This post first appeared on Micro Cap Daily
Cresco Labs Inc. (OTCQX; CRLBF) stock price has been on the rise ever since late December. The company had mostly seen a steady growth of the value of its stock, which was occasionally followed by slight price corrections, usually when the price approached large resistance levels. With the price starting its growth from around $3.50 in late December, it reached $7 on January 1st. It remained at this level for nearly an entire month, before surging further up and hitting its first major resistance at $8.
However, it managed to breach this level in mid-February, finding its next roadblock at $9. This level was breached in mid-March, and the price grew further up, only stopping at $12. While this level proved to be more of a challenge than any before, the CRLBF price managed to break it as well, twice. The first time was in early April, which was followed by a correction, and the second one was around two weeks later, and the stock price kept growing ever since, currently approaching another resistance at $14.
About Cresco Labs
Cresco Labs, Inc. is a US-based cannabis company headquartered in Chicago. The firm has access to capital, strong, experienced management, as well as a working growth strategy, which it managed to prove in the past several months.
The company operates as a differentiated grower, processor, and retailer of premium cannabis. It has a presence in seven different US states, and its strongest focus is on entering highly-regulated markets, with the largest demand potential. While there are often high barriers that need to be overcome in order for companies to enter these markets, Cresco Labs appears to be more than capable of managing it.
The company has an impressive speed-to-market, which is a major advantage over the competition. It simply replicates its model and successfully expands its national footprint. Its ability to execute is complemented by one of the most effective brand strategies, created by some of the brightest minds in consumer marketing in the entirety of the US.
As for its major products, Cresco produces everyday cannabis, connoisseur-grade, medicinally-focused, and chef-inspired edibles.
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Cresco Labs’ rapid progress in 2019
Cresco Labs was active for quite some time, but it was only welcomed by the OTC Markets Group’s OTCQX recently, in mid-March. The company was already advancing rapidly prior to this, and its’ stock price reflects this progress excellently.
The company acquired numerous dispensaries in various states, with one of the most noteworthy ones being the Hope Heal Health dispensary in Bristol County, Massachusetts. The dispensary was acquired in February of this year, after which the company launched its own hemp CBD subsidiary, which allowed it to expand its reach further.
As its final big act in February of this year, the company opened its third Pittsburgh area dispensary and launched online ordering of its products in Western Pennsylvania. After this, it joined OTCQX, which brought even more exposure to an already-successful firm.
Only a week later, the company entered Florida, which gave it access to 65% of the total addressable US cannabis market. By March 25th, the company also received approval to enter the Michigan market. Then, on April 1st, it made the largest-ever public company acquisition in the cannabis sector of the US by acquiring Origin House.
It then decided to continue its expansion in Illinois by gaining regulatory approval for three additional dispensaries, after which Crain’s Chicago Business named it the Best Place to Work in 2019. Meanwhile, in mid-April, the company’s Hope Heal Health received provisional approval for adult-use cannabis licenses. The company’s success only continues further after that, and each new quarter has been many times more successful than the previous one.
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At the time of writing, the company’s stock price sits at $13.21, with a steady growth of 2.09% in the past 24 hours. At the same time, its market cap sits at $477,1 million, with the promise of further growth. Considering the company’s success so far, its management, and great, competent moves it has made thus far — it is very likely to become one of the biggest names in the entire cannabis industry. Investing in it now is certainly the right move, although investors who might be interested should certainly not lose time, as the company’s stock price continues to move up all the time. We will be updating on Cresco Labs when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Cresco Labs.
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Disclosure: we hold no position in Cresco Labs 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