Featured Cannabis Stock Pick for 2020, Cresco Labs, Provides COVID-19 Response Update
Our analysts continue to review and rate all possible cannabis investments. When it comes to companies like Cresco Labs – they’ve found that a buy-and-hold approach should provide cannabis investors with a sizeable return on investment. They believe that the company is one of the best cannabis stock investments in 2020.
With the fear-based selloffs from the COVID-19 virus, the market has seen a period of extended and extreme volatility. Cannabis investments made at this time would see the potential to provide cannabis investors with a return on investment as the entry into a cannabis company, such as Cresco Labs, would be at a very low price per share. Investments in the cannabis sector come with the challenging decision on which company to research and the hard time deciding if certain pros and cons are in fact the reason to invest or the deal-breakers that signal a non-investment. Our analysts do the research for you and have determined that an investment in Cresco Labs is a strong cannabis stock investment pick for 2020.
See our full comprehensive analysis for Cresco Labs here.
Cresco Labs (OTCQX: CRLBF) is one of the largest vertically integrated cannabis operators in the United States and has a presence in multiple states. The company today provided an update to its response on the COVID-19 virus. Cresco firmly believes views that the safety of its customers, patients, and employees is its number one priority during this time with COVID-19. But what does the COVID-19 update have to do with the stock being a number one cannabis stock pick for 2020?
Cannabis dispensaries may be closing due to the requirements of local authorities and the recommendation of federal agencies. If dispensaries close, it is easy to assume that a hit in revenue generation will occur and that will hit the company’s forecasted projections for the next quarter. However, Cresco Labs will not close its dispensaries in order to serve its patients and consumers that depend on cannabis products for daily treatment and improved quality of life. It has taken on the responsibility of rigorous health & safety training in order to ensure the protection of its patients, customers, and employees.
Cresco Labs dispensaries will operate through regular hours that are scheduled as normal and will not close early or indefinitely for a temporary period of time. The company announced an increase to the already-stringent sanitation measures that it implemented previously at the cannabis dispensary level. These safety measures include social distancing between employees and consumers, redirection of traffic to other channels such as online ordering, text message communications, home delivery if possible, and curbside pickup that launches next week in the state of Illinois.
Cultivation and production at Cresco’s facilities will continue to proceed with normal schedules with elevated sanitation, quality, and safety standards. These standards are considered to be a mirror reflection of the highest standards used in food and beverage manufacturers across the United States. Following guidance issued by the Center for Disease Control (CDC), with support from Cresco’s Public Health and Epidemiology consultant, the company is taking all the steps possible to ensure that all of its facilities have the healthiest environments possible.
Charlie Bachtell, Chief Executive Officer and Co-founder of Cresco Labs, stated: “We have spent the last weeks preparing our organization to best manage this unique circumstance. We have approached this matter from the perspective of a responsible employer, a manufacturer, a retailer, a community member and an industry leader – we are responsible to all of our stakeholders. We have been working side-by-side with our state administrations to provide counsel regarding best practices and potential solutions that will both accomplish the social imperative to stop the spread of COVID-19 while ensuring that patients and all customers have the products they rely on for their health and wellness. Accordingly, many government agencies have deemed cannabis products “essential” in the communities that Cresco Labs operates in and as medical providers, we take our obligations during the current period of global uncertainty very seriously. Many of our dispensaries are classified in the same category as pharmacies that people depend on as trusted access points for prescription medicine and continuing to provide that access is a fundamental responsibility. We have always viewed ourselves as responsible stewards of this industry first and foremost – we fundamentally embrace our role as leaders in creating sustainable state programs within which we operate.”
Mr. Bachtell also went on to say, “It is in the most difficult times where the foundation of organization matters and character is revealed – this is when leaders lead. Over the last year we have focused intently on building the management and operational foundation that would not only support scalability but would successfully handle all of the variables associated with an emerging and constantly-evolving industry. I’m thankful that Cresco can rely on a team with decades of senior leadership experience in safe manufacturing and supply-chain management from companies like Lifeway Foods, Abbott, AbbVie, and Johnson & Johnson, as well as a retail team that has a track record of driving responsible performance during challenging times at companies like Starbucks, Apple and Walgreens. Together, backed by our best-in-class management team, 1,200+ team members deeply committed to the wellbeing of our patients/consumers, strategic operational footprint, and strength of balance sheet, Cresco will successfully manage through this uncertainty and continue to be the most important company in cannabis.”
Cresco Labs will provide an additional update to the impacts that the company has felt from COVID-19 during its Q4 2019 earnings call.
Featured Cannabis Stock Pick for 2020, Cresco Labs, Provides COVID-19 Response Update
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