Image Source: Unsplash

Cresco Labs Inc. (CRLBF), a constituent in the American Cannabis MSO Stocks Index, has released its financial results for the third quarter (Q3) ended September 30th, 2024, today, as follows:

Q3 Financial Highlights

(The information below compares Q3 2024 with Q2 2024 and all figures are in U.S. dollars.)

• Net Revenue: DOWN 2.5% to $179.8M
• Adj. Gross Profit: DOWN 1.5% to $93.4M
  • as a % of Net Revenue: UP to 51.9% from 51.4%
• Adj. Sales, Gen. & Admin. Exp.:  UP 4.6% to $54.4M
  • as a % of Net Revenue: UP to 31.6% from 29.5%
• Adj. EBITDA: DOWN 4.8% to 51.3%
  • as a % of Revenue: DOWN to 28.5% from 29.2%
• Net Profit (Loss): DOWN 85.0% to $(7.7)M from $(51.2)M
• Cash on Hand: UP 15.1% to 124.9M

Q3 Operating Highlights

• Retained the No. 1 share position in Illinois, Pennsylvania and Massachusetts and improved to a top 3 position in Ohio

Management Commentary

Charlie Bachtell, Cresco Labs CEO and co-founder, said:

“...While we’re disappointed that the Florida initiative didn’t reach the super majority threshold it needed to pass, we still saw substantial bipartisan majority support at 56% for cannabis legalization. For the first time ever, we had two presidential candidates that both supported broad federal cannabis reform. We look forward to working with the incoming administration to follow through on its commitment to developing a commonsense approach to cannabis laws including the passage of SAFE banking, rescheduling, and the fact that no one should be arrested for personal cannabis use.”

Stock Performance

Cresco Labs' stock price went UP 4.4% during Q3 (July, August, September) but went DOWN in October only to go UP by 4.8% by the close of business on November 5th. The defeat of the Florida initiative caused the stock to go DOWN 26.8% in the ensuing 2 days and is now DOWN 17.0% YTD.

More By This Author:

Curaleaf Q3 Report: 3% Increase In EBITDA And 9% Decrease In Net Loss
Green Thumb Q3 Results Show 58% Decline In Net Income And 5% Decline In EBITDA
Verano Q3 Revenue Loss Increased 245%; Stock Sinks 27% On News