Multistate cannabis operator Cresco Labs CRLBF reported fourth-quarter financial results Wednesday that included revenue growth of 411 percent on the year.
What Happened
Chicago-based Cresco posted revenue of $17 million, up by 33 percent sequentially, and a net loss of $2.3 million versus a loss of $3 million in the fourth quarter of 2017.
The pro forma revenue — which includes acquisitions entered into and closed during the fourth quarter — totaled $22.5 million. The company's adjusted EBITDA amounted to $13.7 million compared to an EBITDA loss of $3.1 million a year earlier.
Why It's Important
Cresco Labs was approved to list on the OTCQX market March 6. The company announced two major acquisitions in recent months. On March 18, Cresco announced the signing of an agreement to buy VidaCann Ltd for $120 million in cash and stock, in a move that would give it access to the Florida cannabis market.
At the beginning of April, Cresco said it would buy OriginHouse for CA$1.1 billion ($815.7 million) in stock.
In addition, Cresco said a month ago that it was pre-qualified to receive a cultivation and processing license in Michigan.
Excluding Michigan, Cresco has operations in seven U.S. states and has binding transactions to enter three more.
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