Cresco Labs Q2 Revenue Grows Slightly YoY, Here Is What You Need To Know

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Cresco Labs Inc. CL CRLBF (FSE:6CQ) released its financial results for the quarter ended June 30, 2022, revealing revenue of $218 million, up 4% year-over-year.

Q2 2022 Financial Highlights

  • Adjusted gross profit of $116 million, or 53% of revenue, an increase of 8% year-over-year, excluding fair value mark-up for acquired inventory and cost of goods sold adjustments for acquisitions and other non-core costs.

  • Second quarter adjusted EBITDA of $51 million, or 23% of revenue, an increase of 11% year-over-year.

  • Retail revenue increased 22% year-over-year, to $123 million, or $2.5 million per average store open in the quarter; same-store-sales increased 6% year-over-year.

  • Ended the quarter with $90 million of cash on hand.

  • On July 8, the Columbia Care CCHWF shareholders approved the all stock acquisition by Cresco Labs and the company continues to work toward closing the transaction around year-end. Columbia Care financial results for Q2 show revenue growth of 18.1%, as well as gross profit growth of 17.3% YoY.

"We reported solid results in the face of an unprecedented macro environment. We generated $218 million in revenue, representing 4% year-over-year growth, and maintained our industry position as the no. 1 wholesaler of branded cannabis, the no. 1 branded product portfolio chosen by consumers, and the no. 1 most productive per-store national retailer. Importantly, we accomplished these results while maintaining our adjusted gross margin at 53% and adjusted EBITDA margin of 23%, in a market where prices fell between 10-30% depending on the state. The Columbia Care transaction is proceeding as expected — we're checking off milestone after milestone, the divestiture and regulatory processes are on track and we continue to anticipate a closing around year end,” stated Charles Bachtell, CEO and co-founder of Cresco Labs.

Photo by Richard T on Unsplash

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Posted In: CannabisEarningsNewsPenny StocksSmall CapMarketsCharles Bachtell
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