Cresco Labs (CSE: CL) (OTCQX: CRLBF) - Investor Dashboard
|Market Focus:||United States|
|Employees:||~2000 as of November 2020|
|Cash on hand:||$57.7 million|
|Fixed Investment:||$180.6 million|
|Shareholders’ Equity:||$611.8 million|
|Revenues – Last Quarter:||$153.3 million|
|Adj. Gross Margin :||51.6%|
Capital Structure (11/17/20)
|Last Financing:||10 million shares at C$16.00|
|Diluted Shares:||380.0 million|
Cresco Labs (CSE: CL) (OTCQX: CRLBF), based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis with operations in nine states, the company focuses on entering markets with outsized demand potential, significant supply constraints and high barriers to entry.
Its unparalleled speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a well-defined brand strategy that is tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef-inspired edibles by James Beard Award-winning pastry chef Mindy Segal. The company’s growth strategy is focused on brands and distribution.
Cresco is set to grow significantly after having completed several acquisitions. Following the close of the Origin House acquisition, Cresco is now one of the largest wholesale distributors in California. Origin House’s indoor cultivation and production facilities will help rapidly grow access to Cresco branded products in the state.
Cresco will expand into the Florida market with the acquisition of Bluma Wellness. The company has a definitive agreement to acquire the vertically integrated operator. Once the deal is closed, Cresco will have a strong presence in seven of the 10 most populous states with cannabis programs.
- One of the largest, vertically integrated multi-state operators
- Brands to address variant consumer groups: Remedi, Cresco, Reserve, Mindy’s, Wonder Wellness Co., High Supply, Good News, and dispensary brand Sunnyside
- Strong medical advisory board and R&D partnerships with leading institutions and universities
- 29 retail licenses, 19 open dispensaries and 16 production facilities
- More than 5,000 SKUs in production
- Operations in Illinois, Pennsylvania, Ohio, Arizona, Maryland, California, Massachusetts, New York and Michigan
- Branded products sold through company-owned dispensaries and through wholesale; products sold in more than 830 dispensaries across the country
- Developing operations across Ohio, New York, Michigan and Massachusetts
- Hope Heal Health acquisition to help the company serve growing adult-use market in Massachusetts
- Create licensing and/or distribution partnerships to expand Mindy Segal edible products
- Growth fueled by brands and distribution
- Developing a variety of products based on traditional pharmaceutical delivery systems – pills, tinctures, topical salves, transdermal patches and edible forms with a variety of cannabinoid profiles
- Marketing strategy driven by awareness and education, in-store experience, and outreach
- Formation of hemp and CBD subsidiary WellBeings
- Actively pursuing the acquisition of licenses and existing cannabis operations
- Obtained cultivation licenses in more than one of the modern, limited license, merit-based application state programs
- One of 10 vertically integrated license holders in New York
- Holds two of seven licenses available in Chicago’s Central District and one of six available licenses in the Southeast District
- 630,000 square feet of potential canopy space and 10 stores in Illinois; 88,000 square feet of cultivation in Pennsylvania
- Holds the maximum number of retail licenses (five) in Ohio following the acquisition of four Verdant Creations’ dispensaries
- One of the largest wholesale distributors in California following the Origin House acquisition
- Social Equity and Education Development (SEED) initiative aims to make the cannabis space more inclusive
Building Distinct Brands That Scale
Institutional Analyst Coverage
ATB Capital Markets
Cormark Securities Inc.
ROTH Capital Partners
Michael S. Lavery
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