Cresco Labs Plans To Sell California Operations

(RTTNews) - Cresco Labs Inc. (CL), a cannabis and medical marijuana company, on Monday announced a strategic restructuring that includes plans to sell its California operations to prioritize the markets with the highest margins and long-term growth potential.

Charlie Bachtell, CEO of Cresco Labs, said: "Exiting California allows us to reallocate capital and resources to our core markets and build out new markets where we see clear pathways for growth and shareholder value."

The company noted that it is in talks with prospective buyers interested in acquiring its California assets, including cultivation, manufacturing, and select distribution operations.

Cresco Labs expects to finalize the transaction within the next several quarters.

The company will retain full ownership of its premium FloraCal brand and continue producing and marketing the brand.