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HRVSF - Cresco Labs: A Las Vegas Strip Acquisition And Dilution
Harvest Health & Recreation Inc (Sub Voting)
All dollar figures are U.S. dollars except when discussing the share offering and warrants, as indicated.
Source: Cresco Labs presentation.
Cresco Labs (CRLBF) made a dual-announcement Monday morning: A $283 million acquisition and a stock offering for up to $64.6 million (C$84.5 million). Investors disliked these moves and Cresco Labs shares are down 9% while the U.S. cannabis market is flat, as of this writing. I suspect that most of this decline is due to the dilutive stock offering rather than the acquisition.
Cresco Labs revenue and pro forma revenue, pre-acquisition. Source: Author