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Cresco Labs Reports Q2 Earnings: 'We Delivered An Outstanding Quarter'

August 22, 2019 9:34 am
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Cresco Labs Reports Q2 Earnings: 'We Delivered An Outstanding Quarter'

Cresco Labs Inc. (CSE:CL) (OTC:CRLBF) reported its unaudited financial results for the second quarter. Highlights from the report include its revenue being up 253% year-over-year or reaching $29.9 million, which the company attributed to its expansion into new markets and its growth in the states it already operates.

The company’s second-quarter adjusted EBITDA reached $14.5 million, versus $4.8 million in the same period last year.

Cresco Labs disclosed a net loss of $3.9 million for the quarter, compared to a net income of $1.6 million in the same quarter last year.

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“We delivered an outstanding quarter that reflects the leading positions we have established in some of the most attractive markets in the cannabis industry,” CEO Charlie Bachtell said in a statement. “While our increasing profitability demonstrates our ability to effectively execute and leverage the attractive model we have developed, we continue to operate with a long-term perspective and make investments to position Cresco Labs to lead the cannabis industry in the years to come."

Cresco Labs traded around $8.36 per share at time of publication.

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