Cresco Labs Stock Price, News & Analysis

Cresco Labs reported robust financial results for Q2 2021, highlighting a revenue of $210.0 million, up 17.7% quarter-over-quarter and 122.8% year-over-year. Gross profit reached $107.0 million, representing 51.0% of revenue, a 22.2% increase from the previous quarter. Net income surged to $2.7 million, a substantial rise from previous quarters. Adjusted EBITDA was reported at $45.5 million. The company maintains its guidance for a $1 billion annualized revenue run-rate by the end of 2021 and aims for gross profit margins exceeding 50%.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced the closure of an agreement to upsize its senior secured term loan to US$400 million, with a reduced interest rate of 9.5% per annum and a maturity date of August 12, 2026. The funds will be used to retire a US$200 million credit facility, finance capital expenditures, and support growth initiatives in the U.S. cannabis sector. This move is seen as a strategy to improve capital structure and flexibility without diluting shareholder equity.

Cresco Labs, a leading cannabis operator in the U.S., will report its second-quarter financial results on August 13, 2021. The conference call will occur at 8:30 AM EDT, providing insights into the company's performance and business highlights. Cresco Labs is recognized for its extensive portfolio of branded cannabis products and aims to normalize the cannabis industry. Their wellness-focused dispensary brand, Sunnyside, represents a commitment to consumer education and trust.

Cresco Labs (OTCQX:CRLBF) has opened its fourth Sunnyside dispensary in Pennsylvania, located in downtown Philadelphia. The medical-only store, housed in a historic building, offers over 5,500 square feet of space and 10 points of sale for a variety of cannabis products. Patients can enjoy a seamless shopping experience with options for online ordering and same-day pickup. With this expansion, Cresco continues to solidify its presence in the state, distributing its portfolio of branded products to all dispensaries. The company remains focused on professionalizing the cannabis industry.

Cresco Labs, a leading cannabis operator, has expanded its Good News brand with the launch of new edible and vape products, including Counting Sheep, Day Off, and Pride, in California, Illinois, and Michigan. The Counting Sheep product features CBN for sleep enhancement, while Day Off combines CBD with THC for relaxation. Pride, available for a limited time during Pride month, includes assorted flavors aimed at celebrating the LGBTQIA+ community. Consumer interest in edibles and vapes continues to grow, with BDSA reporting significant sales increases in these categories, underscoring Cresco's strategic portfolio diversification.

Cresco Labs (OTCQX:CRLBF) announced the appointment of Sidney Dillard to its board, enhancing its corporate governance. Dillard, with over 30 years in financial services, brings expertise in raising capital and strategic growth. Her background includes leadership roles at Loop Capital Markets, contributing to significant revenue growth. The company anticipates that her insights will aid in preparing for a potential U.S. listing and optimizing capital structure, further strengthening Cresco's industry-leading role in social impact and shareholder value.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced it will report its Q1 2021 financial results on May 27, 2021, before market opens. For the first time, the company will present its results under U.S. GAAP, prompting a later reporting date. This transition aims to align with U.S. investor expectations and enhance opportunities in U.S. capital markets. Alongside the Q1 results, prior financials for four quarters will also be provided in U.S. GAAP format. A conference call will occur on the same day at 8:30 AM EST to discuss the results and business highlights.

Cresco Labs (OTCQX:CRLBF) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its acquisition of Cultivate Licensing LLC and BL Real Estate LLC. The absence of a "second request" from the DOJ indicates regulatory clearance, moving the company closer to finalizing the deal, pending state approval expected in Q4 2021. Upon completion, Cresco Labs anticipates entering the top three in Massachusetts' cannabis market, enhancing its strategic position in states with significant revenue potential.

Cresco Labs (OTCQX:CRLBF), a leading U.S. cannabis operator, announced its participation in two upcoming investor conferences. The first is the Alliance Global Partners Spring Consumer Cannabis Conference on May 4, 2021, where CEO Charlie Bachtell will join a panel at 12:00 PM EST. The second event is the Canaccord Genuity Cannabis Virtual Conference on May 11, 2021, with Bachtell presenting at 8:30 AM EST. Cresco Labs is the largest wholesaler of cannabis products in the U.S., operating major brands and focusing on consumer education and equity initiatives.