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MarketScreener Homepage  >  Equities  >  CANADIAN NATIONAL STOCK EXCHANGE  >  Cresco Labs Inc.    CL   CA22587M1068

CRESCO LABS INC.

(CL)
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Cresco Labs : Launches 1.0 g Liquid Live Resin Vape Offering in Illinois and California

10/28/2020 | 07:03am EST

Company expands LLR portfolio to provide more options for consumers’ changing preferences

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the launch of a 1.0 g Liquid Live Resin (LLR) vape cartridge in its Cresco brand portfolio. Illinois and California are the first markets to carry the Company’s newest LLR offering. Cresco Labs’ LLR is unique and differentiated from other live resin products in market today because the Company uses an extraction process that flash-freezes whole flower at peak freshness, preserving premium flavor, cannabinoids and quality.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005191/en/

Cresco Labs’ Cresco Liquid Live Resin suite of products includes a 1.0 g vape now sold in Illinois and California. (Photo: Business Wire)

Cresco Labs’ Cresco Liquid Live Resin suite of products includes a 1.0 g vape now sold in Illinois and California. (Photo: Business Wire)

“In Illinois and California, we’re focused on providing more consumer choice within our brand portfolio to drive continued wholesale growth and deliver high quality products our customers want most,” said Greg Butler, Chief Commercial Officer at Cresco Labs. “Our Liquid Live Resin line of products from our Cresco brand provides our customers with both the confidence and assurance that they are consuming trusted and reliable cannabis products with nothing added or taken away from a single, pure cannabis strain. We capture the original full-spectrum effect of fresh flower, and we’re excited to deliver a larger form vape offering to meet the rising popularity of this option among our customers in Illinois and California.”

Cresco Labs’ LLR extraction method starts with a single, premium cannabis strain, harvested and extracted at the peak of freshness. The cannabis oil is never separated or reconstituted, which means there are no cuts, fillers, added terpenes or non-cannabis ingredients. To deliver the best cannabis experience possible, Cresco Labs extracts the naturally occurring, full-spectrum benefits of the fresh flower, because the Company believes in preserving the integrity of the original strain. It’s pure cannabis, nothing else.

In Illinois and California, the Cresco brand’s suite of LLR products includes .5 g and 1.0 g vape cartridges. The line also features live resin concentrates, as well as premium flower, popcorn, shake and pre-rolls.

Illinois cannabis sales have increased month-over-month, with nearly $67 million in total cannabis retail sales in September1. California total sales in September were $360 million2. Cresco’s 1.0 g LLR vape offering is the latest product to enter Cresco Labs’ Illinois and California markets this year, following the initial debut of Mindy’s Edibles gummies; High Supply popcorn and shake, disposable vape pens and pre-rolls; and Good News pre-rolled shorties, gummy edibles and disposable vape pens.

For more information on the Cresco brand, please visit www.crescocannabis.com.

About Cresco Labs:

Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Reserve, Good News and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry’s first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

1 https://www.idfpr.com/Forms/AUC/2020%2010%2005%20IDFPR%20monthly%20adult%20use%20cannabis%20sales.pdf

2 https://www.headset.io/posts/cannabis-market-overview-september-2020


© Business Wire 2020
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Financials (USD)
Sales 2020 476 M - -
Net income 2020 -17,3 M - -
Net Debt 2020 113 M - -
P/E ratio 2020 -163x
Yield 2020 -
Capitalization 3 081 M 3 082 M -
EV / Sales 2020 6,70x
EV / Sales 2021 3,87x
Nbr of Employees 2 000
Free-Float 50,0%
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Mean consensus BUY
Number of Analysts 14
Average target price 19,88 CAD
Last Close Price 16,67 CAD
Spread / Highest target 44,0%
Spread / Average Target 19,2%
Spread / Lowest Target -16,0%
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Managers and Directors
NameTitle
Charles Bachtell Chief Executive Officer & Director
Thomas Joseph Manning Executive Chairman
David Ellis Chief Operating Officer
Dennis M. Olis Chief Financial Officer
Mo Dastagir Chief Information Officer
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