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Cresco Labs Inc., a vertically integrated U.S. cannabis operator, reported Q2 2026 revenues of $173,341 thousand, with wholesale contributing $52,230 thousand and dispensary sales $121,111 thousand. Gross profit was $86,947 thousand and income from operations $13,361 thousand. Net income attributable to Cresco Labs was $16,796 thousand, or $0.04 diluted earnings per share; for the first half of 2026, net income attributable to Cresco Labs was $3,724 thousand.
At June 30, 2026, total assets were $1,263,320 thousand and total liabilities $999,970 thousand, leaving shareholders’ equity of $263,350 thousand. Cash and cash equivalents declined to $32,872 thousand from $57,902 thousand at year-end, while net cash provided by operating activities for the first half of 2026 was $9,794 thousand versus $39,294 thousand a year earlier. Total borrowings and interest payable were $446,909 thousand, including a $325,000 thousand Senior Secured Term Loan and a $50,000 thousand Revolving Credit Facility with $1,411 thousand drawn.
The company continued to expand its retail footprint, completing business combinations and an asset acquisition involving dispensaries with total consideration of $65,393 thousand and recording $13,813 thousand of additional goodwill and higher license values. Following an order placing qualifying cannabis products into Schedule III under the Controlled Substances Act and related changes to Internal Revenue Code Section 280E, Cresco Labs recorded a $26,700 thousand net tax benefit in Q2 2026, contributing to positive net income despite a pre-tax loss. As of August 6, 2026, Cresco Labs operated 89 dispensaries (including retail partners) and 13 cultivation and production facilities across eight U.S. states.
Cresco Labs Inc. reported Q1 2026 unaudited results, showing revenue of $151.3 million compared with $165.8 million a year earlier as both wholesale and retail sales softened.
The Company recorded a net loss of $17.0 million, similar to the prior-year loss, with interest expense of $14.9 million and income tax expense of $14.2 million driving results. Operating cash flow swung to an outflow of $5.6 million from a prior inflow, and cash and cash equivalents declined to $32.3 million (restricted cash $31.2 million). Long-term notes and loans payable, net, were $418.2 million, including a $325 million Senior Secured Term Loan.
Cresco continued expansion, completing a $14.7 million acquisition of four dispensaries and signing a purchase agreement, pending approvals, to acquire nine additional dispensaries for an estimated $50.0 million. The Company also highlighted significant uncertain tax position liabilities related to IRC Section 280E and noted that an April 2026 federal order to place certain cannabis products in Schedule III could materially affect future tax and compliance outcomes, though no financial impact is yet reflected.
Cresco Labs Inc. files its Annual Report on Form 40-F and discloses shares outstanding as of December 31, 2025: 158,940,757 Special Subordinate Voting Shares, 343,232,815 Subordinate Voting Shares, 81,492 Proportionate Voting Shares, and 500,000 Super Voting Shares.
The company reports that its disclosure controls were not effective as of December 31, 2025 due to material weaknesses in IT general controls (program change-management and job monitoring). Management says other prior material weaknesses were remediated as of that date and remediation efforts for the remaining ITGC weaknesses are underway.
Cresco Labs Inc. has launched an at-the-market equity program qualifying for distribution of up to C$140,000,000 of Subordinate Voting Shares through Haywood Securities as agent. Shares will be sold on the CSE and other Canadian marketplaces at prevailing market prices, with no minimum raise.
The company will pay the agent a 2.5% commission on gross proceeds and estimates offering expenses of about US$250,000. Net proceeds are intended for general corporate purposes, debt repayment, capital programs and potential acquisitions, and may be used to support periods of negative operating cash flow. As of September 30, 2025, Cresco had 340,486,810 Subordinate Voting Shares outstanding, so actual dilution will depend on how much of the facility is used.
Cresco Labs Inc. filed a Form 6-K as a foreign private issuer for September 2025. The filing notes that the company entered into a Senior Secured Term Loan Agreement dated August 13, 2025 and issued a related news release on the same date.
Cresco Labs Inc. has completed its previously announced employee option exchange offer. Shareholder approval for the Exchange Offer was obtained at the annual general and special meeting held on September 16, 2025, and the offer expired at 11:59 p.m. Eastern Time on September 17, 2025.
A total of 14 eligible participants elected to exchange options to purchase an aggregate of 8,865,902 subordinate voting shares, which the company accepted for cancellation. These options represented approximately 99% of the subordinate voting shares underlying Eligible Options. Immediately after expiration of the Exchange Offer on September 17, 2025, the company granted 8,865,902 restricted stock units (RSUs) under its 2018 Incentive Plan. The new RSU awards vest ratably over three years as described in the Exchange Offer.