Cresco Labs Closes US$50 Million Revolving Credit Facility with Needham Bank

Executive Summary

• Cresco Labs Inc. announced the closing of a US$50 million revolving credit facility with Needham Bank, securing conventional commercial bank financing for the first time in the cannabis sector.
• The facility carries a fixed annual interest rate of 7.99% and matures in August 2030, providing non-dilutive capital to fund growth initiatives, acquisitions, and general corporate purposes.
• The financing enhances Cresco's financial flexibility, supports its disciplined growth and consolidation strategy, and positions the company to strengthen its balance sheet while working toward broader access to U.S. capital markets and a potential future uplisting to a senior exchange.

Key Details

• Facility Amount & Type: US$50 million revolving credit facility
• Lender: Needham Bank (Massachusetts-based commercial bank)
• Interest Rate: Fixed annual rate of 7.99%
• Maturity Date: August 2030
• Use of Proceeds: Growth initiatives, acquisitions, and general corporate purposes
• Strategic Impact: Provides non-dilutive capital to accelerate consolidation strategy, enhance balance sheet strength, and support long-term financial profile improvements
• Additional Services: Needham Bank will provide a comprehensive suite of financial services including credit, state-of-the-art cash management, and consumer payments
• Industry Context: Reflects the maturation of the cannabis industry and expanding access to efficient, conventional capital sources for leading operators, moving away from historically elevated private credit rates
• Regulatory/Prospectus Note: Classified as a “designated news release” under the Company’s prospectus supplement dated January 29, 2026, to its short form base shelf prospectus dated October 3, 2025

Notable Quotes

• Charlie Bachtell, Chief Executive Officer of Cresco Labs: "This facility reflects both the continued maturation of the industry and Cresco's position within it... Access to conventional bank capital gives us a powerful, non-dilutive 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."
• Michelle Haughton, First Vice President, Structured Finance at Needham Bank: "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."