Cresco Labs Announces Second Quarter 2021 Financial Results


Company reports record revenue of $210 million and reaffirms annualized revenue run-rate guidance of $1 billion by the end of 2021 CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), a vertically integrated, multi-state operator and the number one U.S. wholesaler of branded cannabis products, today announced its financial results for the second quarter ended June 30, 2021. All financial information presented in this release is reported in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and U.S. dollars, unless otherwise noted, and all comparisons to prior quarter and prior year are made on an as-converted basis under U.S. GAAP. Second Quarter 2021 Financial Highlights Revenue of $210.0 million, an increase of 17.7% quarter-over-quarter and 122.8% year-over-year Gross profit excluding fair value markup for acquired inventory of $107.0 million, or 51.0% of revenue, an increase of 22.2% quarter-over-quarter and 233.3% year-over-year Net Income1 of $2.7 million, an increase of $26.8 million quarter-over-quarter and $44.4 million year-over-year Adjusted EBITDA2 of $45.5 million, an increase of 30.1% quarter-over-quarter Record net wholesale revenue of $108.7 million, an increase of 13.7% quarter-over-quarter and 97.9% year-over-year Record retail revenue of $101.3 million from 33 stores, an increase of 22.3% quarter-over-quarter and 157.6% year-over-year Financial Outlook The Company reaffirms the previously provided guidance of: Annualized revenue run-rate of $1 billion by the end of 2021 Gross profit margins in excess of 50% in the remaining two quarters of 2021 Adjusted EBITDA2 margin run-rate of at least 30% by the end of 2021 (1)  Net income includes amounts attributable to non-controlling interests. (2) See “Non-GAAP Financial Measures” at the end of this press release for more information regarding the Company’s use of non-GAAP financial measures. Management Commentary “Q2 was a strong quarter of head down execution at Cresco Labs and…

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