Cresco Revenues More Than Double In The First QuarterJune 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 SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.