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Cresco Labs (CSE:CL) (OTCQX:CRLBF) ("Cresco" or "the Company"), one of the largest vertically integrated, multistate cannabis operators in the United States, announced today that it had entered into an extension of its distribution agreement (the "Agreement") with the leading California-based cannabis brand Kings Garden Inc. ("Kings Garden"). Under the Agreement, Cresco's subsidiary, Continuum, which is one of the largest full-service distribution businesses in the state, will continue to serve as the exclusive distributor of Kings Garden packaged products.
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Cresco Labs extends exclusive distribution agreement with California powerhouse brand Kings Garden (Photo: Business Wire)
Kings Garden is a brand powerhouse in California, consistently ranked in the top five of flower and concentrate sales according to BDS Analytics. Continuum currently services nearly 600 of the top licensed retailers in California.
"California continues to be one of Cresco Labs' core markets and a major contributor to our total revenue. We believe that our strength in a historically competitive state is attributed to our ability to offer an assortment of category-winning cannabis products across price points. Kings Garden compliments our strong California product portfolio allowing us to open new doors and increase velocity of current accounts," said David Gacom, West Regional President of Cresco Labs.
"We've been working closely with the Cresco Labs team since their acquisition of Origin House and are thrilled to continue this partnership with today's announcement," said Michael King, Co-founder, Kings Garden. "We're confident that the combination of our large-scale production, brand prowess and Continuum's reach and exceptional distribution network will accelerate growth and increase market share for both parties and ensure that top-shelf Kings Garden product is available throughout the state of California."
"As we continue to increase our cultivation footprint and annual production, it's important we continue to grow our reach and hold our position as the number one indoor flower brand in the state of California," said Charlie Kieley, Co-founder and Chief Operating Office, Kings Garden. "This can only be accomplished by continuing our distribution partnership with the state's leading distribution company and platform."
About Cresco Labs:
Cresco Labs is one of the largest vertically integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods ("CPG") approach to cannabis, Cresco's house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi, High Supply, Cresco Reserve, Good News, Wonder Wellness Co., FloraCal Farms and Mindy's Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco's national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco provides the industry's first national comprehensive Social Equity and Educational Development (SEED) program designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at crescolabs.com .
About Kings Garden:
Based in Coachella Valley, Kings Garden Inc. is California's predominant cannabis cultivation, processing and manufacturing company, specializing in the world of premium grade boutique products at an unsurpassed commercial scale. Now one of the largest producers in California, Kings Garden prides itself on having organized a highly experienced cannabis management and operations team, while being fully compliant and licensed across the state of California.
From its inception, Kings Garden has held unwavering values focused on superior quality of end products, its team of management and employees who are considered family, giving back to local communities, and the advancement of the cannabis industry as a whole.
For more information, please visit the Kings Garden website at https://kingsgarden.com/ .
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,' ‘will,' ‘should,' ‘could,' ‘would,' ‘expects,' ‘plans,' ‘anticipates,' ‘believes,' ‘estimates,' ‘projects,' ‘predicts,' ‘potential' or ‘continue' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the company's Annual Information Form dated April 28, 2020, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco's shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201222005176/en/
Media:
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
Investors:
Jake Graves
Senior Analyst, Investor Relations
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Media:
Pristina Alford for Kings Garden
253.307.8462
Pristina_alford@dkcnews.com
Courtney Greenberg for Kings Garden
917.439.8009
Courtney_Greenberg@dkcnews.com
