StockLogistics
1 year ago
Too much debt too many shares :
“As of September 30, 2022, current assets were $355 million, including cash and cash equivalents of $130 million. The Company had working capital of $85 million and senior secured term loan debt, net of discount and issuance costs, of $380 million.Total shares on a fully converted basis were 437,484,245 as of September 30, 2022.”
Ronin
1 year ago
Which bill? Which committee?
I just read where Schumer's bill got shot down in Senate but they have another in the wings before the upcoming election that has bipartisan agreement to allow pharmas to expand research on marijuana
https://www.marijuanamoment.net/schumer-touts-senate-marijuana-research-bill-among-historic-progress-under-biden-as-legalization-measure-lingers/
According to Sen. Cory Booker (D-NJ), a prime sponsor of CAOA, recently said that the so-called “SAFE Banking Plus” bill that’s in the works would likely be filed following the elections during the lame duck session.
In the meantime, Senate Democrats have the bipartisan marijuana research bill as the main example of cannabis reform progress since President Joe Biden took office and Democrats reclaimed the majority in the Senate.
That specific legislation hasn’t been enacted into law, though. But there are hopes that a slightly revised version that was introduced last month could reach the president’s desk in due time. It already cleared the House just days after its filing, and sources say the Senate is expected to act shortly.
FUNMAN
2 years ago
Cresco Labs to Hold Second Quarter 2022 Earnings Conference Call on August 17, 2022
STOCKS Aug 2, 2022 • 6:30 AM EDT
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced that it will report financial results for the second quarter ended June 30th, 2022, on Wednesday, August 17th, 2022, before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights.
Event: Cresco Labs Second Quarter 2022 Earnings Conference Call
Date: Wednesday, August 17th, 2022
Time: 8:30am EST
Webcast: Link
Dial-in: 1-844-200-6205 (US Toll Free), 1-833-950-0062 (Canada Toll Free), 1-646-904-5544 (US Local), +1 929-526-1599 (Other)
Access Code: 035060
Archived access to the webcast will be available for one year on the Cresco Labs investor relations website.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created 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 Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005267/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
Investors:
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs Inc.
Nelson2
2 years ago
Here you go boyz!
“First Quarter 2022 Financial Highlights
First quarter revenue of $214 million, up 20% year-over-year
Gross profit excluding fair value mark-up for acquired inventory of $113 million, or 53% of revenue, an increase of 29% year-over-year
First quarter adjusted EBITDA1 of $51 million, or 24% of revenue, an increase of 45% year-over-year
Wholesale revenue of $95 million, maintained position as #1 seller of branded cannabis products in U.S. with leading share in the flower, concentrates, and vape categories
Retail revenue increased 44% year-over-year, to $119 million, or $2.5 million per average store open in the quarter and same-store-sales increased 9% year-over-year
Ended the quarter with $179 million of cash on hand
Opened four new retail stores, three in Florida and one in Pennsylvania, bringing the Company’s total retail footprint to 50
Launched branded product portfolio in Florida, including High Supply®, Good News®, Remedi™ and Sunnyside* Chews”
FUNMAN
2 years ago
CRESCO's PPS suffers as Dems stumble--->>>POLITICS - Schumer’s Marijuana Legalization Bill Not Coming This Month, As Senators Work To Finalize Provisions
Published 15 hours ago on April 14, 2022
https://www.marijuanamoment.net/schumers-marijuana-legalization-bill-not-coming-this-month-as-senators-work-to-finalize-provisions/
The long-anticipated Senate bill to federally legalize marijuana will not be introduced this month, with Democratic leadership saying on Thursday that the timeline is being extended as they continue to work out various provisions “with the assistance of nearly a dozen Senate committees and input from numerous federal agencies.”
Senate Majority Leader Chuck Schumer (D-NY) has said on several occasions that the bill he’s been working on with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) for many months would be formally filed by the end of April. That’s no longer the case, with the leader now saying the “official introduction” will take place sometime “before the August recess.”
A discussion draft of the Cannabis Administration & Opportunity Act (CAOA) was first unveiled last year, and advocates and stakeholders have been hanging on the leader’s words as they continue to push for an end to federal prohibition. Most recently, Schumer said last week that he and colleagues were in the process of reaching out to Republican senators to “see what they want” included in the legislation.
The timeline that Schumer previewed has apparently proved too ambitious—but the hope is that by taking extra time to finalize the measure, it will help the senators overcome what are currently significant odds stacked against them to reach a high vote threshold in the chamber, where Democrats hold just a slim majority and several members of the party have indicated that they’re not supportive of legalization.
CAOA is is “critical legislation that will finally put an end to the federal prohibition on cannabis and address the over-criminalization of cannabis in a comprehensive and meaningful way,” Schumer said in a press release. “I am proud of the progress made in bringing this vital bill closer to its official introduction before the August recess, and I want to thank the committee chairs who have worked with us and remained committed to addressing this issue.”
“CAOA will not only remove cannabis from the federal list of controlled substances, but also help repair our criminal justice system, ensure restorative justice, protect public health, and implement responsible taxes and regulations,” he said.
In the process of finalizing key provisions, working to build consensus with committee leadership and GOP members, the Senate sponsors detailed “key policies” of the bill that are being taken into consideration, including some that advocates would support that weren’t included in the discussion draft such as removing or scaling back drug testing for cannabis for certain federal workers.
Here’s a list of those policy areas that are being looked at as the senators continue to work the bill:
• Removing unnecessary federal employee pre-employment and random drug testing for cannabis, while preserving appropriate drug testing in transportation-related fields, other sensitive areas of employment, and investigations of accidents and unsafe practices.
• Specifying membership and duties of the Cannabis Products Advisory Committee, an entity created in the legislation which FDA would convene and consult before promulgating regulations.
• Clarifying market competition rules meant to protect independent retailers and prevent anti-competitive behavior, to ensure that those rules do not unintentionally undermine state programs that provide access to capital for social equity businesses.
• Broad review of agricultural and environmental laws applicable to cannabis, and working to ensure that appropriate environmental protections apply to cannabis production.
• Ensuring worker protections for those employed in the cannabis industry.
• Ensuring regulatory bodies and law enforcement have the resources and tools they need to protect the integrity of the legal cannabis marketplace.
• Strengthening cannabis business protections and opportunities under Small Business Administration programs.
• Clarifying the relationship between state governments and Indian tribal governments with respect to cannabis.
• Broad review of existing law to cannabis throughout the government, and developing a variety of additional policies to ensure consistent and appropriate treatment of cannabis.
“The federal cannabis ban is a senseless and failed relic that’s needlessly destroyed lives, stifled research and treated job-generating legal small businesses in Oregon and other states like criminal organizations,” Wyden said. “This outdated prohibition is long overdue for an end. And introducing final legislation as early as possible requires committees to continue their diligent work, and agencies to provide prompt analysis.”
“Simply put, final text of this urgently needed legislation must be released well before the August recess to continue building momentum for cannabis reform,” he said.
Booker, for his part, said that as more and more states move to legalize cannabis, “Congress must enact comprehensive cannabis reform that will deliver restorative justice to communities to undo the harms of America’s failed drug policies.”
“After months of substantive progress we are close to finalizing a bill that reflects common sense drug policy and delivers long overdue justice,” the senator said.
This development comes weeks after the U.S. House of Representatives approved a separate bill to federally legalize marijuana and promote social equity, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act from Judiciary Committee Jerrold Nadler (D-NY).
The largely partisan vote on that legislation, which saw only three Republicans vote in favor of passage, speaks to the challenges that a similar Senate bill might face, especially in the draft version released last year.
Meanwhile, several Republican members of Congress introduced a bill last November to federally legalize and tax marijuana as an alternative to far-reaching Democratic-led reform proposals and scaled-down GOP cannabis descheduling legislation. The sponsor of that bill, Rep. Nancy Mace (R-SC), said she expects a committee hearing on her proposal.
On Thursday, a bipartisan group of congressional lawmakers filed a bill that would simply direct the attorney general to create a commission charged with making recommendations on a regulatory system for marijuana that models what’s currently in place for alcohol.
Reps. Dave Joyce (R-OH), Hakeem Jeffries (D-NY) and Brian Mast (R-FL) are teaming up on what’s titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act—an incremental reform meant to inform comprehensive cannabis policy changes in the future.