Cresco Labs Archives - Green Market Report

Julie AitchesonJulie AitchesonNovember 24, 2020
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4min2100

‘Tis the season for America’s favorite foodie holiday, and whether turkey, tofurkey, or none of the above are on the menu, this is sure to be a Thanksgiving like no other. With Covid-19 spikes turning the U.S. map red and growing concerns about the capacity of states to handle an even higher coronavirus positivity rate if citizens choose to gather, some thought leaders in the cannabis industry are taking a stab at predicting the impact on Thanksgiving sales.

Cannabis compliance technology company Akerna (NASDAQ: KERN) anticipates a 78% increase over average daily sales for 2020 during this Thanksgiving weekend, hitting $270 million between November 25 and November 28. James Arendt, Akerna’s Business Intelligence Architect, explains that the huge sales spikes typically happen on Green Wednesday and Black Friday as most dispensaries are closed on Thanksgiving Day, but this hasn’t prevented Thanksgiving from being one of the Top 5 sales holidays of the year. A trend that is expected to continue in 2020.  

Akerna projects that the average order total will be around $83.30 for adult-use consumers and $128.46 for medical consumers. This is an increase of roughly $13 over average order totals for the rest of the year. Cannabis flower is predicted to be the top seller, garnering 42% of sales with cartridges and pens coming in a strong second at 37%. Male users will likely make up the majority of consumers at 64%, with under 30’s and 30-40 year-olds making up a combined 58% of the top consumers over Thanksgiving.

Akerna’s data doesn’t make correlations with anticipated sales and the ongoing Covid-19 pandemic, but Joe Caltabiano, founder of cannabis and medical marijuana company, Cresco Labs, (OTC: CRLBF) highlights the fact that cannabis was deemed essential at the pandemic’s outset. “At the same time,” he adds, “we saw regulators rapidly adopt emergency rules allowing online ordering, curbside pick-up, and delivery in areas where it’s permitted.” These measures will no doubt contribute to keeping cannabis sales strong for Thanksgiving, as retail sales increased by 40% after the measures were taken and remained high even after the stimulus paid out by the federal government in April was exhausted. Caltabiano posits that the pandemic has made consumers even more comfortable with ordering online as a safer and more convenient purchasing option, with retailers offering special deals for those who choose to purchase online, further brightening the prospect for chart-topping Thanksgiving totals.

Caltabiano also predicts that the money saved on airfare, hotels, or other travel-related expenses by those choosing the “safer at home” approach this Thanksgiving may lead to a pandemic holiday trend of self-care. “This year’s new tradition could be treating oneself with an eighth of premium flower instead of buying a bottle of wine for the family dinner.” Between that and the fact that other pandemic-era holidays such as the 4th of July and Labor Day have seen increased retail sales, Caltablano thinks retailers will have ample reason to give thanks once Thanksgiving 2020 is done and dusted.


Debra BorchardtDebra BorchardtNovember 18, 2020
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4min1440

Cresco Labs Inc.  (OTCQX: CRLBF) released its unaudited financial results for the third quarter ending September 30, 2020, with revenue hitting $153.3 million. This was a 63% sequential increase over the second-quarter revenue of $93 million and an even bigger jump over last year’s revenue of $36 million for the 2019 third quarter. This also easily beat the Yahoo Finance average analyst estimate for revenue of $115 million. Cresco Labs attributed the increase in revenue to wholesale growth driven by an increase in harvests from expanded capacity in Illinois and Pennsylvania and strong growth in California. Retail growth was driven by strong sequential same-store growth and two new store openings in Illinois.

The company also delivered a net income of $4.9 million for the quarter versus last year’s net loss of $85 for the same time period last year.

“Cresco Labs entered the third quarter firing on all cylinders achieving record levels of revenue, profitability, and cash flow. We remain the number one operator in the industry focused on, and delivering results in, the wholesale distribution of branded products. Our retail is outperforming, and we are generating substantial operating leverage,” said Charles Bachtell, Co-founder and CEO of Cresco Labs. “Comparing Q1 to Q3, we increased revenue by $87 million while keeping SG&A flat. The investments we made to support growth are paying off, and as a result our profitability has grown dollar for dollar with gross profit. Because of the decisions we’ve made, the changes we’ve managed through and the hard work devoted by our team over the last 12 months, Cresco Labs has substantiated itself within the very top tier of the industry and confirmed the value that is driven by our differentiated strategy. This is a unique story of strategic breadth, depth and execution. As we look toward our next phase of growth, it’s rinse and repeat – the playbook will be applied to more states and, again, we will achieve meaningful, material market positions.”

Operational gross profit as a percentage of revenuwas 53%in the quarter as compared to 47% in the prior quarter driven by increased efficiency in our expanded Illinois and Pennsylvania facilities. The adjusted EBITDA  was $46.4 million, which was an increase of 182% sequentially driven primarily by higher revenue, increased operational gross profit across our largest markets and strong SG&A control which dropped dramatically as a percentage of revenue.

The company also noted that its net cash provided by operating activities was $17.8 million, compared to $9.9 million used in Q2. The increase in cash provided by operating activities was driven by increased operating leverage across the business as the Company scales.

 


Debra BorchardtDebra BorchardtAugust 21, 2020
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6min13880

Cresco Labs Inc.  (OTCQX: CRLBF) stock dipped following the company’s solid results for the second quarter ending June 30, 2020. Despite beating analysts’ estimates on revenue and market share gains, traders focused on the company’s earnings miss and the stock slid by over 4% to trade at $6.82. The average price target is $8.59 and the stock has been on a huge run over the summer as it has moved from $2.05 in March to $7.70 on August 17.

After the market closed on Thursday, Cresco reported that its revenue rose sequentially by 42% to $94.3 million. The company also said on its earnings conference call that it achieved positive free cash flow in the month of June. Analysts at Yahoo Finance on average expected revenue of $76 million. So, this was a substantial beat.

The company missed the analyst average estimate for earnings be reporting  -$0.09, while the estimate was for -$0.06 per share. The company delivered a net loss of $4.7 million, which was less than last year’s net loss of $13.4 million for the same time period.

Cresco said that its revenue increased sequentially by more than 30% in every U.S. market, with the exception of Massachusetts. The company noted that its wholesale growth was driven by product popularity in California and first harvests from expanded capacity in Illinois and Pennsylvania. Retail growth was driven by strong sequential same-store growth of 31% and two new store openings in Illinois.

Charles Bachtell, Co-founder, and CEO of Cresco Labs said on the company’s earnings call, “In the two states where we have the leading market share, Illinois and Pennsylvania, both have reached a $1 billion in run-rate sales. Illinois is set to issue its next 75 retail licenses, a catalyst to more consumer demand, and increase opportunities for our wholesale business.”

The net losses included unrealized gains and losses on mark-to-market instruments that fluctuate until obligations are settled, changes in fair value of biological assets, interest expense, and tax expense. However, the adjusted EBITDA was $16.5 million, an increase of 419% sequentially. Th e company said this was achieved while integrating Origin House during the quarter and was driven primarily from higher revenues and increased operational gross profit in Illinois and Pennsylvania.

Illinois

Cresco Labs planted its flag in the state of Illinois and is now reaping the benefits of going hard in the state. Bachtell said on the call that state retail grew by 18% from Q1 to Q2. “Our existing Illinois stores grew sales by 37%. A testament to the effectiveness of our retail leaders and teams, nearly 75% of our retail revenue growth was driven by existing stores with the impact of recently announced store openings still to be seen in Q3 and Q4.”

He noted that the Sunnyside model is producing stronger same-store sales, attracting more customers, and achieving a disproportionate share of the market. “As we recently announced, we just opened our ninth retail location in Illinois, the most stores of any operator in the state. Sunnyside Schaumburg is located adjacent to the largest shopping mall in Illinois and at the heart of one of the densest areas of stores, hotels, and restaurants in the state,” he added.

Pennsylvania

The company pointed out that even though Pennsylvania is a medical-only state, it is still one of its largest markets. It is currently hitting a billion dollars in run-rate sales.  “We have room to grow in Pennsylvania from a retail footprint standpoint. We have currently licenses to open up six stores and you can have licenses to open up 15. So, there’s definitely still headroom there,” said Bachtell. Pennsylvania now has nearly 390,000 people registered in the medical program, roughly the same number as Florida, making it one of the most important medical markets in the country.

California

Bachtell also said the company was taking market share in California. “California retail sales grew 10% quarter-over-quarter while Cresco Labs total California revenue increased by 41%. We are taking share. Revenue from Continuum distribution was up 35% sequentially, driven by owned brands like Cresco, Mindy’s, Floracal, and High Supply, as well as continued strength from core partner brands,” he said on the company call.

“Wholesale penetration continued to grow in Q2 and we’re now distributing to nearly all of the states tier 1 dispensary’s. While we’re encouraged by the substantial increase in gross margin during the quarter, we’re even more excited about the immense gross profit opportunity offered by the state in 2020 and beyond. With a continued focus on increasing operating leverage, we’ve optimized the portfolio of brands in our platform, appointed new leadership in the state with extensive CPG and distribution experience, and completed a thorough value chain analysis to further improve the efficiency of our distribution business. California remains one of the most important cannabis markets in the world. And with improving regulations and state retail sales projected to reach $7 billion by 2025, California will continue to be a key driver of growth for Cresco Labs.”

 


Debra BorchardtDebra BorchardtJuly 1, 2020
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8min7100

Cresco Labs Inc. and Innovative Industrial Properties, Inc. (IIP) have closed on the acquisition of a property in Massachusetts with a leaseback agreement. The property is approximately 118,000 square feet of industrial space and the deal is valued at $7.8 million.

Cresco is a true leader in quality, customer experience, and patient care in its core markets, and we are pleased to further expand our long-term real estate partnership with them in Massachusetts,” said Paul Smithers, President and Chief Executive Officer of IIP. “The Massachusetts regulated cannabis industry is still in its early stages, and is emerging as one of the strongest medical and adult-use cannabis markets on the East Coast. Our transaction with Cresco represents our fifth property acquisition in Massachusetts, and we are firmly committed to being a strong real estate partner to the industry here for many years to come.”

Cresco Labs has agreed to a long-term, triple-net lease agreement for the property, which it plans to operate as regulated cannabis cultivation, processing and dispensing facility upon completion of redevelopment. Cresco said it is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $21 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property will be approximately $28.8 million.

A String Of IIP Deals


Julie AitchesonJulie AitchesonJune 1, 2020
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7min6120

With terms like “social distancing”, “quarantine”, and “safer at home” orders now common parlance thanks to the Covid-19 global pandemic, it seems an odd time to forge ahead with opening new retail establishments, yet several determined cannabis companies are betting on a better future and doing just that.

 Small business website “The Balance” itemizes the expenses associated with opening a storefront, which include licensing fees, rent, inventory, staffing, and equipment to name a few.  To open even a small business in an inexpensive city or town can cost thousands of dollars. Factor in the extra costs retailers will have to swallow to stay within Covid-19 guidelines for reopening such as plexiglass cashier guards, protective equipment for staff, and restrictions on the number of customers allowed in the store at any one time, and the overhead becomes untenable for many current and aspiring shop owners.

New Dispensaries

Despite these factors, companies like cannabis product manufacturer Green Thumb Industries, cannabis testing laboratory Cannasafe, and cannabis retailer Canna Provisions are expanding their enterprises.

Green Thumb Industries (OTC:GTBIF)  announced that it would be opening its fourth retail location in the Las Vegas, NV area on May 13, as well as the eighth store in Illinois on May 28. This makes for a total of forty-five storefronts nationwide for Green Thumb, with four new locations opening since the Covid-19 crisis began. 

Green Thumb’s approach involves an emphasis on efficient curbside pick-up and delivery strategies to safeguard customer and staff safety. In a May 26 press release about the new Illinois location, Green Thumb Industries founder and chief executive Ben Kovler stated that his company has “continued to move forward through the ongoing COVID-19 crisis to provide jobs and much-needed access to well-being through the power of cannabis during these difficult times, as demonstrated by the opening of Rise Niles, our fourth opening since the crisis began.”

Cresco Labs  (OTCQX:CRLBF) opened Sunnyside River North, the first Illinois adult-use dispensary in Chicago in the prestigious River North neighborhood. Sunnyside opened for adult-use cannabis sales on May 28th for online orders and in-store pick up that day through a pop-up retail experience. “We are thrilled to be opening the first adult use store in Chicago under the state’s new legislation and to provide an example of what normalized and professionalized cannabis looks like with a location in a traditional business district, a local and diverse operating team and a tremendous amount of community input and support,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder.

Cresco Labs has said it has implemented procedures system-wide to eliminate wait lines, crowding, and social distancing during the COVID-19 pandemic and the River North location will launch with online orders only through Sunnyside.shop. Once customers receive a text notification that their order is ready, they can check-in at the Guest Experience Center at 22 W. Hubbard to be entered into the virtual pickup queue.

Meanwhile, Cannasafe has announced the opening of three new ISO-accredited laboratories in Oregon, Florida, and Illinois to help meet the increased demand for cannabis during the pandemic. Canna Provisions has opened a new storefront in Easthampton, MA with another in nearby Holyoke slated to open shortly. Another Lee, MA location shut down due to the pandemic will also be reopening. Canna Provisions is using a quick transaction model involving ID checks, a wireless ATM card reader, and frequent sanitizing to facilitate safe customer interface while offering additional support via Zoom links and instructional videos to help customers understand the new system. 

These considered moves by some of the industry’s best-known names have all of the makings of successful ventures, especially given the attention to the potential infection hazards inherent in storefront retail. Still, as demand for cannabis continues strong and companies build capacity to meet that demand, it remains to be seen whether Covid-19 and a potential “second wave” will frame a gamble on the future of in-person sales as one worth taking or not.


Kaitlin DomangueKaitlin DomangueMay 28, 2020
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5min4250

It’s time for your daily hit of cannabis financial news for May 28th, 2020. 

On the Site

Canopy River Tightens Belt, Cuts Employees

Canopy Rivers Inc. (OTC: CNPOF) is laying off employees and cutting back on spending as the company focuses on positive cash flow. The venture capital firm that specializes in cannabis companies said that it is streamlining its operations to preserve its cash on hand.

The company said in a statement that it is making the following changes:

  • A material reduction in the Company’s operating cash outflows, including a reduction in headcount, directors’ compensation, marketing expenses, and general corporate expenses of a minimum of 35% from the Company’s fiscal 2020 operating cash outflows on a normalized basis;
  • A focus on generating positive cash flow from operations for fiscal 2021 (year ended March 31, 2021); and
  • A focus on maximizing returns on existing assets.

MedMen Says COVID Has Hurt Sales

On the company’s earnings conference call, interim CEO Tom Lynch said, “Unfortunately, COVID has impacted our sales since the end of March; we’re down in April overall, but have seen a steady increase since. While we’re still not back to our normal levels, pre-COVID, particularly in California, we’re optimistic about our ability to recapture traffic as soon as stay at home orders are lifted.”

MedMen also noted that its Nevada location had suffered saying, “We saw a decrease in overall sales in this market, particularly given the impact that the pandemic has had on tourism into Las Vegas, we’re encouraged about the recent decision to open up cannabis retail again, and have already begun to see a steady ramp-up in revenue.”

In Other News

Aurora Completes Acquisition of Reliva, LLC

Canadian cannabis company, Aurora, has completed the acquisition of hemp-derived CBD company, Reliva. 

“We are pleased to have closed the Reliva transaction ahead of schedule. The partnership between Aurora and Reliva is expected to create a market leading international cannabinoid platform that we believe can deliver robust revenue and profitable growth,” said Michael Singer, Executive Chairman and Interim CEO of Aurora. “I would like to officially welcome Miguel Martin and his team to Aurora, and look forward to increasing Aurora’s operating scale, international reach, and product and brand diversity while in parallel, we remain focused on delivering Adjusted EBITDA profitability in Canada for the benefit of all shareholders.”

Cresco Labs Announces First Quarter 2020 Results

Multi-state operator Cresco announced a record revenue of $66.4 million in Q1 of 2020. This is a 60% growth over 2019’s Q4. The company also revealed the largest cultivation expansion in their company’s history, adding 6x cultivation space in Illinois and 4x the cultivation space in Pennsylvania. There was a 144% increase year over year from Q1 of 2019 to Q1 of 2020. 


StaffStaffApril 23, 2020
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2min5430

Cresco Labs Inc.  (OTCQX:CRLBF) completed its agreement to sell the company’s Marshall, MI property to Innovative Industrial Properties, Inc. (NYSE: IIPR) in a deal valued at approximately $16 million. The previously announced sale included $11 million in funding for tenant improvements. The property represents approximately 115,000 square feet of industrial space in aggregate. The stock popped over 4% on the news to lately trade at $4.42.

“We are pleased to announce the successful completion of yet another sale-and-leaseback transaction,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “This is directly aligned with our stated strategy of unlocking valuable capital and building a stronger foundation to support revenue growth, expand our retail presence across Michigan and enhance shareholder value. IIP has been our long-term capital partner across multiple states, and we are pleased to team up with them once again.”

The company said that this sale marks Cresco’s fifth completed sale-and-leaseback transaction, the fourth with IIP, which has unlocked a total of nearly $123 million in the last seven months. Cresco Labs will also enter into a long-term, triple-net lease agreement with IIP and will continue to operate the property as a licensed cannabis cultivation and processing facility upon completion of redevelopment.

 


Debra BorchardtDebra BorchardtApril 16, 2020
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4min23620
In another sign of Illinois state market domination, Cresco Labs  (OTCQX:CRLBF) completed the expansion of its cultivation facility in Lincoln, IL, which is the largest in the state. The company also finished the first phase of expansion at its Kankakee facility.
Cresco is the only operator in Illinois with three cultivation sites that are licensed to grow up to 630,000 square feet of flowering canopy. These expansions add almost 180,000 square feet of additional indoor and greenhouse cultivation space, bringing the total cultivation space to 215,000 square feet across all three of its Illinois facilities.
“The expansion of our Illinois cultivation footprint at both our Lincoln and Kankakee facilities enables us to quickly bring additional capacity to such a growing, high-demand market, support supply to our statewide dispensary and wholesale network, and simultaneously cater to both medical and recreational consumers in our home state,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder. ” The completion of these two fully-funded, industrial-scale expansion projects demonstrates the many strengths of Cresco’s team and our unique ability to continually execute on plan. Due to our phased construction schedule, our first harvests from the additional capacity recently occurred and they will bring limited incremental supply to market toward the end of May and significantly ramp up through Q3. This should dramatically increase sales in the state and help to address the current supply-demand imbalance,”.
Market Domination
The adult-use market in Illinois has been projected by Marijuana Business Daily to potentially generate up to $2.5 billion annually, depending on how many tourists take part in purchasing cannabis products. Cresco currently sells into 100% of licensed dispensaries in Illinois and has maintained its leading market share of wholesale sales in the state. The Company sells its Remedi, Cresco, Reserve, High Supply and Mindy’s Chef Led Artisanal Edibles products wholesale throughout Illinois, and the Company’s products are currently available at every dispensary in the state.
Furthermore, to meet the increasing demand in the state, the company has also bolstered its retail presence through its Sunnyside dispensaries. The company currently operates five dispensaries. It recently received approval to open its sixth location, and it has licenses to open an additional four. The company has announced its intention to open locations in the Gold Coast neighborhood of Chicago, as well as Danville, Schaumburg and South Beloit in Illinois.
Bachtell added, “We are proud to have the largest production capacity in this market, a widely-recognized portfolio of branded products and a rapidly growing retail footprint. The increase in profitability we expect to see over the course of the year will demonstrate the value of Cresco’s stated strategy of going deep in key states and focusing on brands and wholesale distribution.”

Kaitlin DomangueKaitlin DomangueFebruary 13, 2020
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4min7480

Its time for your Daily Hit of cannabis financial news for February 13th, 2020. 

On the Site

Meet the Weedy Award Finalists 

The founder and Editor of WeedWeek, Alex Halperin, has created the Weedy Awards, with winners being announced on February 28th in Hollywood. Awards will be presented in categories like best grow, the most socially responsible company, the best delivery company, the best edibles, and the people’s choice cannabis celebrity. 

Aurora Cannabis Stock Slides as Revenue Falls

Canadian-based Aurora Cannabis Inc. (NYSE: ACB) saw its shares falling in early trading after the company said that revenues fell in the second quarter of fiscal 2020 ending December 31, 2019. Aurora reported that its total net revenue reported in Canadian dollars fell 26% sequentially to $56 million in the second quarter from $75 million in the first quarter of 2020. It was higher than the 2018’s second quarter, which delivered net revenue of $54 million.

Neptune Wellness Delivers Solid Quarter as Sales Increase

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) announced its financial results for its fiscal third-quarter ending December 31, 2019. Total revenues for Neptune were $9.1 million, a sequential increase of $2.6 million or 41% over the second quarter ended September 30, 2019. This was also an increase of $2.6 million or 40% compared to $6,538 for the three-month period ended December 31, 2018. 

In Other News

SLANG Worldwide Partners with Cali Cannabis Cookie Company 

SLANG Worldwide Inc. (CNSX: SLNG), leading cannabis consumer packaged goods company, has partnered with Cookies, a leading California-based cannabis brand. 

Pursuant to the deal, SLANG will bring Cookies’ products to the Oregon market. 

Cresco Labs Expands C-suite

Cresco Labs will name marketer Greg Butler as its first-ever Chief Commercial Officer. Butler has past supported the brand in a CMO capacity, developing the commercial growth strategy for the brand. He has strong plans to develop Cresco’s market in 2020, as well as promoting diversity and social equity in the cannabis space. 


StaffStaffFebruary 3, 2020
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5min9840

Monday looks to be the closing day on deals with Cresco Labs and Curaleaf.

Cresco Labs

Cresco Labs (CSE: CL) (OTCQX: CRLBF) closed on its recently announced non-brokered credit agreement for a senior secured term loan of $100 million. Cresco Labs says it has an option to increase the size of the facility to a maximum of $200 million. Curaleaf said it will use the money to pay for the expansion of operations in Illinois, closing and integration costs associated with pending acquisitions, and other strategic growth initiatives in key markets.

Charlie Bachtell, CEO, and Co-founder of Cresco Labs said, “The closing of this financing is an important event and was driven by the incredible opportunities we at Cresco have before us. We have worked to create a credit facility that strengthens our balance sheet in a non-dilutive manner – with no warrants nor convertibility to equity. This transaction demonstrates that capital is available to the top operators in this industry who demonstrate a disciplined strategic focus, a responsible allocation of capital, and a track record of operational execution. We are especially pleased to have closed the transaction with such a high-quality group of investors who have displayed a dedicated commitment to the long-term success of Cresco as we continue to execute our vision – to build the most important company in cannabis.”

The Senior Loan is for either an 18-month or 24-month term, at the lender’s option. The Loans bear interest at a rate of approximately 12.7% per annum for 18-month loans and approximately 13.2% for 24-month loans, payable quarterly in arrears.

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said that it closed its acquisition of vape brand Select on February 1Curaleaf’s acquisition of Cura Partners, Inc. who are the owners of the Select brand, includes Select’s manufacturing, distribution, marketing, and sales operations marketed under the Select brand name, including all intellectual property.

“The close of the Select deal is a major milestone in Curaleaf’s history and marks an unprecedented phase of growth for our company,” said Joseph Lusardi, CEO of Curaleaf. “As we’ve scaled, Curaleaf has pioneered the U.S. cannabis industry, and we’re incredibly excited about the future and our leadership role in it. Our entire organization is focused on accelerating our growth as a combined company with two of the fastest-growing cannabis brands in the country.”

Select founder  Cameron Forni will take on the role of President of Select. Curaleaf Chief Financial Officer Neil Davidson will now be the company’s Chief Operating Officer effective immediately. Mr. Davidson will manage the company’s cultivation, processing and manufacturing capabilities with a focus on driving growth and operational efficiencies across the entire organization. Former Chief Operating Officer Stuart Wilcox will transition to a new role, leading business expansion efforts in emerging markets.

The news comes on the heels of Curaleaf’s acquisition of the Acres Cannabis vertical operations in Nevada, and the awarding of preliminary retail and processing licenses in Utah.

“Curaleaf has always been a fast-paced, performance-driven company, and we continue to attract best-in-class talent to fill key management roles. We’re thrilled to be expanding our leadership bench to include individuals with unmatched expertise combined with a deep passion for this business,” said Lusardi.



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