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Cresco Labs Announces Filing of Preliminary Base Shelf Prospectus
CHICAGO, April 26, 2019–(BUSINESS WIRE)– Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has filed and received a receipt for a preliminary short form base shelf prospectus (the “Shelf Prospectus”) with the securities commissions in each of the provinces of Canada, except Québec.
Although we have no immediate plans to raise capital through this shelf filing, we believe it’s prudent to give the Company the flexibility to access capital in the future when opportunities emerge to continue executing on our growth strategies. We have consistently demonstrated strong capital stewardship and we expect to continue driving shareholder value through our capital deployment.
Cresco Labs CEO and Co-founder Charlie Bachtell
The Shelf Prospectus, when made final, will allow the Company to offer up to C$500,000,000 of subordinate voting shares, debt securities, subscription receipts, warrants, and units, or any combination thereof, from time to time during the 25-month period that the (final) Shelf Prospectus is effective. The Company filed this Shelf Prospectus in order to maintain financial strength and flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any securities at this time. The specific terms of any future offering of securities, including the use of proceeds from any offering, will be established in a prospectus supplement to the Shelf Prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities.
About Cresco Labs:
Cresco Labs, 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 operating across the United States, the company focuses on entering highly regulated markets with outsized demand potential and strong regulatory structures. Its impressive 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 cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are 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. Learn more about Cresco Labs at www.crescolabs.com.
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