Please ensure Javascript is enabled for purposes of website accessibility

Cresco Labs Keeping Marijuana Dispensaries Open as Permitted

By Eric Volkman - Mar 20, 2020 at 9:44AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

But the cannabis company is taking steps to encourage social distancing in and around its stores.

On Thursday, Cresco Labs (CRLBF 1.09%) updated investors and other interested parties about its response to the COVID-19 pandemic. The vertically integrated cannabis company said it will keep its numerous dispensaries open during their normal operating hours, at least to the extent allowed by law.

An increasing number of American municipalities have imposed strict "stay at home" measures on their citizens in an attempt to limit the speed at which the SARS-CoV-2 coronavirus spreads. These generally mandate people to remain in their residences unless they have legitimate reasons for venturing out such as buying food or medicine.

Cresco Labs' Sunnyside dispensary in illinois.

Image source: Cresco Labs

Although it's keeping the lights on in its stores, Cresco says it is stepping up efforts to keep them clean, and to ensure the safety of patrons. The company says it "has heightened its already-stringent sanitation measures and implemented procedures at the retail level to ensure adequate social distancing between employees and consumers."

Cresco added that it is encouraging customers to consider ordering online and arranging for home delivery -- moves that conform to the social-distancing recommendations of healthcare professionals. Another option that offers a reduction in personal contact is curbside pickup: the Illinois-based marijuana company says it's launching that next week at its stores in its home state.

Additionally, operations at Cresco's numerous cannabis cultivation sites will carry on as before, albeit with "elevated" safety and sanitation efforts. 

"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," Cresco said.

On Thursday, Cresco stock more or less moved in sync with the broader market indexes, and rose by slightly more than 5%.

 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Cresco Labs Inc. Stock Quote
Cresco Labs Inc.
CRLBF
$2.79 (1.09%) $0.03

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
321%
 
S&P 500 Returns
111%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/24/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.