CRESCO LABS INC - CRLBF STOCK NEWS

Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ), a leading cannabis company, has announced it will release its third quarter 2024 financial results on Friday, November 8th, 2024, before the market opens. The company will host a conference call and webcast on the same day at 8:30 am EST to discuss the results and provide key business highlights to investors.

Interested parties can access the earnings conference call via webcast or by dialing in. The US toll-free number is 1-833-470-1428, while the US local number is 1-404-975-4839, with the access code 435112. The webcast will be archived and available for one year on Cresco Labs' investor relations website.

Cresco Labs Inc. (OTCQX: CRLBF) announced that CFO Dennis Olis will retire after a planned transition to Sharon Schuler, an experienced financial executive. Schuler, who recently joined Cresco Labs, brings extensive corporate finance experience from her role at BJ's Wholesale Club. During Olis's tenure since July 2020, Cresco Labs grew from $125 million to over $735 million in annual revenue, with significant profitability improvements including a 2,900 basis point increase in Adjusted EBITDA margin and over $100 million improvement in annual operating cash flow. Schuler's background in strategy, operations, and financial planning in the retail sector is expected to drive Cresco Labs' next growth phase.

Bloom, a leading national vape brand, has partnered with Cresco Labs (CSE:CL) (OTCQX:CRLBF) to expand into Florida. Launching in November 2024, Bloom's Surf all-in-one vape will be exclusively produced by Cresco Labs and available at all 33 Sunnyside dispensaries in Florida. This marks Bloom's entry into its seventh state, with products already available in California, Illinois, Michigan, New Mexico, and New York, and launches planned for New Jersey and Virginia in Q3 and Q4, respectively.

Bloom, celebrating its 10th anniversary, is one of the top five fastest-growing cannabis brands in the US. The company's Surf hardware has gained popularity as one of the most sought-after all-in-one vape devices nationally. Bloom will initially launch its Classic line products in .5g and 1g formats, with the Live line set to follow in Q4 2024.

Cresco Labs (OTCQX: CRLBF) reported its Q2 2024 financial results, showing consistent profitability improvement. Key highlights include:

• Revenue of $184 million
• Adjusted EBITDA of $54 million, up 33% year-over-year
• Adjusted EBITDA margin of 29%, an 880 bps improvement
• Operating cash flow of $17 million and Free Cash Flow of $11 million

The company retained the No. 1 share position in Illinois, Pennsylvania, and Massachusetts. Cresco Labs also announced a new tax position, expecting to recognize an estimated cash savings of $65 million in 2024. The company remains optimistic about cannabis reform progress and its readiness for industry changes.

Cresco Labs has launched adult-use cannabis distribution and retail sales in Ohio, marking a significant expansion of its operations. The company's Yellow Springs cultivation/processing facility and all five Sunnyside Dispensaries in Ohio are now approved to serve both medical and adult-use customers. CEO Charlie Bachtell highlighted that Ohio is the 24th state to launch an adult-use cannabis program, signifying a tipping point in cannabis acceptance.

Cresco Labs' Sunnyside stores in Ohio are reported to be twice as productive as the state average. The company manufactures and distributes several branded products throughout the state, including Cresco, Supply, Good News, Wonder Wellness, and Mindy's. With Ohio being the seventh-most-populous state and expected to become a $2 billion market, this expansion represents a significant growth opportunity for Cresco Labs.

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ), a leading branded cannabis products company, has announced its plans to report second quarter 2024 financial results on August 8th, 2024, before the market opens. The company will host a conference call and webcast on the same day at 8:30 am EST to discuss the financial results and provide key business highlights to investors.

Interested parties can access the earnings conference call via a toll-free number (1-800-715-9871) or a US local number (1-646-307-1963) using the access code 9627744. A webcast of the call will also be available, with archived access provided on Cresco Labs' investor relations website for one year following the event.

Cresco Labs, a leading cannabis products company, announced the results of its annual general and special meeting of shareholders held on July 10, 2024. Shareholders elected eight directors and reappointed Marcum LLP as the auditor. Key resolutions included the approval of an Amended and Restated 2018 Long-Term Incentive Plan, increasing the share pool by 20 million subordinate voting shares, and the approval of an option exchange program to reduce equity overhang by 1.7 million shares. Each resolution was approved by over 97% of votes cast.

Cresco Labs (CSE: CL, OTCQX: CRLBF, FSE: 6CQ) reported its Q1 2024 financial results, highlighting significant improvements and strategic advancements.

Revenue stood at $184 million, remaining flat year-over-year, excluding strategic divestitures. The company achieved a gross profit of $92 million and an adjusted gross profit of $95 million, up by 7%. Adjusted gross margin improved to 51%.

SG&A expenses were $54 million, with adjusted SG&A reduced by 24% to $52 million, making up 28% of revenue. Adjusted EBITDA soared by 82% to $53 million, yielding a 29% adjusted EBITDA margin.

Cash flow from operations grew dramatically by 1,000% to $36 million, leading to a free cash flow of $33 million. Despite these gains, Cresco Labs reported a net loss of $2 million for the quarter.

The company maintained its leading market positions in Illinois, Pennsylvania, and Massachusetts. As of March 31, 2024, the company held $125 million in cash and cash equivalents. Cresco Labs has a total debt of $405 million and 475,235,515 total shares.

Cresco Labs Inc. announced its participation in upcoming conferences in May 2024, including the 19th Annual Needham Technology, Media & Consumer Conference and the 8th Annual Canaccord Global Cannabis Conference. The Company will engage in fireside chats, panels, and one-on-one meetings during these events.