Cresco Labs Completes Buyout of Pennsylvania Dispensaries
Branded cannabis products wholesaler Cresco Labs Inc.(CRLBF) recently announced that it has completed its previously announced acquisition of Cure Pennsylvania, along with its three operational dispensaries.
Following the news, shares of the company rose 1.2% to close at $8.93 on Friday.
The move has helped Cresco Labs enhance its presence in Pennsylvania, with three operational dispensaries in Lancaster, Phoenixville and Philadelphia.
Cresco Labs already has a presence in the region with five existing Sunnyside dispensaries. The addition of the Cure dispensaries is expected to give a boost to its portfolio.
The CEO of Cresco Labs, Charlie Bachtell, said, “Our focus heading into 2022 is on tailoring our strategy to the dynamics of each state to maintain a dominant market position and increase profitability. Between the acquisition of Cure Penn and the pending acquisition of Laurel Harvest, we are adding four new operational stores, licenses for five incremental stores and 52 thousand square feet of indoor cultivation space in Pennsylvania. The moves we’re making in this state to increase our retail footprint and add cultivation put us in the best position to remain the number one wholesaler in the current framework and continue to win when adult-use is ultimately introduced.”
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Recently, Jefferies analyst Owen Bennett reiterated a Buy rating on the stock with a price target of $28.35, which implies upside potential of 217.5% from current levels.
Consensus among analysts is a Strong Buy based on 8 Buys and 1 Hold. The average Cresco Labs price target of $18.72 implies upside potential of 109.7% from current levels. Shares have declined 11.2% over the past year.
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