medical cannabis cultivation centers.

Where is CRESCO LABS INC (CRLBF) located?

CRESCO LABS INC (CRLBF) is based in Illinois and operates in police districts 5, 9, and 21.

How many cultivation licenses did CRESCO LABS INC (CRLBF) secure?

CRESCO LABS INC (CRLBF) secured three out of 18 total awarded cultivation licenses under the Illinois Medical Cannabis Pilot Program.

What sets CRESCO LABS INC (CRLBF) apart from other cannabis companies?

CRESCO LABS INC (CRLBF) stands out for exceeding the state's qualifying standards and receiving the highest scores among cultivation center applicants.

What is the significance of CRESCO LABS INC (CRLBF) in the cannabis industry?

CRESCO LABS INC (CRLBF) plays a key role in the medical cannabis sector by developing and operating cultivation centers in Illinois.

How does CRESCO LABS INC (CRLBF) contribute to the community?

CRESCO LABS INC (CRLBF) contributes to the community by providing medical cannabis products and services through its cultivation centers.

What licenses does CRESCO LABS INC (CRLBF) hold?

CRESCO LABS INC (CRLBF) holds licenses to develop and operate medical cannabis cultivation centers in Illinois.

What are some of CRESCO LABS INC (CRLBF) recent achievements?

CRESCO LABS INC (CRLBF) recently received the highest scores among cultivation center applicants and secured three cultivation licenses under the Illinois Medical Cannabis Pilot Program.

Is CRESCO LABS INC (CRLBF) publicly traded?

Yes, CRESCO LABS INC (CRLBF) is publicly traded under the symbol CRLBF.

How can I stay updated with CRESCO LABS INC (CRLBF) news?

Stay tuned to the latest news and updates from CRESCO LABS INC (CRLBF) through various news sources and the company's official announcements.

CRESCO LABS INC

OTC:CRLBF

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CRLBF Stock Data

374.59M
271.34M
0.66%
5.5%
Drug Manufacturers - Specialty & Generic
Healthcare
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United States of America
Chicago