Cresco Labs OTC ( (CRLBF) ) has released its Q3 earnings. Here is a breakdown of the information Cresco Labs OTC presented to its investors.
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Cresco Labs is a leading company in the cannabis industry, specializing in branded cannabis products and operating Sunnyside dispensaries across the United States. The company is known for its comprehensive approach to cultivation, production, and distribution of national cannabis brands.
In its third quarter of 2024 financial results, Cresco Labs reported a record operating cash flow of $49 million and a year-to-date operating cash flow of $103 million, marking a 66% increase from the previous year. The company’s revenue for the quarter stood at $180 million, with a gross profit of $93 million and an adjusted EBITDA margin of 29%.
Key financial highlights from the report include a gross margin improvement of 250 basis points year-over-year to 53%, a net loss of $8 million, and a reduction in adjusted SG&A expenses by 6% from the previous year. Cresco Labs maintained its leading market share in Illinois, Pennsylvania, and Massachusetts, and improved to a top three position in Ohio.
Looking ahead, Cresco Labs remains focused on strengthening its financial position, reinvesting in core markets, and exploring new opportunities. Despite setbacks like the Florida cannabis initiative not passing, the company is optimistic about federal cannabis reform and plans to engage with the new administration to promote sensible cannabis laws.
