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Dec. 12, 2019, 7:54 a.m. EST

Cresco Labs raises $50 mln from GreenAcreage in sale-and-leaseback deal of Illinois facility

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By Ciara Linnane

Cresco Labs Inc. /zigman2/quotes/200392306/delayed CRLBF +6.16% /zigman2/quotes/205276242/delayed CA:CL +6.32% said Thursday it has raised $50 million in a sale-and-leaseback deal of its Lincoln, Illinois facility with GreenAcreage Real Estate Corp. The agreement, which will not dilute its shares, will allow the company to operate the property as a licensed medical and recreational cannabis grow facility in time for the full legalization of adult-use cannabis in Illinois in January. That market is expected to reach $2 billion to $4 billion in sales once it reaches maturity. Cresco had cash and cash equivalents of $73.7 million at the end of the third quarter, along with a working capital position of $144.6 million and zero debt. It has already entered a sale-and-leaseback agreement for its Marshall, Michigan and Yellow Springs, Ohio facilities for $38 million. U.S.-listed shares were not active premarket, but have fallen 11% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.32% has fallen 32% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.39% has gained 25%.

/zigman2/quotes/200392306/delayed
US : U.S.: OTC
$ 6.69
+0.39 +6.16%
Volume: 714,790
Jan. 17, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$818.58 million
Rev. per Employee
N/A
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/zigman2/quotes/205276242/delayed
CA : Canadian Securities Exchange
$ 8.75
+0.52 +6.32%
Volume: 375,985
Jan. 17, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.07 billion
Rev. per Employee
N/A
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 18.75
+0.06 +0.32%
Volume: 955,639
Jan. 17, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,329.62
+12.81 +0.39%
Volume: 2.15B
Jan. 17, 2020 5:07p
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