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Cresco Labs Inc. (CRLBF) operates at the forefront of medical cannabis cultivation and regulatory compliance. This dedicated news hub provides investors and industry observers with timely updates on corporate developments, financial disclosures, and operational milestones.
Access official press releases alongside curated analysis covering earnings reports, partnership announcements, and regulatory achievements. Our aggregation ensures you stay informed about CRLBF's progress in expanding cultivation capacity, maintaining quality standards, and navigating evolving cannabis legislation.
Key content includes updates on production innovations, patient-focused initiatives, and strategic market expansions. Bookmark this page for streamlined tracking of Cresco Labs' performance in the competitive medical cannabis sector.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ), a leading branded cannabis products company, has announced its plans to report second quarter 2024 financial results on August 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 financial results and provide key business highlights to investors.
Interested parties can access the earnings conference call via a toll-free number (1-800-715-9871) or a US local number (1-646-307-1963) using the access code 9627744. A webcast of the call will also be available, with archived access provided on Cresco Labs' investor relations website for one year following the event.
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.
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.
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.
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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