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.
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