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Cresco Labs Inc. reports developments in branded cannabis products, retail dispensaries, cultivation, production and state-regulated market access. The company operates Sunnyside dispensaries and distributes cannabis brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi.
Recurring updates cover quarterly financial results, dispensary openings, medical and adult-use market activity, cannabis licensing matters and operational growth initiatives. Company communications also address branded product distribution, retail execution, balance sheet and cash-flow themes, community outreach, workforce development and legislative or regulatory engagement in the cannabis industry.
Cresco Labs (OTCQX:CRLBF) has expanded its retail presence to 57 locations with the opening of its 11th dispensary in Pennsylvania, located in Erie. This new Sunnyside location features a drive-through service for medical patients. CEO Charles Bachtell highlighted that Cresco has maintained its status as the top branded portfolio for medical patients in Pennsylvania throughout 2022. With licenses for four more stores in the state, the company aims to enhance patient access to its high-quality products. The Erie dispensary is strategically placed for increased accessibility, near major retailers and on Interstate 90.
Cresco Labs (OTCQX:CRLBF), a leading cannabis operator, has opened a new Sunnyside dispensary in Lutz, Florida, marking its 22nd location in the state and 56th nationwide. This expansion aims to serve more patients in the Tampa Bay area, complementing existing dispensaries in Tampa, Clearwater, and St. Petersburg. The dispensary features a range of products from Cresco Labs’ diverse portfolio, including Cresco and One Plant brands. CEO Charles Bachtell highlighted ongoing growth plans for 2023, emphasizing quality service and product availability. Sunnyside Lutz is strategically located on State Road 54 to enhance customer access.
Cresco Labs (OTCQX:CRLBF) announced the opening of its second dispensary in Orlando, Florida, marking the 21st store in the state and the 55th nationwide. This expansion targets the growing medical cannabis market, which now serves nearly 770,000 qualified patients in Florida. The new store aims to enhance accessibility to Cresco's branded products, aiming to serve both new and existing patients. Customers can order online or utilize next-day delivery, with regular hours set from 10 AM to 8 PM (Mon-Sat) and 10 AM to 5 PM (Sun).
Cresco Labs (CSE:CL, OTCQX:CRLBF), a leading U.S. cannabis wholesaler, announced its executive team's participation in key virtual conferences this December. CEO Charles Bachtell will engage in a fireside chat at the Cowen Cannabis Conference on December 6, followed by an MSO panel at the Stifel Future of Health Conference on December 7. Cresco Labs is committed to professionalizing the cannabis industry and offers a range of products through its well-known brands, including Cresco and Sunnyside. The firm also runs the SEED initiative, promoting social equity in cannabis.
Cresco Labs reported $210 million in revenue for Q3 2022, representing a 2% year-over-year decline, attributed to price compression and strategic exits from third-party distribution in California. Adjusted gross profit stood at $100 million, equating to 47% of revenue. The company generated $42 million in adjusted EBITDA, or 20% of revenue, impacted by cost-reduction measures. Retail revenue rose by 11%, and operating cash flow totaled $26 million. Cresco Labs plans divestitures of assets for up to $185 million to facilitate the integration of Columbia Care by Q1 2023.
Sean 'Diddy' Combs has signed agreements to purchase New York, Illinois, and Massachusetts assets from Cresco Labs (CNSX:CL) and Columbia Care (NEO:CCHW). This transaction, valued at up to US$185 million, marks Combs' entry into the cannabis industry and will create the largest Black-owned cannabis company in the world. The deal is a significant step towards Cresco's acquisition of Columbia Care, enhancing their market presence in major cities like New York City, Chicago, and Boston.
Cresco Labs (CSE:CL, OTCQX:CRLBF) will report its financial results for Q3 2022 on November 15, 2022, before market open. A conference call will follow at 8:30 AM EST to discuss the results and key business highlights. Cresco Labs is recognized as the largest U.S. wholesaler of branded cannabis products, employing a consumer-packaged goods approach. The company focuses on enhancing the cannabis industry through consumer education and social equity initiatives.
Cresco Labs (OTCQX:CRLBF) announced the immediate resignation of board director Sidney Dillard, who is joining a national health insurance provider to avoid regulatory conflicts. CEO Charles Bachtell expressed disappointment over her departure but acknowledged her contributions and emphasized the company's commitment to maintaining diverse leadership. Dillard expressed gratitude for her time at Cresco and shared optimism for the company's future. Cresco Labs is a leading U.S. cannabis wholesaler, known for its diverse array of trusted brands and initiatives focused on social equity within the industry.
Cresco Labs (CSE:CL, OTCQX:CRLBF) has announced the opening of its second Sunnyside dispensary in Pensacola, Florida, expanding its retail presence in the Florida Panhandle. This new location is the Company’s 54th nationwide. Despite challenges posed by Hurricane Ian, which affected store operations, Cresco has reopened its facilities and continues to serve Florida patients with medical cannabis. The Company is also engaged in community support initiatives, including food and water drives, to aid recovery efforts.
Cresco Labs announces its expansion into Florida, marking the launch of its flagship brand, Cresco, in its ninth market. The introduction includes a selection of Live Resin products available exclusively at Sunnyside dispensaries. The brand, known as the top-selling vape and concentrate brand in the U.S., aims to enhance product diversity for Florida patients. Cresco's Liquid Live Resin utilizes a patented extraction process that captures the strain's full-spectrum effects, making it a unique offering in the market.