Cresco Labs is a portfolio trust of seeds brand, and it recently announced in a press release unaudited financials for the second quarter of June 30, 2019.
Concerning revenue for the second quarter, the company identified $29.9 million, which is an increase of 253% year-over-year and 42% quarter-over-quarter. In addition, the second quarter pro forma revenue increased 55% quarter-over-quarter to $52.7 million. This includes the impact of pending investments and acquisitions.
Charles Bachtell, the co-founder and CEO of Cresco Labs shared in the press release,
“We delivered an outstanding quarter that reflects the leading positions we have established in some of the most attractive markets in the cannabis industry. We are seeing accelerating revenue growth driven primarily by market share gains and strong trends in registered patients in our established markets of Illinois and Pennsylvania, as well as our expanded presence and distribution in California. As we scale our operations in our established markets, we are seeing the positive impact on gross profit margin that we projected. The higher revenue and margins helped to drive a substantial increase in Adjusted EBITDA compared to the prior quarter.”
“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. We are transforming the retail cannabis experience with the national rollout of our Sunnyside* dispensaries, expanding into the CBD market with the launch of our WellBeings product line, and expanding our cultivation and retail operations in Illinois to capitalize on adult-use legalization beginning in 2020.”