Marijuana grower Cresco Labs. CRLBF released its unaudited financial results with revenue growth of 313 percent year over year.
First-quarter revenue came in at $21.1 million, which was also up 24 percent quarter over quarter. That revenue number missed the consensus estimate of $22.8 million, according to Refinitv.
“Since the beginning of the year, we have made significant progress on the vision we have laid out for building Cresco into the most important company in the cannabis industry,” said CEO Charles Bachtell in a press release.
“We have continued to execute well from an operational standpoint, generate higher levels of revenue in our existing markets, and deliver strong profit margins. Through our pending acquisitions of Origin House and VidaCann, we have also put a foundation in place that we believe will enable us to capture a leading share in the North American cannabis market."
Cresco Labs shares closed Wednesday's session at $11.73, up 3.8 percent.
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