Cresco Labs (OTCMKTS: CRLBF) announced the appointment of two new Vice Presidents and the acquisition of Hope Heal Health Inc. in Massachusetts, both moves intent to improve the company’s current niche in the marijuana market.
The new Vice President of Grand Marketing is Cory Rothschild, the former Director of Consumer Engagement for Gatorade, a subsidiary of PepsiCo. The newly named Vice President of Consumer Experience is Cris Rivera, the former Senior Director of Marketing for MillerCoors. The duo is expected to provide new eyes and quality plans for marketing and consumer engagement. They also are expected to help lead the company in efforts to provide premium quality products.
Rothschild has been key in making brands into fast-growing and customer appealing market leaders, including Propel. Rivera has been recognized as a top influence in media, marketing, and technology and has been featured in business magazines for his innovative marketing strategies targeted to various cultures simultaneously. He was also instrumental in one of the most notable turnaround stories for a popular brand in the last decade, namely Miller Lite.
Cresco Labs is based in Chicago. They operate growth, processing, and retail facilities in seven states. Their business plan is to continue expanding on the company’s current national footprint. With that focus, the news of acquisition shows their plans moving forward to expand and serve customers in Massachusetts.
The HHH acquisition comes with licensing and state registration for cultivating, manufacturing, processing, and also for the establishment and operation of dispensaries in Massachusetts. Cresco Labs now has the ability to operate three medical marijuana dispensaries and three adult-use dispensaries.
An expected harvest and closing will both occur sometime in the first quarter of 2019. Meanwhile, HHH has applications in for locations for adult-use licenses and has active agreements to establish medical cannabis dispensaries in Rockland, North Attleborough, and Fall River.
Cresco Labs currently operates growing and processing facilities in Pennsylvania, as well as three retail stores. They are known for their speed in contributing to the market in the locations where they have facilities, particularly the Pennsylvania locations, and they hope to see similar results for the locations in Massachusetts as the process moves forward.