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Cresco Labs Inc. - CRLBF STOCK NEWS

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CRESCO LABS INC (CRLBF) is an Illinois-based medical cannabis company licensed to develop and operate medical cannabis cultivation centers in police districts 5, 9, and 21. The company exceeded the state's qualifying standards and received the highest scores among cultivation center applicants, securing three out of 18 total awarded cultivation licenses under the Illinois Medical Cannabis Pilot Program.

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Cresco Labs, a leading cannabis products company, announced the results of its annual general and special meeting of shareholders held on July 10, 2024. Shareholders elected eight directors and reappointed Marcum LLP as the auditor. Key resolutions included the approval of an Amended and Restated 2018 Long-Term Incentive Plan, increasing the share pool by 20 million subordinate voting shares, and the approval of an option exchange program to reduce equity overhang by 1.7 million shares. Each resolution was approved by over 97% of votes cast.

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Cresco Labs (CSE: CL, OTCQX: CRLBF, FSE: 6CQ) reported its Q1 2024 financial results, highlighting significant improvements and strategic advancements.

Revenue stood at $184 million, remaining flat year-over-year, excluding strategic divestitures. The company achieved a gross profit of $92 million and an adjusted gross profit of $95 million, up by 7%. Adjusted gross margin improved to 51%.

SG&A expenses were $54 million, with adjusted SG&A reduced by 24% to $52 million, making up 28% of revenue. Adjusted EBITDA soared by 82% to $53 million, yielding a 29% adjusted EBITDA margin.

Cash flow from operations grew dramatically by 1,000% to $36 million, leading to a free cash flow of $33 million. Despite these gains, Cresco Labs reported a net loss of $2 million for the quarter.

The company maintained its leading market positions in Illinois, Pennsylvania, and Massachusetts. As of March 31, 2024, the company held $125 million in cash and cash equivalents. Cresco Labs has a total debt of $405 million and 475,235,515 total shares.

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Cresco Labs Inc. announced its participation in upcoming conferences in May 2024, including the 19th Annual Needham Technology, Media & Consumer Conference and the 8th Annual Canaccord Global Cannabis Conference. The Company will engage in fireside chats, panels, and one-on-one meetings during these events.

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Cresco Labs, a leader in branded cannabis products, will report its first quarter 2024 financial results on May 15, 2024. The company will discuss key business highlights during a conference call and webcast.

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Cresco Labs Inc. reports strong financial performance in Q4 2023 with revenue of $188 million and a 12% increase in adjusted gross profit. The company achieved a 3x improvement in full-year Operating Cash Flow and retained the No. 1 share position in key markets. However, there was a 2% decline in revenue due to strategic divestitures. Fiscal Year 2023 highlights include revenue of $771 million, adjusted EBITDA of $174 million, and a net loss of $180 million. The company's focus on the Year-of-the-Core strategy led to margin expansion and positive free cash flow.
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Cresco Labs Inc. announces the reporting of financial results for Q4 and year-end 2023, along with a conference call and webcast to discuss business highlights.
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Cresco Labs Inc. opens Sunnyside Gettysburg store in Pennsylvania, expanding its presence in the state. The new location offers a variety of cannabis products to qualified patients and caregivers.
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Cresco Labs Inc. announces the transfer of Super Voting Shares among directors, enhancing balance and voting power within the company.
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Cresco Labs Inc. announces the promotion of Greg Butler to President, overseeing all aspects of operations. Butler's experience in leading large iconic brands and his contributions to the development of Cresco Labs are highlighted. The company expresses confidence in its preparedness for the future of the cannabis industry.
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Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) reports strong margin and operating cash flow gains, eliminating over $40 million in annualized operating costs. Third quarter revenue reached $191 million, with adjusted gross margin increased by over 480 bps, and adjusted EBITDA margin rose by over 1000 bps. The company retained the No. 1 share position in Illinois, Pennsylvania, and Massachusetts, maintaining the industry's No. 1 bestselling portfolio of branded flower and branded concentrates.
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FAQ

What is CRESCO LABS INC (CRLBF)?

CRESCO LABS INC (CRLBF) is an Illinois-based medical cannabis company licensed to develop and operate medical cannabis cultivation centers.

Where is CRESCO LABS INC (CRLBF) located?

CRESCO LABS INC (CRLBF) is based in Illinois and operates in police districts 5, 9, and 21.

How many cultivation licenses did CRESCO LABS INC (CRLBF) secure?

CRESCO LABS INC (CRLBF) secured three out of 18 total awarded cultivation licenses under the Illinois Medical Cannabis Pilot Program.

What sets CRESCO LABS INC (CRLBF) apart from other cannabis companies?

CRESCO LABS INC (CRLBF) stands out for exceeding the state's qualifying standards and receiving the highest scores among cultivation center applicants.

What is the significance of CRESCO LABS INC (CRLBF) in the cannabis industry?

CRESCO LABS INC (CRLBF) plays a key role in the medical cannabis sector by developing and operating cultivation centers in Illinois.

How does CRESCO LABS INC (CRLBF) contribute to the community?

CRESCO LABS INC (CRLBF) contributes to the community by providing medical cannabis products and services through its cultivation centers.

What licenses does CRESCO LABS INC (CRLBF) hold?

CRESCO LABS INC (CRLBF) holds licenses to develop and operate medical cannabis cultivation centers in Illinois.

What are some of CRESCO LABS INC (CRLBF) recent achievements?

CRESCO LABS INC (CRLBF) recently received the highest scores among cultivation center applicants and secured three cultivation licenses under the Illinois Medical Cannabis Pilot Program.

Is CRESCO LABS INC (CRLBF) publicly traded?

Yes, CRESCO LABS INC (CRLBF) is publicly traded under the symbol CRLBF.

How can I stay updated with CRESCO LABS INC (CRLBF) news?

Stay tuned to the latest news and updates from CRESCO LABS INC (CRLBF) through various news sources and the company's official announcements.

Cresco Labs Inc.

OTC:CRLBF

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CRLBF Stock Data

548.46M
309.84M
0.71%
7.89%
Medicinal and Botanical Manufacturing
Manufacturing
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United States of America
Chicago