$CL.CN

Cresco Labs Closes US$50 Million Revolving Credit Facility with Needham Bank

Cresco Labs (CL.CN) announced Monday the closing of a credit agreement with Needham Bank, a Massachusetts-based commercial bank, providing the company with a US$50 million revolving credit facility.The facility bears interest at a fixed annual rate of 7.99% and matures in August 2030, said the company."As a source of non-dilutive capital, the Facility enhances Cresco's ability to pursue strategic opportunities that strengthen the Company's balance sheet and long-term financial profile," stated the company.Borrowings under the facility will be available to fund growth initiatives, acquisitions and general corporate purposes, added the company."This facility reflects both the continued maturation of the industry and Cresco's position within it," said Charlie Bachtell, Chief Executive Officer of Cresco Labs. "Access to conventional bank capital gives us a powerful, non-dilutive tool to accelerate our strategy. As demonstrated by our recent Pennsylvania acquisition, we see significant opportunities to deploy capital into assets that enhance earnings, improve margins and create long-term shareholder value. This added flexibility positions us to drive growth, strengthen our balance sheet and support Cresco as we work toward broader access to U.S. capital markets and a future uplisting to a senior exchange."

Cresco Labs Registers Some Medical Cannabis Facilities With U.S. DEA

Cresco Labs (CL.CN) has registered certain state-licensed medical cannabis facilities with the U.S. Drug Enforcement Administration (DEA) following the federal rescheduling of medical cannabis to Schedule III under the Controlled Substances Act, it said on Wednesday.The registrations are related to dispensary, cultivation and processing operations serving medical cannabis patients in its footprint, it added."For the first time, the work we do is federally recognized-advancing normalization, reducing uncertainty, and reinforcing safe, responsible access to medicine for patients across the country," said Cresco Labs Chief Executive Charlie Bachtell.Shares of the company closed up 4.1% to $1.27 on Tuesday on the Canadian Securities Exchange.

Cresco Labs Q1 Revs of US$151M; Net loss of $17M; Adjusted EBITDA of $33M and Adjusted EBITDA Margin of 21.7%