Shares of vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, Cresco Labs Inc (OTCQX-CRLBF) gained significantly as it hit $11.930 at previous close, an increase of 5.67%. Compared to its monthly performance of -2.93%, Cresco Labs stock has performed 7.96% over the last week. After its quarterly results were released, CRLBF stock rose.
How much did CRLBF make for the quarter?
One of the largest vertically integrated cannabis companies in the country, Cresco Labs aims to normalize and professionalize the cannabis industry. Operating on a consumer-packaged-goods (“CPG”) model of business, CRLBF is the largest wholesaler of branded cannabis products in the United States. The CRLBF family of brands is comprised of some of the most trusted and recognized brands in the marketplace including Cresco, Mindy’s Edibles, Remedi, FloraCal Farms, High Supply, Good News, and Wonder Wellness Co.
Cresco Labs announced its financial results for its first quarter ended March 31, 2021, after the market closed yesterday.
- CRLBF posted a quarter-over-quarter increase of 9.9% as well as a year-over-year increase of 168.8% for revenue of $178.4 million.
- Gross profit for CRLBF was $87.0 million, or 48.8% of revenue, an increase of 16.8% quarter-over-quarter and 268.9% year-over-year.
- For the reported quarter, CRLBF saw an increased EBITDA1 by $35.0 million that came 16.5% higher quarter-over-quarter and 507.2% year-over-year.
- Net wholesale revenue recorded by CRLBF grew 5.7% quarter-over-quarter and 150.8% year-over-year.
- Retail revenue of CRLBF was $82.8 million from 24 stores grew 15.2% quarter-over-quarter and 193.2% year-over-year.
How did CRLBF do?
Cresco Labs (CRLBF) delivered sequential growth in Q1 from existing assets and was able to achieve #1 market share positions in two of this industry’s top five states. CRLBF is on track to repeat that success in more markets in 2021. In subsequent quarters, CRLBF will benefit from a variety of initiatives including organic expansions and M&A that are driving growth.