[PRESS RELEASE] – CHICAGO, June 8, 2026 – Cresco Labs Inc. announced the closing of a credit agreement with Needham Bank, a Massachusetts-based commercial bank, providing the Company with a US$50 million revolving credit facility (the “facility”).
For Cresco Labs and the broader cannabis sector, capital has historically come from private credit at elevated rates. The facility reflects the continued maturation of the industry, expanding access to more efficient sources of capital and further normalizing capital access for leading operators.
Borrowings under the facility will be available to fund growth initiatives, acquisitions and general corporate purposes. As a source of nondilutive capital, the facility enhances Cresco's ability to pursue strategic opportunities that strengthen the company's balance sheet and long-term financial profile. The facility bears interest at a fixed annual rate of 7.99% and matures in August 2030.
"This facility reflects both the continued maturation of the industry and Cresco's position within it," Cresco Labs CEO Charlie Bachtell said. "Access to conventional bank capital gives us a powerful, nondilutive tool to accelerate our strategy. As demonstrated by our recent Pennsylvania acquisition, we see significant opportunities to deploy capital into assets that enhance earnings, improve margins and create long-term shareholder value. This added flexibility positions us to drive growth, strengthen our balance sheet and support Cresco as we work toward broader access to U.S. capital markets and a future uplisting to a senior exchange."
Needham Bank’s Michelle Haughton, first vice president of structured finance, said, “In addition to providing financing to fuel Cresco Labs’ growth, Needham Bank is also providing a comprehensive suite of financial services including credit, state-of-the-art cash management and consumer payments to Cresco Labs, one of the largest publicly traded, multistate cannabis companies in the U.S. Our ability to provide a compliant, nationwide banking platform perfectly aligns with their strong operational and financial profile. We look forward to building a rewarding relationship with Cresco Labs for many years to come.”
