Cresco Labs Announces Third Quarter 2021 Financial Results


Company reports $6 million sequential top line growth with $11 million boost to bottom line for record Adjusted EBITDA margin 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 third quarter ended September 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. Third Quarter 2021 Financial Highlights1 Revenue of $215.5 million, an increase of 2.6% quarter-over-quarter and 40.6% year-over-year Gross profit excluding fair value mark-up for acquired inventory of $116.7 million, or 54.2% of revenue, an increase of 9.0% quarter-over-quarter and 48.3% year-over-year Adjusted EBITDA2 of $56.4 million, or 26.2% of revenue, an increase of 24.0% quarter-over-quarter Record net wholesale revenue of $109.3 million Record retail revenue of $106.2 million from 37 stores Financial Outlook The Company reaffirms the previously provided guidance of: Gross profit margins in excess of 50.0% in the remainder of 2021 Adjusted EBITDA2 margin of at least 30.0% by the end of 2021 Revenue in the fourth quarter between $235 million and $245 million Management Commentary “Q3 was another outstanding quarter at Cresco Labs and a very strong start to the second half of the year. During the quarter, we replenished our balance sheet with non-dilutive capital, we closed a transformative acquisition in Massachusetts creating our third top three market share in a billion-dollar market, we announced several new deals to drive market depth, and we made massive improvements in bottom-line profitability as infrastructure investments began to bear fruit,” said Charles Bachtell,…

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