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Cresco Revenues More Than Double In The First Quarter

June 1, 2021

Chicago-based Cresco Labs reported revenue of $178.4 million for the first three months of 2021, an increase of 9.9% quarter-over-quarter and 168.8% year-over-year. As both a cannabis producer and retailer, Cresco’s revenue is split between wholesale and retail earnings, both of which achieved record highs in the quarter. Net wholesale revenue totaled $95.6 million while retail revenue rose to $82.8 million across 24 stores.

Factoring in $91.4 million in the cost of goods sold and operating expenses of $70.8 million plus other expenses, Cresco took a net loss of $24.1 million for the period ended March 31, an improvement of $17 million from the quarter prior. On an underlying basis, Cresco’s adjusted EBITDA showed a positive figure of nearly $35 million, up markedly from the first quarter of 2020.—Danny Sullivan

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