While some have seen overall losses in 2020, Cresco Labs has seen huge growth.
According to TG Branfalt with Ganjapreneur:
“Cresco Labs on Wednesday announced record third-quarter revenues of $153.3 million, a 63 percent, $59 million quarter-over-quarter increase. The company also reported a record EBITDA of $46.4 million, a 182 percent increase from the previous quarter.
“Cresco said that it earned $90.5 million in wholesale revenue, positioning it as the largest wholesaler of branded products in the industry.
“Charles Bachtell, Cresco Labs co-founder and CEO, noted that the firm increased its revenues by $87 million from Q1 to Q3, ‘while keeping SG&A flat.’
“Additionally, the company reported a net income of $4.9 million, which includes unrealized gains and losses on mark-to-market instruments, changes in fair value of biological assets, and interest and tax expense. Cresco said it has net cash provided by operating activities of $17.8 million, a $7.9 million increase compared to Q2.
“The company said the ‘increase in cash provided by operating activities was driven by increased operating leverage across the business as the company scales…’
“Curaleaf – another multi-state operator – also announced record revenues during the third quarter.”