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Cresco Labs Inc. (CRLBF), a constituent in the munKNEE American Cannabis MSO Stocks Index, has released its financial results for the first quarter (Q1) ended March 31, 2024, today, as follows:

Q1 Financial Highlights

(The information below compares Q1 2024 with Q4 2023 and all figures are in U.S. dollars.)

• Net Revenue: DOWN 2.1% to $184.3M
• Adj. Gross Profit: DOWN 4.8% to $94.9M
  • as a % of Net Revenue: DOWN to 51.5% from 53.0%
• Adj. Sales, Gen. & Admin: Reduced 5.1% to $51.7M
  • as a % of Net Revenue: DOWN to 28.1% from 29.0%
• Adj. EBITDA: DOWN 2.9% to 53.2%
  • as a % of Revenue: DOWN to 28.9% from 29.1%
• Net Profit (Loss): DOWN to $(2.1)M from $4.9M
• Cash on Hand: UP 15.1% to 124.9M

Cresco's reported Q1 profit/loss as a percentage of quarterly revenue compared with the other 6 constituents in the  munKNEE American Cannabis MSO Stocks Index, was, in descending order, as follows:

1. Green Thumb (GTBIF):
   • Q1 profit as a % of Revenue: 11.3%
2. Cresco Labs (CRLBF):
   • Q1 loss as a % of Revenue: (1.1)%
3. Verano (VRNOF):
   • Q1 loss as a % of Revenue: (2.2)%
4. Trulieve Cannabis (TCNNF):
   • Q1 loss as a % of Revenue: (7.7)%
5. Ayr Wellness (AYRWF):
   • Q1 loss as a % of Revenue: (16.9)%
6. Curaleaf (CURLF):
   • Q1 loss as a % of Revenue: (142.5)%
7. TerrAscend (TSNDF):
   • Q1 loss as a % of Revenue: (184.9)%

Q1 Operating Highlights

• Retained the No. 1 share position in Illinois, Pennsylvania and Massachusetts

Stock Performance

Despite the poor Q1 financial report Cresco's stock price is UP 2.5% as of mid-day but is still DOWN 1.9% from last Friday albeit UP 52.6% YTD.

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