Cresco Labs Announces Fourth Quarter, Full Year 2021 Results

Cresco Labs Announces Fourth Quarter, Full Year 2021 Results
Cannabtimes

<![CDATA[CHICAGO, March 23, 2022 – PRESS RELEASE – Cresco Labs Inc., a vertically integrated multistate operator and the No. 1 U.S. wholesaler of branded cannabis products, released its financial results for the three months and year ended Dec. 31, 2021. All financial information presented in this release is reported in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and in U.S. dollars, unless otherwise noted, and all comparisons to prior quarters and the prior year are made on an as-converted basis under U.S. GAAP.The Company announced today it has entered into a definitive arrangement agreement pursuant to which Cresco Labs will acquire all of the issued and outstanding shares of Columbia Care. Fiscal Year 2021 Financial HighlightsRecord revenue of $822 million, an increase of 73% year-over-yearGross profit excluding fair value mark-up for acquired inventory of $430 million, or 52% of revenue, and up 104% year-over-yearRecord adjusted EBITDA1 of $194 million, an increase of 219% year-over-yearEnded the year with over $224 million of cash on handFourth Quarter 2021 Financial HighlightsRecord fourth quarter revenue of $218 million, up 34% year-over-yearRecord fourth quarter adjusted EBITDA1 of $57 million, or 26% of revenue, an increase of 90% year-over-yearWholesale revenue of $101 million, maintained position as No. 1 seller of branded cannabis products in U.S. with leading share in the flower, concentrates, and vape categoriesRetail revenue increased 10% sequentially, to $117 million, an average of $2.8 million per storeSame-store-sales increased 28% year-over-year, 1% sequentiallyExcluding California, revenue grew 6% sequentiallyRecord cash flow from operations of $38 million1 See “Non-GAAP Financial Measures” at the end of the full press release for more information regarding the company’s use of non-GAAP financial measures.Management Commentary”This has been an incredible year of growth and margin expansion for Cresco Labs. We generated $822 million in annual revenue, representing 73% annual growth. Adjusted EBITDA1 more than tripled…

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