Welcome to our dedicated page for Cresco Labs news (Ticker: CRLBF), a resource for investors and traders seeking the latest updates and insights on Cresco Labs stock.
Cresco Labs Inc. (CRLBF) operates at the forefront of medical cannabis cultivation and regulatory compliance. This dedicated news hub provides investors and industry observers with timely updates on corporate developments, financial disclosures, and operational milestones.
Access official press releases alongside curated analysis covering earnings reports, partnership announcements, and regulatory achievements. Our aggregation ensures you stay informed about CRLBF's progress in expanding cultivation capacity, maintaining quality standards, and navigating evolving cannabis legislation.
Key content includes updates on production innovations, patient-focused initiatives, and strategic market expansions. Bookmark this page for streamlined tracking of Cresco Labs' performance in the competitive medical cannabis sector.
Cresco Labs (OTCQX: CRLBF) has announced the termination of its acquisition agreement for Blair Wellness, a medical cannabis dispensary in Baltimore, Maryland. The termination was due to unmet closing conditions before the specified deadline. CEO Charlie Bachtell stated the company will pursue other expansion opportunities in Maryland, aligning with their strategy to deepen their presence in key states. The transaction was originally slated to close in Q4 2021, but no termination fees were incurred.
Cresco Labs (OTCQX:CRLBF), a leading cannabis operator, has opened its 10th store in Pennsylvania, located in Ambler, increasing its nationwide dispensary count to 47. This new location supports Cresco's strategy of expanding its footprint while enhancing brand presence and patient access. The store is strategically placed near major pharmaceutical companies, which may enhance customer traffic. The hours of operation are tailored for patient convenience, reinforcing Cresco’s commitment to accessibility in the cannabis market.
Cresco Labs (OTCQX:CRLBF), a leading U.S. cannabis operator, announced participation in key conferences in January 2022. Chief Commercial Officer Greg Butler will join a panel discussion at the ATB 10th Annual Institutional Investor Conference on January 13, focusing on brand building and leadership. Additionally, management will engage in one-on-one meetings at the 24th Annual Needham Virtual Growth Conference on January 14. Cresco Labs aims to normalize the cannabis industry and is the largest wholesaler of branded cannabis products in the U.S.
Cresco Labs (OTCQX: CRLBF) expands its presence in Florida by opening a new Sunnyside store in Sarasota, marking its 13th location in the state and 45th nationwide. The store, located at 8307 Lockwood Ridge Rd., aims to improve access to its branded cannabis products for registered patients. CEO Charlie Bachtell expressed optimism about the company's growth trajectory in Florida, indicating plans for further expansion in the coming year. The store operates Monday to Saturday, 10 a.m. to 8 p.m., and Sunday, 10 a.m. to 5 p.m.
Cresco Labs (OTCQX: CRLBF) announced the closing of its acquisition of Laurel Harvest Labs, enhancing its position in Pennsylvania's cannabis market. The acquisition includes 52,000 sq. ft. of cultivation space and the ability to open four additional dispensaries, alongside an operational dispensary in Montgomeryville and another under construction in Scranton. This move is a part of Cresco's strategic plan to increase retail presence and ensure product quality, while supporting ongoing cannabis research initiatives with Temple University.
Cresco Labs (OTCQX:CRLBF) has announced the opening of a new Sunnyside dispensary in Pensacola, FL, marking its second location in the Panhandle region. This is the fourth store opening in Florida since the acquisition of Bluma Wellness. The company aims to double its store count in the state by the anniversary of the acquisition. With the new location, Cresco Labs now operates 12 stores in Florida and a total of 44 nationwide. The store offers medical cannabis to patients with valid medical cards and provides online ordering and next-day delivery.
Cresco Labs (OTCQX:CRLBF) announced the closing of its acquisition of Cure Pennsylvania, which includes three operational dispensaries located in Lancaster, Phoenixville, and Philadelphia. This acquisition expands Cresco's reach in Pennsylvania, complementing its existing Sunnyside dispensaries. The company anticipates enhancing operational efficiency through its retail model, aiming to increase revenues. CEO Charlie Bachtell stated that the move positions Cresco for future growth as it prepares for potential adult-use cannabis legalization in the state.
Cresco Labs has announced the grand opening of its flagship Sunnyside dispensary near Wrigley Field in Chicago. This new location features 21 points of sale and a 10,000 sq. ft. store, enhancing the shopping experience for both medical and adult-use cannabis consumers. The dispensary aims to serve the high traffic from events at Wrigley Field, maintaining a strong focus on medical patients with dedicated services. The previous location will be transformed into the Illinois Cannabis Education Center to support social equity in the cannabis industry.
Cresco Labs reported a strong financial performance for Q3 2021, achieving $215.5 million in revenue, marking a 2.6% increase quarter-over-quarter and 40.6% year-over-year. Gross profit was $116.7 million, representing 54.2% of revenue. The adjusted EBITDA reached $56.4 million, or 26.2% of revenue, a 24.0% increase from the previous quarter. The firm maintains its guidance for Q4 revenue between $235 million and $245 million
and anticipates gross margins exceeding 50%.
Cresco Labs (CSE:CL, OTCQX:CRLBF) has opened a new Sunnyside dispensary in Oakland Park, Florida, marking its 40th location nationwide. This new facility is strategically positioned in Broward County, the fifth in South Florida, and will serve patients with medical cards. CEO Charlie Bachtell emphasized the company's goal to expand access to its popular cannabis products, noted for their strong demand in states like Illinois and Pennsylvania. The dispensary aims to enhance customer choice and is conveniently located near key commuter routes.
