Cresco Labs Inc (OTCMKTS:CRLBF) (CVE:CL) stock is moving higher in the opening session. The stock has fallen about 10% in the past month.

Major Trigger:

Cresco Labs Diversifies Edibles & Vape Portfolio Through Good News Brand Expansion

Key Highlights:

• announced the portfolio expansion of its Good News brand. The Company continues to diversify its wholesale brand portfolio to meet the needs and preferences of all types of cannabis consumers and markets. Under its social occasion-based Good News brand, Cresco is launching Counting Sheep, Day Off and Pride products in edible and vape forms in California, Illinois and Michigan.
• Counting Sheep represents the Company’s first product made with CBN. Day Off is a product featuring CBD, and Pride, a Sativa-forward product, is available for a limited time during June Pride month in select markets.
• The edibles category continues to demonstrate growth across all markets*. Per BDS Analytics (“BDSA”) data, edibles saw a 31% increase in sales year-over-year (“YoY”). Gummies showed notable strength, growing 5% quarter-over-quarter, resulting in a new high of $252M in total gummy retail sales in Q1’21*. Vapes have also seen an increase in market performance. According to BDSA, the vapes category across all markets** has increased sales by 27% YoY. With the launch of Counting Sheep, Day Off and Pride, Cresco continues to diversify its wholesale portfolio and build a strong presence within the edibles and vapes categories.

Key Quote:

“Building on the successful launch of Good News, we’re continuing to differentiate the brand both in our wholesale portfolio and markets through exciting new edible and vape products that demonstrate cannabis’s many benefits and role in being a part of various social occasions,” said Greg Butler, Chief Commercial Officer at Cresco Labs. “Our strategy is to find the right product and brand mix to appeal to the right consumer segment and market needs, as well as launch innovations at opportune times in our markets. There’s so much opportunity for Good News, and we’re thrilled to bring easy to use, simple to understand and approachable products to our consumers in California, Illinois and Michigan.”

Market Reactions  

As of 10:46, CRLBF stock gained by 0.81% at $11.46. Total volume so far stood at 129K shares, compared to its average volume of 833K shares.  The stock moved within a range of $11.20 – 11.50 after opening at $11.20.