Multistate Operators Cresco, Ayr See Q1 Earnings Boost
May 21, 2024Illinois-based Cresco Labs posted first quarter revenue of $184 million, flat year over year, while adjusted EBITDA grew 82% to $53 million. The company said it retained its leading share position in Illinois, Pennsylvania, and Massachusetts.
Competitor Ayr Wellness saw sales grow 3% to $118 million organically in the first quarter, as adjusted EBITDA climbed 10% to $29 million. “With only 15 of Ayr’s 91 dispensaries operating in adult-use markets, we are poised to take advantage of the significant growth opportunity that the transition to adult-use presents across the majority of our footprint,” noted president and CEO David Goubert.
Finally, the Cannabist Co. saw both revenue and adjusted EBITDA slip slightly to $122 million and $15 million respectively in the first three months of the year. “We are preparing for the upcoming adult use transition in Ohio and are continuing to capitalize on growth opportunities in markets like Virginia and New Jersey,” noted CEO David Hart.—Daniel Marsteller
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