Welcome to our dedicated page for Cresco Labs news (Ticker: CRLBF), a resource for investors and traders seeking the latest updates and insights on Cresco Labs stock.
Cresco Labs Inc. (CRLBF) operates at the forefront of medical cannabis cultivation and regulatory compliance. This dedicated news hub provides investors and industry observers with timely updates on corporate developments, financial disclosures, and operational milestones.
Access official press releases alongside curated analysis covering earnings reports, partnership announcements, and regulatory achievements. Our aggregation ensures you stay informed about CRLBF's progress in expanding cultivation capacity, maintaining quality standards, and navigating evolving cannabis legislation.
Key content includes updates on production innovations, patient-focused initiatives, and strategic market expansions. Bookmark this page for streamlined tracking of Cresco Labs' performance in the competitive medical cannabis sector.
Cresco Labs (OTCQX:CRLBF) continues its expansion in Florida with the opening of a new Sunnyside dispensary at 8717 SW 24th St., Miami, enhancing its retail presence to 29 locations statewide and 64 nationwide. The new facility aims to serve the growing patient base in Miami-Dade, the eighth most populous county in the U.S. with nearly 2.7 million residents. The store offers a broad range of cannabis products from Cresco's branded portfolio, including Cresco, One Plant, and Good News. CEO Charlie Bachtell emphasizes the company's commitment to reaching more patients in populous regions. The store operates Monday to Saturday from 9 AM to 8 PM and Sunday from 9 AM to 6 PM, allowing for both in-store and online orders.
Cresco Labs reported annual revenues of $843 million for 2022, marking a 3% year-over-year increase. Excluding exited California operations, adjusted revenues grew 6%. The company achieved a record 61 million branded units sold and 4.6 million retail transactions, up 37% and 15% respectively. Despite a $215 million net loss due to $141 million in impairment charges, Cresco generated positive operating cash flow of $19 million. The fourth quarter saw a revenue decline of 8% year-over-year, with adjusted gross profit at $90 million. Management remains focused on optimizing operations and maintaining leadership in branded cannabis products.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) has expanded its retail presence in Florida, opening new dispensaries in Palm Harbor and Lake Worth, increasing its total Florida footprint to 28 dispensaries and nationwide store count to 63. This growth follows Cresco's achievement of serving nearly one million customers at its Sunnyside stores this year, driven by a diverse product offering and excellent customer service. The new locations will support local patient communities by providing a wide range of cannabis products.
Cresco Labs (OTCQX:CRLBF) has expanded its retail operations by opening two new Sunnyside dispensaries in Florida, bringing its total to 60 nationwide. The new stores in West Palm Beach and Winter Park enhance Cresco's presence in Florida, now totaling 25 locations. CEO Charles Bachtell highlighted Florida's booming medical cannabis market, with over 22 million residents and a 71% rise in active patients in two years. The dispensaries will feature a variety of products from Cresco's extensive brand portfolio, emphasizing accessibility and quality.
Cresco Labs (CSE:CL, OTCQX:CRLBF) has announced the extension of the acquisition agreement with Columbia Care (NEO:CCHW, OTCQX:CCHWF) to June 30, 2023, allowing time for finalizing divestiture agreements and securing regulatory approvals. CEO Charles Bachtell stated that progress is being made on divestitures, contributing to the planned acquisition's completion. Furthermore, Cresco Labs will report its financial results for Q4 and the full year 2022 on March 16, 2023, and will host a conference call to discuss these results, including updates on the Columbia Care acquisition.
Cresco Labs announced the opening of its newest Sunnyside dispensary in Daytona Beach, Florida, marking its 23rd dispensary in the state and 58th nationwide. The new location is strategically situated on a busy thoroughfare, enhancing patient access to Cresco's top-quality cannabis products. The dispensary will offer a diverse range of products from Cresco's branded portfolio and accessories. This expansion underscores Cresco's commitment to growth in key markets like Florida in 2023, aiming to meet the needs of a growing consumer base.
Cresco Labs (OTCQX:CRLBF) has expanded its retail presence to 57 locations with the opening of its 11th dispensary in Pennsylvania, located in Erie. This new Sunnyside location features a drive-through service for medical patients. CEO Charles Bachtell highlighted that Cresco has maintained its status as the top branded portfolio for medical patients in Pennsylvania throughout 2022. With licenses for four more stores in the state, the company aims to enhance patient access to its high-quality products. The Erie dispensary is strategically placed for increased accessibility, near major retailers and on Interstate 90.
Cresco Labs (OTCQX:CRLBF), a leading cannabis operator, has opened a new Sunnyside dispensary in Lutz, Florida, marking its 22nd location in the state and 56th nationwide. This expansion aims to serve more patients in the Tampa Bay area, complementing existing dispensaries in Tampa, Clearwater, and St. Petersburg. The dispensary features a range of products from Cresco Labs’ diverse portfolio, including Cresco and One Plant brands. CEO Charles Bachtell highlighted ongoing growth plans for 2023, emphasizing quality service and product availability. Sunnyside Lutz is strategically located on State Road 54 to enhance customer access.
Cresco Labs (OTCQX:CRLBF) announced the opening of its second dispensary in Orlando, Florida, marking the 21st store in the state and the 55th nationwide. This expansion targets the growing medical cannabis market, which now serves nearly 770,000 qualified patients in Florida. The new store aims to enhance accessibility to Cresco's branded products, aiming to serve both new and existing patients. Customers can order online or utilize next-day delivery, with regular hours set from 10 AM to 8 PM (Mon-Sat) and 10 AM to 5 PM (Sun).
