Cresco Labs stock is down slightly despite the company announcing the high profile appointment of Greg Butler as its first Chief Commercial Officer.
Wealth of Experience
Butler joins Cresco Labs (CSE:CL) (OTCQX:CRLBF) with a wealth of experience, having previously worked to drive brand growth at Fortune 500 companies such as Pfizer (NYSE:PFE), Molson Coors (NYSE:TAP), and Walgreens (NASDAQ:WBA), as well as holding positions as a capital management strategic advisor for leading private equity portfolio companies.
The role of Chief Commerical Officer is a newly created one by Cresco in which Butler will be responsible for demand and commercial strategic planning, leading the launch of all new products and innovation, brand M&A and integration, and driving enterprise strategies. Despite the high profile appointment, Cresco Labs stock is down around 1.5%.
“Greg has a remarkable general management pedigree and an impeccable reputation from his work driving growth for the world’s most iconic brands. Cannabis is an industry where his background in patient marketing, wellness retail, corporate planning, and traditional CPG brand building are all necessary to deliver growth, and I couldn’t be more pleased to add these capabilities to our arsenal for driving long-term value," said CEO Charles Bachtell. Cresco Labs stock is currently trading for $6.79.
Butler steps into the position after most recently serving as Operating Partner at MNML Ventures, an affiliate of Cresco Labs. In this position, he led the creation of a pioneering portfolio strategy, relaunched seven cannabis brands with new brand positionings, and drove the conception and launch of the national Sunnyside retail brand.
Cresco Labs Stock Rallies on Origin House Deal
Cresco Labs stock rallied at the beginning of the year after shareholders approved its long-awaited merger with Origin House. However, the stock took a pounding in mid-2019 when the valuation of that deal was slashed from the US$1 billion price tag initially put forward in April. The amended terms will see Origin House shareholders receive 0.7031 shares of Cresco Labs for every common share, and 70.31 shares of Cresco Labs for every Class A share. The deal is expected to close imminently.
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