Streetbeat News

CRLBF

Cresco Labs Inc.

http://www.crescolabs.com/

CEO

Charles Bachtell

Employees

3,500

Industry

Medicinal and Botanical Manufacturing

Open

0.73

Mkt cap

330M

Volume

60K

High

0.75

P/E Ratio

-4.35

52-wk high

2.60

Low

0.73

Div yield

N/A

52-wk low

0.70

The DEA has clarified that THCA must be included in THC concentration levels to comply with the legal definition of hemp, causing concerns within the hemp industry. This comes as Congress revisits cannabinoid regulations in the Farm Bill, with a key House committee passing an amendment to ban most hemp-derived cannabinoids like delta-8 THC. Major cannabis companies, including Curaleaf Holdings, have expressed opposition to these changes.

Portfolio Pulse from Patricio Liddle

May 28, 2024 | 8:26 pm

The U.S. House Committee on Agriculture approved an amendment to the new Farm Bill that would eliminate most hemp-derived products, including those with any level of THC. This amendment aims to close a loophole from the 2018 Farm Bill that allowed intoxicating hemp products like Delta-8 THC to be sold. The amendment has sparked a divide between the cannabis and hemp industries, with significant opposition from hemp advocates and some cannabis companies supporting stricter regulations.

Portfolio Pulse from Nina Zdinjak

May 24, 2024 | 12:59 pm

The Department of Justice's move to reclassify cannabis from Schedule I to Schedule III has led to a surge in cannabis stocks and ETFs. The AdvisorShares Pure US Cannabis ETF (MSOS) and AdvisorShares Pure Cannabis ETF (YOLO) saw significant gains. Cresco Labs (CRLBF) and Gold Flora (GRAM, GRAMW) reported mixed earnings, while Trulieve Cannabis (TCNNF) led in revenue and EBITDA growth. The reclassification aligns with a Democratic strategy to advance cannabis reform ahead of elections.

Portfolio Pulse from Patricio Liddle

May 21, 2024 | 5:45 pm

Wedbush analyst Gerald Pascarelli maintains an Outperform rating on Cresco Labs (OTC:CRLBF) and raises the price target from $2.5 to $3.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 12:58 pm

Needham analyst Matt McGinley has reiterated a Hold rating on Cresco Labs (OTC:CRLBF).

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 12:31 pm

Cresco Labs Inc. reported its Q1 2024 financial results, highlighting a 10x increase in operating cash flow year-over-year. The company maintained flat revenue at $184 million, improved its adjusted gross profit by 7%, and reduced adjusted SG&A expenses by 24%. Cresco also retained its No.1 market share in Illinois, Pennsylvania, and Massachusetts. CEO Charles Bachtell expressed optimism about potential federal rescheduling of cannabis.

Portfolio Pulse from Jelena Martinovic

May 15, 2024 | 1:25 pm

Cresco Labs reported Q1 revenue of $184.295 million and an adjusted gross profit of $95 million.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 11:31 am

Smart and Safe Florida has launched a campaign with four ads advocating for the legalization of recreational marijuana in Florida, known as Amendment 3, set for a vote in November 2024. The campaign, supported by major cannabis companies including Trulieve, Verano Holdings, Curaleaf Holdings, AYR Wellness, Cresco Labs, Green Thumb Industries, and INSA, has spent over $5 million on ads. Trulieve alone has contributed over $40 million towards the initiative. The ads emphasize the benefits of a regulated market, including safety, revenue for schools, and freedom from outdated laws.

Portfolio Pulse from Maureen Meehan

May 14, 2024 | 9:21 pm

Trulieve Cannabis Corp. reported a Q1 revenue of $298 million, a 4% increase both sequentially and year-over-year, with a gross profit of $174 million. The company's net loss narrowed to $23 million, showing significant improvement in financial performance. Trulieve, a major backer of Florida's recreational cannabis ballot initiative, along with other top cannabis operators, is positioned for growth with the upcoming vote in November 2024.

Portfolio Pulse from Jelena Martinovic

May 09, 2024 | 12:49 pm

Marijuana stocks experienced significant movements on May 7, 2024, with notable gainers including Kaya Holdings, Elixinol Wellness, and CV Sciences, among others. Conversely, several companies faced declines, such as Target Group, Global Compliance, and SOL Global Investments. Notable NASDAQ and NYSE listed companies like Psychemedics, Urban-gro, cbdMD, Eastside Distilling, Canopy Growth, Tilray Brands, and Scotts Miracle-Gro also saw varied stock performance.

Portfolio Pulse from Benzinga Insights

May 07, 2024 | 8:30 pm

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