Cresco Labs - CRLBF STOCK NEWS

Cresco Labs reported strong financial results for 2024, achieving record operating cash flow of $132 million, up 126% year-over-year. The company generated annual revenue of $724 million with an Adjusted EBITDA of $200 million, increasing 15% from the previous year.

Key financial highlights include gross profit of $364 million, adjusted gross margin of 52% (improving 270 bps), and reduced Adjusted SG&A by 12% to $212 million. The company reported a net loss of $60 million, including one-time non-cash charges of $66 million related to 280E position benefits.

Cresco maintained market leadership as the No. 1 share position in Illinois, Pennsylvania, and Massachusetts throughout 2024. The company ended the year with $141 million in cash and announced expansion into Kentucky as one of only two Tier 3 cultivators, with up to 25,000 square feet of canopy representing over 20% of the state's total allocation.

Cresco Labs has secured a management services agreement for a Tier 3 Cultivation License in Kentucky, becoming one of only two operators with this coveted license type. The agreement allows Cresco to manage and operate a cultivation facility with up to 25,000 square feet of canopy.

Kentucky's medical cannabis program, which launched on January 1, 2025, includes a total of 115,000 square feet of approved canopy space and 48 retail licenses. Industry analysts project the market to generate over $135 million in revenue by 2026, expanding to more than $228 million by 2028.

CEO Charlie Bachtell emphasized that this expansion represents the company's first opportunity to reinvest free cash flow into high ROIC growth initiatives, following two years of core business solidification.

Cresco Labs (CSE:CL) (OTCQX:CRLBF), a leading branded cannabis products company and operator of Sunnyside dispensaries, has scheduled its Fourth Quarter and Full Year 2024 financial results announcement for March 12, 2025, before market opening.

The company will host an earnings conference call and webcast at 8:30 am ET on the same day. Investors can access the call through US Toll Free (1-833-470-1428) or US Local (1-404-975-4839) numbers using access code 680910. The webcast recording will remain accessible for one year on Cresco Labs' investor relations website.

Cresco Labs reported strong Q3 2024 financial results, highlighting record quarterly operating cash flow of $49 million and year-to-date operating cash flow of $103 million, up 66% year-over-year. The company achieved $180 million in revenue with an Adjusted EBITDA of $51 million, representing a 5% year-over-year increase. The quarter showed a 29% Adjusted EBITDA margin, improving 280 basis points year-over-year. Cresco maintained market leadership positions in Illinois, Pennsylvania, and Massachusetts while advancing to top 3 in Ohio. Despite recording a net loss of $8 million, the company demonstrated strong cash management with $157 million in cash and equivalents.

Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ), a leading cannabis company, has announced it will release its third quarter 2024 financial results on Friday, November 8th, 2024, before the market opens. The company will host a conference call and webcast on the same day at 8:30 am EST to discuss the results and provide key business highlights to investors.

Interested parties can access the earnings conference call via webcast or by dialing in. The US toll-free number is 1-833-470-1428, while the US local number is 1-404-975-4839, with the access code 435112. The webcast will be archived and available for one year on Cresco Labs' investor relations website.

Cresco Labs Inc. (OTCQX: CRLBF) announced that CFO Dennis Olis will retire after a planned transition to Sharon Schuler, an experienced financial executive. Schuler, who recently joined Cresco Labs, brings extensive corporate finance experience from her role at BJ's Wholesale Club. During Olis's tenure since July 2020, Cresco Labs grew from $125 million to over $735 million in annual revenue, with significant profitability improvements including a 2,900 basis point increase in Adjusted EBITDA margin and over $100 million improvement in annual operating cash flow. Schuler's background in strategy, operations, and financial planning in the retail sector is expected to drive Cresco Labs' next growth phase.

Bloom, a leading national vape brand, has partnered with Cresco Labs (CSE:CL) (OTCQX:CRLBF) to expand into Florida. Launching in November 2024, Bloom's Surf all-in-one vape will be exclusively produced by Cresco Labs and available at all 33 Sunnyside dispensaries in Florida. This marks Bloom's entry into its seventh state, with products already available in California, Illinois, Michigan, New Mexico, and New York, and launches planned for New Jersey and Virginia in Q3 and Q4, respectively.

Bloom, celebrating its 10th anniversary, is one of the top five fastest-growing cannabis brands in the US. The company's Surf hardware has gained popularity as one of the most sought-after all-in-one vape devices nationally. Bloom will initially launch its Classic line products in .5g and 1g formats, with the Live line set to follow in Q4 2024.

Cresco Labs (OTCQX: CRLBF) reported its Q2 2024 financial results, showing consistent profitability improvement. Key highlights include:

• Revenue of $184 million
• Adjusted EBITDA of $54 million, up 33% year-over-year
• Adjusted EBITDA margin of 29%, an 880 bps improvement
• Operating cash flow of $17 million and Free Cash Flow of $11 million

The company retained the No. 1 share position in Illinois, Pennsylvania, and Massachusetts. Cresco Labs also announced a new tax position, expecting to recognize an estimated cash savings of $65 million in 2024. The company remains optimistic about cannabis reform progress and its readiness for industry changes.

Cresco Labs has launched adult-use cannabis distribution and retail sales in Ohio, marking a significant expansion of its operations. The company's Yellow Springs cultivation/processing facility and all five Sunnyside Dispensaries in Ohio are now approved to serve both medical and adult-use customers. CEO Charlie Bachtell highlighted that Ohio is the 24th state to launch an adult-use cannabis program, signifying a tipping point in cannabis acceptance.

Cresco Labs' Sunnyside stores in Ohio are reported to be twice as productive as the state average. The company manufactures and distributes several branded products throughout the state, including Cresco, Supply, Good News, Wonder Wellness, and Mindy's. With Ohio being the seventh-most-populous state and expected to become a $2 billion market, this expansion represents a significant growth opportunity for Cresco Labs.