On Tuesday, Cresco Labs (CRLBF) reported its first-quarter earnings for 2019. The company said its total revenue for the three-month period ending March 31, 2019, increased 169% to $178 million from $68.5 million in the comparable period of last year, driven by growth in cultivation, processing, real estate and retail operations.
Cresco Labs Q1 Revenue Increases 169% to $178 Million, Reaching Record Highs in All Metrics . May 22, 2018 , 11:45 ET Cresco Labs (Cresco Labs) (OTCQX: CRLBF), a leading vertically integrated cannabis operator in the United States , today announced financial results for its first quarter ended March 31, 2018.
Cresco Labs Inc. (CSE: CL) (OTC: CRLBF) (FSE: 38G) (“Cresco Labs” or the “Company”), the largest U.S. based cannabis company, is pleased to announce its financial results for the first quarter of 2019. First Quarter 2019 Financial Summary Revenue for the three months ended March 31, 2019 was $178.0 million, up 169% from the comparable period in 2018. The revenue growth was driven by the Company’s acquisitions of Grassroots in the fourth quarter of 2018 and Grassroots Naturals in the first quarter of 2019, and the Company’s significant organic growth through its six operating subsidiaries.. Read more about cresco labs revenue 2020 and let us know what you think.
Cresco Labs announces financial results for the first quarter of 2021 under U.S. GAAP
The company has posted record revenues of $178 million and expects to reach annual revenues of more than $1 billion by the end of 2021. CHICAGO – 27. May 2021-(BUSINESS WIRE)-Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (Cresco Labs or the Company), a vertically integrated multi-state operator and the largest wholesale distributor of cannabis branded products in the U.S., today announced its financial results for the first quarter ended December 31. March 2021 announced. All financial information in this press release is presented in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and all comparisons to the prior quarter and year are based on a restatement in accordance with U.S. GAAP. Financial results for the first quarter of 2021
- Revenue was $178.4 million, up 9.9% from the previous quarter and 168.8% from a year ago.
- Gross margin was $87.0 million, or 48.8% of sales, up 16.8% from the previous quarter and 268.9% from last year.
- Adjusted EBITDA1 was $35.0 million, up 16.5% from the previous quarter and up 507.2% year-over-year.
- Record wholesale sales of $95.6 million, up 5.7% for the quarter and 150.8% for the year
- Record retail sales of $82.8 million across 24 stores, up 15.2% from the previous quarter and up 193.2% from last year
Financial perspectives The company provides the following information:
- Annual sales will exceed $1 billion by the end of 2021.
- Gross profit margin in excess of 50% in the last three quarters of 2021.
- Adjusted EBITDA margin1 of at least 30% by the end of 2021.
Management commentary In the first quarter, we achieved consistent growth in our existing assets, demonstrated our ability to maintain our number one market share in two of the industry’s five largest states, and are preparing to repeat this success in other markets this year. We are accelerating our growth through several initiatives, including several organic expansions and mergers and acquisitions that will benefit the company in the coming quarters.
Charles Bachtell, co-founder and CEO of Cresco Labs.
For all our future growth initiatives, we have invested in an operational platform that supports growth. We have a fourth and only chance. In the second quarter we laid the groundwork and now our experience in integrating new facilities and realizing operational benefits will pay off. We also like to take the opportunity early in the year to transition to U.S. GAAP, remove certain one-time items and provide investors with further information about the transition. This is another step in Cresco Labs’ preparation for the future opportunities it expects to see in the US capital markets. On a U.S. GAAP basis, we are pleased with our growth in the first quarter and excited about the steps we have taken this year to put Cresco Labs on a path to accelerated revenue growth, profitability and shareholder value in 2021 and beyond. Balance sheet and liquidity
- As of 31. As of March 2021, current assets were $381.7 million, including $255.5 million of cash and cash equivalents. The Company had working capital of $105.1 million and outstanding borrowings of $187.9 million, net of issuance costs.
- As of March 31, 2021, the total number of shares outstanding on a fully convertible basis was 399,018,710.
Capital markets and mergers and acquisitions
- The 14th. In January 2021, the company entered into a definitive agreement with Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF), a vertically integrated operator in Florida. After the end of the quarter, on the 14th. In April 2021, the Company completed the acquisition of Bluma Wellness Inc.
- On January 14, 2021, the Company announced the commencement of the overnight offering of subordinate voting shares (the Offering). On January 15, 2021, the Company closed the offering for total gross proceeds of approximately $125.0 million.
- The 16th. In February 2021, the Company completed the acquisition of four dispensaries in Ohio previously operated by Verdant Creations, LLC and its affiliates.
- On the 18th. In March 2021, the Company entered into a definitive agreement to acquire all issued and outstanding interests in Cultivate Licensing LLC and BL Real Estate LLC, a vertically integrated operator based in Massachusetts.
Conference call and webcast The company will host a conference call and webcast on Thursday, May 27, 2021 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) to discuss its financial results and present key highlights to investors. The conference call can be accessed via webcast or by calling 1-844-200-6205 (toll-free in the U.S.), 1-646-904-5544 (local in the U.S.), 44-208-0682-558 (international) and access code 354282. The webcast will be available for viewing in an archive on Cresco Labs’ investor relations website for one year. Consolidated financial statements The financial information in this press release is based on unaudited financial statements prepared by management for the three months ended December 31. March 2021. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). The Company expects to release its unaudited condensed consolidated interim financial statements on June 28. May 2021 will be published on SEDAR. Consequently, this financial information is subject to change. All financial information in this press release is qualified in its entirety by reference to these financial statements. Although the Company does not expect any material changes between the information contained in this press release and the consolidated financial statements it files on SEDAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company’s financial statements, it will be treated as amended or superseded financial statements of the Company. The filing of an amended or supplemental statement shall not for all purposes be deemed an admission that the amended or supplemental statement made a misrepresentation within the meaning of the applicable securities laws at the time of the filing. Further, readers are referred to the additional information in the Company’s audited financial statements for the year ended December 31, 2020, prepared in accordance with International Financial Reporting Standards (IFRS) and previously filed on SEDAR. In this press release, Cresco Labs refers to certain non-GAAP measures that may not be comparable to similar measures used by other issuers. For more information, see the Non-GAAP Financial Measures section of this press release. US GAAP financial statements As of the quarter ended December 31, March 2021, the Company prepared its financial statements, including all comparative information, in accordance with US GAAP rather than IFRS. The changes in prior period comparatives reflect the US GAAP presentation and do not represent a change in the underlying performance of the Company as previously reported under IFRS. Non-GAAP measures EBITDA and adjusted EBITDA are non-GAAP measures and have no standardized meaning under U.S. GAAP. The Company has provided these non-GAAP financial measures, which are not calculated and presented in accordance with U.S. GAAP, as supplemental information and in addition to financial measures calculated and presented in accordance with U.S. GAAP, which may not be comparable to similar measures provided by other issuers. These additional non-GAAP measures are presented because management has evaluated the financial results with and without the adjusted items and believes that the additional non-GAAP measures presented provide additional perspective and insight into the analysis of the Company’s underlying business performance. These additional non-GAAP measures should not be considered superior, substitute or alternative measures and should be considered only in conjunction with the GAAP measures presented herein. Accordingly, the Company has included below a reconciliation of additional financial measures not defined by GAAP to the most comparable financial measures calculated and presented in accordance with U.S. GAAP. The Company has not provided quantitative reconciliations of its non-GAAP measures to the most comparable U.S. GAAP measures as the Company does not provide specific information on the various reconciling items as certain items affecting these measures have not yet occurred, are beyond the Company’s control, or cannot be reasonably anticipated. Therefore, a reconciliation to the most comparable measure under U.S. GAAP is not possible without undue effort. Note that unavailable reconciling items can have a material impact on an entity’s results. About Cresco Labs Inc. Cresco Labs is one of the largest vertically integrated cannabis operators in the United States, with a mission to standardize and professionalize the cannabis industry. Cresco Labs focuses on consumer products and is the largest wholesale distributor of cannabis branded products in the United States. Their brands are designed to meet the needs of all consumer segments and include some of the most recognized and trusted brands in the country, including Cresco™, High Supply™, Mindy’s Edibles™, Good News, Remedi, Wonder Wellness Co.™ and FloraCal Farms®. Sunnyside*, Cresco Labs’ national dispensing brand, is a wellness-focused retailer designed to build trust, educate and comfort existing and new cannabis consumers. Cresco Labs recognizes that the cannabis industry is poised to become one of the country’s leading job creators. That’s why Cresco Labs launched the industry’s largest social justice and education initiative, SEED, to ensure that all members of society have the skills, knowledge and opportunities to work in the cannabis industry and own their own businesses. For more information about Cresco Labs, visit www.crescolabs.com. 1 For more information on the Company’s use of non-GAAP financial measures, see Non-GAAP Financial Measures at the end of this press release. Original press release For factual information about Cresco Labs, see the company’s sponsored investor dashboard. Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
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