Cresco Labs Announces Dennis Olis to Retire as Chief Financial Officer
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.
Cresco Labs Inc. (OTCQX: CRLBF) ha annunciato che il CFO Dennis Olis si ritirerà dopo una transizione pianificata verso Sharon Schuler, un'esperta dirigente finanziaria. Schuler, che ha recentemente aderito a Cresco Labs, porta con sé una vasta esperienza nella finanza aziendale grazie al suo ruolo presso BJ's Wholesale Club. Durante il mandato di Olis, iniziato a luglio 2020, Cresco Labs è cresciuta da 125 milioni di dollari a oltre 735 milioni di dollari di fatturato annuo, con significativi miglioramenti della profittabilità, tra cui un incremento di 2.900 punti base nel margine EBITDA rettificato e un miglioramento di oltre 100 milioni di dollari nel flusso di cassa operativo annuo. Il background di Schuler in strategia, operazioni e pianificazione finanziaria nel settore retail è atteso per guidare la prossima fase di crescita di Cresco Labs.
Cresco Labs Inc. (OTCQX: CRLBF) anunció que el CFO Dennis Olis se retirará tras una transición planificada hacia Sharon Schuler, una ejecutiva financiera experimentada. Schuler, quien se unió recientemente a Cresco Labs, aporta una amplia experiencia en finanzas corporativas de su rol en BJ's Wholesale Club. Durante el mandato de Olis desde julio de 2020, Cresco Labs creció de 125 millones de dólares a más de 735 millones de dólares en ingresos anuales, con mejoras significativas en la rentabilidad, incluyendo un incremento de 2,900 puntos base en el margen EBITDA ajustado y una mejora de más de 100 millones de dólares en el flujo de efectivo operativo anual. Se espera que la experiencia de Schuler en estrategia, operaciones y planificación financiera en el sector minorista impulse la próxima fase de crecimiento de Cresco Labs.
Cresco Labs Inc. (OTCQX: CRLBF)는 CFO Dennis Olis가 은퇴한다고 발표했습니다. 이는 경험이 풍부한 재무 임원인 Sharon Schuler에게로의 계획된 전환입니다. 최근 Cresco Labs에 합류한 Schuler는 BJ's Wholesale Club에서의 역할을 통해 넓은 기업 재무 경험을 가지고 있습니다. 2020년 7월부터 Olis의 재직 기간 동안 Cresco Labs는 1억 2500만 달러에서 연간 7억 3500만 달러 이상의 수익으로 성장했으며, EBITDA 마진에서 2900 베이시스 포인트 향상 및 연간 운영 현금 흐름에서 1억 달러 이상의 개선을 포함한 상당한 수익성 개선을 이루었습니다. 소매 부문에서 전략, 운영 및 재무 계획의 배경을 가진 Schuler는 Cresco Labs의 다음 성장 단계를 이끌 것으로 기대됩니다.
Cresco Labs Inc. (OTCQX: CRLBF) a annoncé que le CFO Dennis Olis prendra sa retraite après une transition planifiée vers Sharon Schuler, une dirigeante financière expérimentée. Schuler, qui a récemment rejoint Cresco Labs, apporte une vaste expérience en finance d'entreprise de son rôle chez BJ's Wholesale Club. Pendant le mandat d'Olis, qui a débuté en juillet 2020, Cresco Labs a connu une croissance passant de 125 millions de dollars à plus de 735 millions de dollars de revenus annuels, avec des améliorations significatives de la rentabilité, y compris une augmentation de 2 900 points de base de la marge EBITDA ajustée et une amélioration de plus de 100 millions de dollars du flux de trésorerie opérationnel annuel. L'expérience de Schuler en stratégie, opérations et planification financière dans le secteur de la vente au détail devrait propulser la prochaine phase de croissance de Cresco Labs.
Cresco Labs Inc. (OTCQX: CRLBF) gab bekannt, dass CFO Dennis Olis in den Ruhestand treten wird, nachdem eine geplante Übergabe an Sharon Schuler, eine erfahrene Finanzmanagerin, erfolgt ist. Schuler, die kürzlich zu Cresco Labs gestoßen ist, bringt umfassende Erfahrungen in der Unternehmensfinanzierung aus ihrer Rolle bei BJ's Wholesale Club mit. Während der Amtszeit von Olis, die im Juli 2020 begann, wuchs Cresco Labs von 125 Millionen Dollar auf über 735 Millionen Dollar Jahresumsatz und verzeichnete signifikante Verbesserungen der Rentabilität, darunter eine Erhöhung der bereinigten EBITDA-Marge um 2.900 Basispunkte und eine Verbesserung des operativen Cashflows von über 100 Millionen Dollar. Schulers Hintergrund in Strategie, Betrieb und Finanzplanung im Einzelhandel soll die nächste Wachstumsphase von Cresco Labs vorantreiben.
- Cresco Labs' annual revenue grew from $125 million to over $735 million during Dennis Olis's tenure as CFO
- Adjusted EBITDA margin improved by 2,900 basis points under Olis's leadership
- Annual operating cash flow improved by over $100 million
- New CFO Sharon Schuler brings extensive experience from BJ's Wholesale Club, a $20 billion revenue company
- None.
Taps BJs Wholesale Club Executive Sharon Schuler for Planned Transition
Financial executive Sharon Schuler joins Cresco Labs and will succeed retiring CFO Dennis Olis (Photo: Business Wire)
Schuler recently joined Cresco Labs while preparing to take the role of Chief Financial Officer upon Olis’s departure. Schuler brings an extensive corporate finance background in publicly traded wholesalers and retailers, most recently as an executive leadership team member at BJ’s Wholesale Club, a membership warehouse club spanning 244 clubs and 178 gas stations, across 20 states with
“Dennis has been CFO for Cresco Labs during a period of tremendous growth, profitability improvement and companywide maturation,” said Charlie Bachtell, CEO of Cresco Labs. “He has been instrumental in laying the foundation of Cresco Labs, helping us build the capabilities and the financial position that will support stability and growth for years to come.”
“It has been an honor to be entrusted with guiding the financial strategy of Cresco Labs through such transformative years," said Dennis Olis, Chief Financial Officer. “The Company is only getting stronger and more valuable, and I have great confidence that Sharon is the right person to lead this next chapter. I look forward to integrating her into the organization and industry in the months ahead to ensure her success when we officially transition the CFO responsibilities later this year.”
Olis has served as Cresco Labs CFO since July 2020. During his tenure, Cresco Labs grew from
“We are pleased to welcome Sharon,” said Bachtell. “Her extensive experience in executive leadership roles for both private and public companies focused on strategy, operations, and financial planning is a strong fit for Cresco Labs. She has a proven track record of using her deep knowledge and experience in the retail sector to create and implement strategic initiatives that have resulted in meaningful market share and efficiency gains. I look forward to working with her to drive Cresco Labs’ next phase of growth.”
“I am excited to join Cresco Labs at such a transformational time for both the organization and this industry,” said Sharon Schuler. “I look forward to the opportunity to work alongside this talented group of people and to playing a meaningful role in charting the future of this Company.”
For the last three years, Schuler was responsible for planning and analysis of BJ’s Wholesale Club’s short and long-term financial outlook. Prior to that, she spent over 20 years in senior financial management roles for large public and private national retailers including The TJX Companies, Clarks America, and Caleres. Schuler holds an MBA in Integrated Management and a bachelor’s in economics from Michigan State University.
About Cresco Labs Inc.
Cresco Labs’ mission is to normalize and professionalize the cannabis industry through a CPG approach to building national brands and a customer-focused retail experience, while acting as a steward for the industry on legislative and regulatory-focused initiatives. As a leader in cultivation, production and branded product distribution, the Company is leveraging its scale and agility to grow its portfolio of brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi, on a national level. The Company also operates highly productive dispensaries nationally under the Sunnyside brand that focus on building patient and consumer trust and delivering ongoing education and convenience in a wonderfully traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs embraces the responsibility to support communities through authentic engagement, economic opportunity, investment, workforce development and legislative initiatives designed to create the most responsible, respectable and robust cannabis industry possible. Learn more about Cresco Labs’ journey by visiting www.crescolabs.com or following the Company on Facebook, X or LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain n statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2023, filed on SEDAR+ and EDGAR, other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
1 Based on full year 2020 revenue of
2 Based on H1 2024 cash from operating activities of
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Media
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
312-953-2767
Investors
TJ Cole, Cresco Labs
SVP, Corporate Development & Investor Relations
investors@crescolabs.com
For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com
Source: Cresco Labs
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