Cannabis innovator Cresco Labs Inc. CL CRLBF generated revenue of $66.4 million during the company's first quarter. That's up by 60% from the previous quarter.
The news was included in Cresco's most recent financial earnings report.
The Chicago-based company credited the significant revenue growth to its expanded cultivation footprint in Illinois and Pennsylvania.
"In Q1 we built, staffed, integrated, and refined our operations in the largest and most important cannabis markets in the U.S.," said the company's co-founder and CEO Charles Bachtell.
In its first-quarter earnings report, Cresco reported:
- Operational gross profit of 48% - as a percentage of revenue – versus 51% in the previous quarter
- Selling, general and administrative expenses of $46.7 million including $11.8 million in non-core costs and $1.4 million in share-based compensation
- A net loss of $13.4 million adjusted EBITDA of $3.2 million, representing an increase of 11%
- A year-over-year increase of 144% in same-store sales, compared to the same period last year
- Retail revenue growth of 87% in comparison to the fourth quarter of 2019
- A 40% sequential growth of Cresco brands in California
Some of the company achievements include: expanding its presence across the country by opening recreational-use dispensaries in Chicago, and Danville; and acquisition of Californian CannaRoyalty Corp, which operates as Origin House.
On Tuesday, the company confirmed it purchased four Verdant Creations' dispensaries in Ohio.
"With our major CapEx investments behind us, our outstanding transactions substantially completed, increased capacity coming online, and additional dispensaries opening, Cresco expects to deliver substantial growth in 2020," stated Bachtell.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.