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Cresco Posts 4% Sales Increase, Warns On “Tough Macro Backdrop”

August 23, 2022

Illinois-based multi-state operator Cresco Labs saw sales increase 4% year-on-year to $218 million, as adjusted EBITDA rose 11% to $51 million. Retail revenue increased 22% year-over-year to $123 million—or $2.5 million per average store open in the quarter—while same-store-sales increased 6% year-over-year. Cresco added that it’s aiming to close its previously announced $2 billion acquisition of Columbia Care by year-end.

“We recognize the challenges currently facing the cannabis industry and the tough macro backdrop we are operating against,” said CEO Charlie Bachtell. “In this environment, we are managing through today while remaining focused on the long game—we’re holding and growing market share, driving efficiencies across the business to maintain margins, and preparing for the integration of Columbia Care to drive future growth. Over the next three years, growth will come from the transition to adult use in seven large markets: New Jersey, New York, Pennsylvania, Ohio, Virginia, Florida and Maryland. Our combined footprint with Columbia Care, gives us exposure to all of these markets and leading positions in several.”

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