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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 Remedi Cannabis Brand Into New York

10/14/2020 | 08:02am EST

Remedi introduces new-to-market Sativa spray tincture and Hybrid and Indica capsules to patients in New York

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 its Remedi brand and its Renew and Realign spray tinctures and Renew capsules in New York. In addition, Cresco has received approval for both THC only and 1:1 CBD to THC capsules, spray tinctures, syringes and vape products from its Remedi line from the New York Department of Health.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005292/en/

CRESCO LABS LAUNCHES REMEDI CANNABIS BRAND INTO NEW YORK (Photo: Business Wire)

CRESCO LABS LAUNCHES REMEDI CANNABIS BRAND INTO NEW YORK (Photo: Business Wire)

“I’m excited to introduce Remedi, the first brand from our portfolio in New York. Remedi products are specifically tailored to meet the needs of medical patients, and they come in precise doses and form factors similar to other health and wellness products. Our new-to-market Sativa spray tincture, as well as new-to-market Hybrid and Indica capsules, are the only category-specific spray tinctures and capsules currently offered in the state,” said Greg Butler, Chief Commercial Officer at Cresco Labs. “This launch is the next step in expanding our branded wholesale business in New York, just as we have across the rest of the network throughout 2020.”

Remedi is a wellness-focused brand that offers easy-to-dose, familiar forms of cannabis for adults. Its line of products includes Remedi spray tinctures, which are fast-acting, easy to use and come in two market offerings: Renew spray tincture (Sativa, 100mg THC) and Realign spray tincture (1:1, 100mg CBD:100mg THC).  The process used to make Remedi tinctures results in a superior blend for sublingual absorption. Additionally, Remedi Renew capsules are available in Hybrid and Indica strains, both offering 100mg THC. The Remedi products recently introduced into New York have been verified as alcohol free, sugar free, gluten free and vegan. Future Remedi products sold in the market may include additional tincture and capsule options.

Remedi was originally created for patients with existing medical conditions in medical cannabis states. The Remedi portfolio has evolved further to serve wellness-minded adults, including new consumers, who are interested in exploring how cannabis can become part of their personal routine. In addition to New York, select Remedi products are currently available in Illinois, Pennsylvania, Michigan, Massachusetts, Arizona and California.

Remedi products will be available in New York starting with Sunnyside stores in Williamsburg, Huntington, New Hartford and Bardonia. Sunnyside offers one of the widest assortment of branded medical cannabis products of any dispensary in New York.

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.


© 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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