Cresco Labs deserves attention from investors for what it can accomplish in 2023
With various news reports indicating market turbulence this year, it is possible that a new investor may have second thoughts. 2022 saw several growth stocks take a sharp downturn. However, every expert agrees that a tumultuous market is a great place to buy excellent stocks at unique prices and with great long-term potential. New investors interested in the cannabis industry may find a great opportunity in Cresco Labs.
Because the plant is still illegal in the eyes of the federal government, investors may have certain fears about getting involved with the industry. However, many continue to believe that the US will eventually see cannabis legalization, news that may occur in the next few years. Even though that illegal status limits operations, many domestic marijuana companies are doing exceptionally well.
The Illinois-based company has become a clear example of this. Cresco Labs has just over 50 stores nationwide, but that’s been enough to close fiscal 2021 with revenues in excess of $820 million.
Trulieve generated around $938 million during that period, but keep in mind that this multi-state operator has more than 170 locations nationwide. Putting that on a scale, Cresco Labs performed incredibly well.
Cresco Labs continues to pursue growth strategies that have worked quite well so far. In order to build a loyal customer base, the company has begun to focus its operations on the limited license market. In addition, the recent initiation of the acquisition of another cannabis start-up, Columbia Care, is strengthening its position in the US market. If completed in the coming months, Cresco’s portfolio will add another 130 dispensaries.