The company announced record revenue of $153.3 Million, Growth of $59 Million or 63% QoQ, and Adjusted EBITDA¹ of $46.4 Million.
Cresco Labs Inc. (CSE:CL), one of the largest vertically integrated multi-state cannabis operators in the United States, today released its unaudited financial results for the third quarter ended September 30, 2020. All financial information presented in this release is in U.S. dollars, unless otherwise noted.
Cresco Labs entered the third quarter firing on all cylinders achieving record levels of revenue, profitability, and cash flow. We remain the number one operator in the industry focused on, and delivering results in, the wholesale distribution of branded products. Our retail is outperforming, and we are generating substantial operating leverage.Cresco Labs Co-founder and CEO, Charles Bachtell
"Comparing Q1 to Q3, we increased revenue by $87 million while keeping SG&A flat. The investments we made to support growth are paying off, and as a result our profitability has grown dollar for dollar with gross profit.
Because of the decisions we've made, the changes we've managed through and the hard work devoted by our team over the last 12 months, Cresco Labs has substantiated itself within the very top tier of the industry and confirmed the value that is driven by our differentiated strategy.
This is a unique story of strategic breadth, depth and execution. As we look toward our next phase of growth, it's rinse and repeat – the playbook will be applied to more states and, again, we will achieve meaningful, material market positions."
To learn more about Cresco Labs visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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