Cresco Labs Announces First Quarter 2022 Results

Cresco Labs Announces First Quarter 2022 Results
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<![CDATA[CHICAGO–(BUSINESS WIRE)–PRESS RELEASE–Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ), a vertically integrated, multi-state operator and the number one U.S. wholesaler of branded cannabis products, today released its financial results for the three months ended March 31, 2022. 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.First Quarter 2022 Financial HighlightsFirst quarter revenue of $214 million, up 20% year-over-yearGross profit excluding fair value mark-up for acquired inventory of $113 million, or 53% of revenue, an increase of 29% year-over-yearFirst quarter adjusted EBITDA of $51 million, or 24% of revenue, an increase of 45% year-over-yearWholesale revenue of $95 million, maintained position as #1 seller of branded cannabis products in U.S. with leading share in the flower, concentrates, and vape categoriesRetail revenue increased 44% year-over-year, to $119 million, or $2.5 million per average store open in the quarter and same-store-sales increased 9% year-over-yearEnded the quarter with $179 million of cash on handOpened four new retail stores, three in Florida and one in Pennsylvania, bringing the company’s total retail footprint to 50Launched branded product portfolio in Florida, including High Supply, Good News® Remedi and Sunnyside* ChewsManagement Commentary”Q1 was a solid quarter for the Cresco Labs team in a challenging environment for all consumer product categories. While our 10-state footprint saw a cumulative sequential contraction of 4.5%, we held or took market share in most of our states and outperformed the markets with our 2% decline. We understand that an emerging industry’s growth trajectory is rarely linear, especially a highly regulated industry with a fragmented state-by-state structure, conflicting federal and state laws, and the addition of general macro pressures. Notwithstanding, we continue to execute with a clear and focused strategy to obtain market leadership with a portfolio of cannabis…

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