Cresco Labs Inc (OTCMKTS: CRLBF) has announced that it will exit agreements to serve as an exclusive distributor to third-party branded products in California. This move is part of the company’s goal to increase its profitability and move towards owned brand distribution in the state.
Cresco Labs will be able to focus on its brands
According to Charlie Bachtell, since early 2020, California has been a foundational state for the company. Cresco has managed to penetrate the California market because it collaborated with top brands such as Kings Garden. Their distribution strategy has also enabled FloraCal and Cresco Liquid Liver Resin, two of its brands, to become a leading brand in California. The move will allow the company to focus its efforts on its cannabis brands in the state. Cresco is now a leader in the wholesale cannabis industry because of its operations in California.
Cresco will still partner with a few top brands in California. Additionally, the exit from distributing for third-party brands will decrease its projected dales for Q4 2021. As a result, Cresco will adjust its previous guidance to a figure between $235 million and $245 million.
Cresco is one of the most significant cannabis companies in the U.S. The company has headquarters in Chicago, Illinois and operates about 32 dispensaries. Its goal is to normalize and make the industry more professional. It employs a VPG (consumer-packaged goods) approach. The company is the most significant cannabis wholesaler in the country. It designs its brands to fulfil the needs of different consumer segments.
Cresco developed SEED to create job opportunities
Cresco brands include High Supply, Cresco, Good News, Mindy’s Edibles, FloraCal Farms. Wonder Wellness Co and Remedi. The wellness dispensary, Sunnyside, is a retailer focused on education, building trust and making purchases convenient for its customers.
Cresco also runs SEED which is the most prominent Social Equity and Educational Development Initiative in the industry CLS. This move enables the company to create jobs for the community as the cannabis industry continues to grow. SEED’s purpose is to ensure people have the needed opportunity, knowledge and skills to start their businesses in the cannabis industry.
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