This post first appeared on Micro Cap Daily
Cresco Labs Inc. (OTCQX: CRLBF) stock price has been seeing gradual growth for the past six months, which encouraged a lot of new investors to purchase the firm’s stock. The growth started in December, and within months, it brought the price of CRLBF from $4 to nearly $14. Of course, the growth was not exactly smooth, and the stock price struggled with numerous resistances along the way, often suffering long periods of stagnation.
The biggest obstacle to overcome was a resistance level at $7, with which the price struggled throughout January 2019. However, it managed to breach it, only to stop again at $8 in early February. By the end of the month, the price was making an effort to breach $9, eventually failing and dropping back to $8 in March. However, mid-March brought a massive surge that took the price all the way up to the resistance level at $12 within two weeks. This level also proved to be difficult to breach, and the price exceeded it twice, the first time in early April, which was followed by a decline, and then again in mid-April when it nearly reached $14. The resistance at $14 is the strongest one yet, and the price is currently experiencing a correction after attempting to reach it.
What you need to know about Cresco Labs Inc.
Cresco Labs is a US-based cannabis company, headquartered in Chicago. The firm has rather experienced management, as well as a very successful growth strategy, but also access to necessary capital.
Cresco Labs is a differentiated grower, processor, as well as retailer of premium cannabis, and it currently has a presence in seven different US states. It mostly focuses on entering highly regulated markets, where the demand potential is either already massive or has the potential to grow to major heights.
The company has been developing fast, and its ability to replicate its model has been one of its greatest advantages in the highly-competitive cannabis industry of 2019. Further, the company has proven that it has the ability to execute, which is complemented by a cutting-edge brand strategy, led by some of the industry’s brightest minds. It produces medicinally-focused, everyday cannabis, as well as chef-inspired edibles.
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Cresco Labs’ rapid growth
Cresco’s development and growth started a long time ago, but the company saw massive expansion and progress in 2019. In February, the company expanded to Massachusetts by opening a new Hope Heal Health dispensary in Bristol County, only to start launching its own hemp CBD subsidiary days later. It then improved its position in the Pittsburgh area, by opening its third dispensary there in late February. Not only that, but around the same time, it launched online ordering in western Pennsylvania.
The company finally joined OTCQX in the first half of March, under the symbol ‘CRLBF.’
In late March, the firm continued its expansion by entering Florida, which gave it access to around 65% of the total addressable US cannabis market. At the same time, it was granted approval to enter the Michigan market, and it acquired Origin House in the cannabis sector’s largest public company acquisition ever.
In mid-April, the firm also expanded to Illinois, after getting regulatory approval for three dispensaries. Soon after that, it reported a revenue growth of 411% on a yearly basis and 33% growth on a quarterly basis.
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The company is certainly pushing hard, and the results are evident. While its’ stock price currently sees a minor decline, it is likely nothing to be worried about in long-term. In fact, investors looking to purchase the firm’s stock might view it as an opportunity, since it certainly appears like one. The price is currently starting to grow again, with 0.70% increase in the past 24 hours, so anyone looking to invest in Cresco Labs Inc. should not waste time, as the price will likely be back to former heights within days. We will be updating on Cresco when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Cresco.
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Disclosure: we hold no position in Cresco either long or short and we have not been compensated for this article.
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This post first appeared on Micro Cap Daily