The Globe and Mail reports in its Friday, May 26, edition that while the first quarter results of Cresco Labs were "softer than expected," Echelon Capital Partners analyst Andrew Semple was alarmed by the "incrementally more cautious commentary" from its management about its proposed $2-billion acquisition of rival Columbia Care. The Globe's David Leeder writes that Mr. Semple cut his share target for Cresco Labs to $2.75 from $3, while maintaining his recommendation at "hold." Analysts on average target the shares at $5.67. Mr. Semple says in a note: "We prefer to remain tactfully to the sidelines with our rating since the company will likely continue to have some ongoing noise in its financial results asset closures undertaken in H123, as well as potential risk that divestitures from the Columbia Care transaction could fall short of prior expectations. Although our EBITDA estimates remain below the consensus for 2023, the gap has narrowed from 30 per cent as of our last update to 5 per cent currently, with the consensus moving closer to our figures. We believe forward estimates may find some support in H223 as Cresco focuses on cash-flow and cost cutting, which could lend support to its valuation."