On Friday, Cresco Labs Inc (OTCQX: CRLBF) closed at $9.2500, up 6.44 percent, and has been trading between a high of $9.3500 and a low of $8.4000. In the last month, CRLBF stock shares dropped -6.57%, with average trading volume over 732.55K shares. The CRLBF stock fell over -18.07% over the last three months, with an average volume of 585.43K.
The CRLBF stock has gained over 60.49% in the past twelve months, reaching a high of $17.491 with a $2.34B market cap. CRLBF stock gained traction after acquiring 100% equity in a healthcare company.
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Which firm did the CRLBF invest in?
A vertically integrated multistate cannabis collective with a mission to normalize and professionalize the cannabis industry, Cresco Labs is one of the largest vertically integrated multistate cannabis companies in the country. As the nation’s largest wholesaler of branded cannabis products, CRLBF uses a consumer-packaged goods (CPG) approach. In addition to Cresco, High Supply and Mindy’s Edibles, CRLBF provides some of the most recognized and trusted national brands, including Wonder Wellness, Remedi, Wonder Wellness and FloraCal Farms.
A CRLBF national dispensary brand, Sunnyside is a wellness retailer that aims to provide education, trust, and convenience to existing and prospective cannabis users. The CRLBF recognizes that the cannabis industry is poised to create some of the most jobs in the country, which is why it operates the largest industry-related social equity and educational development initiative, SEED, which aims to provide employment and business ownership opportunities for all members of society.
It was announced on Thursday that Cresco Labs had signed a definitive agreement to purchase 100% of the outstanding equity interests of Bay, LLC (“Cure Penn”).
- CRLBF signed the agreement for US$90 million (the “Transaction”).
- It is anticipated that CRLBF will close the Transaction in the fourth quarter of 2021.
- CRLBF is implementing localization strategies tailored to the needs of each state, including this transaction with Cure Penn, which will widen CRLBF’s retail footprint in the state of Pennsylvania, increase profitability, and solidify its wholesale position.
- As part of its playbook CRLBF will continue to allocate capital rigourously in order to achieve deep market penetration on strategic markets.
- Having developed a large retail platform spanning three dispensaries for Cure Penn, CRLBF now has another acquisition that will provide accretive results immediately.
Operating strength of new asset:
- Lancaster, Phoenixville, and Philadelphia are the three dispensaries operated by Cure Penn.
- CRLBF’s four existing Sunnyside dispensaries in Pennsylvania will be supplemented by the Cure Penn dispensary locations.
- A retail platform in Pennsylvania that outperforms the average revenue per store.
Detail of Transaction:
Cresco Labs (CRLBF) will pay $90M in cash and stock as consideration for the Transaction at closing. Upon completion of the Transaction, a normalized target level of working capital will be agreed to by the parties. All regulatory approvals and approvals from the CSE and other regulatory bodies are required for the closing of the Transaction.
