Cresco Labs Announces Voting Results of Its Annual General and Special Meeting of Shareholders
11 July 2024 - 7:54AM
Business Wire
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco
Labs” or the “Company”), the industry leader in branded
cannabis products with a portfolio of America’s most popular brands
and the operator of Sunnyside dispensaries, today announced the
results of its annual general and special meeting of shareholders
(the “Meeting”) held on July 10, 2024.
At the Meeting, the number of directors on the board of
directors of the Company for the ensuing year was fixed at eight
(8) by the shareholders and the following nominees for election as
directors of the Company were elected by a majority of votes cast
by the shareholders virtually present or represented by proxy at
the Meeting:
- Charles Bachtell
- Tarik Brooks
- Gerald F. Corcoran
- Marc Lustig
- Thomas J. Manning
- Randy D. Podolsky
- Michele Roberts
- Robert M. Sampson
Further, Marcum LLP was reappointed as the Company’s auditor for
the ensuing year.
At the Meeting, shareholders passed an ordinary resolution to
approve the Amended and Restated Cresco Labs Inc. 2018 Long-Term
Incentive Plan (the “Amended Plan”). The Amended Plan
provides for an increase in the share pool by adding 20,000,000
subordinate voting shares available for issuance under the Amended
Plan. The share pool will remain at this increased amount until 10%
of the issued and outstanding as-converted subordinate voting
shares equals or exceeds such amount, after which the share pool
will again be determined on a 10% rolling basis. Cresco Labs
remains committed to a 10% rolling plan in the long-term, and the
additional 20,000,000 subordinate voting shares will act as a
temporary bridge to allow the Company to properly incentivize its
employees and directors until the first date that there is
equivalent capacity under a 10% rolling plan.
Shareholders of Cresco Labs also voted to approve the option
exchange program (“Option Exchange”) at the Meeting. Under
the Option Exchange, certain employees were given the opportunity
to exchange on a value-neutral basis certain out-of-the-money stock
options for a lesser number of new stock options (the “New
Options”) with an exercise price equal to the higher of the
closing price of the Company’s subordinate voting shares on the
grant date of the New Options (the “New Option Grant Date”)
or the trading day preceding the New Option Grant Date. In addition
to the benefits for employees, the Option Exchange reduced the
Company’s equity overhang (the potential dilution represented by
outstanding equity awards) by approximately 1.7 million shares.
Each of the foregoing matters was approved by more than 97% of
the shares voted at the Meeting.
About Cresco Labs Inc.
Cresco Labs’ mission is to normalize and professionalize the
cannabis industry through a CPG approach to building national
brands and a customer-focused retail experience, while acting as a
steward for the industry on legislative and regulatory-focused
initiatives. As a leader in cultivation, production and branded
product distribution, the Company is leveraging its scale and
agility to grow its portfolio of brands that include Cresco, High
Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and
Remedi, on a national level. The Company also operates highly
productive dispensaries nationally under the Sunnyside brand that
focus on building patient and consumer trust and delivering ongoing
education and convenience in a wonderfully traditional retail
experience. Through year-round policy, community outreach and SEED
initiative efforts, Cresco Labs embraces the responsibility to
support communities through authentic engagement, economic
opportunity, investment, workforce development and legislative
initiatives designed to create the most responsible, respectable
and robust cannabis industry possible. Learn more about Cresco
Labs’ journey by visiting www.crescolabs.com or following the
Company on Facebook, X or LinkedIn.
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
(collectively, “forward-looking statements”). Such 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
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 for the year ended December
31, 2023, filed on SEDAR+ and EDGAR, 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 Labs’ 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240710014380/en/
Media Jason Erkes, Cresco Labs Chief Communications
Officer press@crescolabs.com 312-953-2767
Investors TJ Cole, Cresco Labs SVP, Corporate Development
& Investor Relations investors@crescolabs.com
For general Cresco Labs inquiries: 312-929-0993
info@crescolabs.com
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