Cresco Labs to Report First Quarter 2021 Financial Results on May 27th and Announces Conversion to U.S. GAAP Accounting
Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced it will report its Q1 2021 financial results on May 27, 2021, before market opens. For the first time, the company will present its results under U.S. GAAP, prompting a later reporting date. This transition aims to align with U.S. investor expectations and enhance opportunities in U.S. capital markets. Alongside the Q1 results, prior financials for four quarters will also be provided in U.S. GAAP format. A conference call will occur on the same day at 8:30 AM EST to discuss the results and business highlights.
- Conversion to U.S. GAAP to align with investor expectations.
- Prior financial information recast under U.S. GAAP to enhance transparency.
- Later reporting date could lead to concerns regarding timeliness of financial disclosures.
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), a vertically integrated multistate operator and the number one wholesaler of branded cannabis products in the U.S., announced today that it will report financial results for the first quarter ended March 31st, 2021 on Thursday May 27th, 2021 before the market opens.
The Company also announced that it will, for the first time, report its financial results under accounting principles generally accepted in the United States (“U.S. GAAP”), resulting in a later reporting date than typical. This conversion from IFRS to U.S. GAAP is being made to further prepare Cresco Labs for future capital markets opportunities in the U.S. and to more closely align with reporting standards familiar to U.S. investors and stakeholders. The Company also plans to provide prior financial information recast under U.S. GAAP for the previous four quarters along with the release of its first quarter 2021 earnings.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday May 27th, 2021 at 8:30 am Eastern Time (7:30am Central Time).
Event: Cresco Labs First Quarter 2021 Earnings Conference Call
Date: Thursday May 27th, 2021
Time: 8:30am EST
Webcast: Link
Dial-in: 1-844-200-6205 (US Toll Free), 1-646-904-5544 (US Local), 44-208-0682-558 (Int’l)
Passcode: 354282
Archived access to the webcast will be available for one year on the Cresco investor relations website.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain 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. Such forward-looking information and 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 information or 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, 2020 filed on March 26, 2021, and 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.
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