Although most cannabis-companies have announced their Q3 financial figures by now, there are a few remaining stragglers that have had impressive results worth noting.
Cresco Labs Inc (CSE: CL) is one of them. As one of the largest multistate cannabis operators in the U.S., the firm announced that in Q3 it had seen a 335% increase in year-to-year revenue growth along with a 51% increase in comparison to last quarter.
Almost every financial metric reported by Cresco Labs saw significant positive improvements. Third quarter net income climbed to $3.9 million, in comparison to the net loss of $0.2 million from last year.
Total year to date revenue is currently at $25.1 million, which is a 248% increase from 2017. Other significant reports include the fact that the firm hired over 400 employees this year, quintupling their workforce to almost 500. Cresco Labs also raised approximately $205 million US in growth capital in three rounds, and with operations in several different states, said funding is likely to be invested in opening additional retail locations across the country.
“Through our differentiated business approach, we have already proven that our capital starts working immediately to the benefit of our shareholders, regulators, legislators and consumers,” said CEO and Co-Founder Charles Bachtell. “Now, with increased access to the capital markets through our public listing, we can take our expansion strategy to the next level. We believe that Cresco has built the foundation needed to generate strong growth and attractive shareholder returns in the years ahead.”
Other important points to mention include several key hires for Cresco. The firms new Chief Experience Officer, Scott Wilson, used to be the global creative director for Nike. Vice President of Brand Marketing, Cory Rothschild, was former director of consumer engagement for Gatorade – a subsidiary of PepsiCo. Cris Rivera, former marketing director for MillerCoors, is stepping in as VP of Consumer Experience, while Todd West from Lifeway has become Cresco’s newest VP of Product Development.
Cresco Labs also mentioned a number of awards and recognitions the firm has earned this quarter. For one, Cresco was recognized as being among the best companies to work for in the cannabis sector by MJ Magazine. Cresco also holds the record of being the first cannabis company to win a national Healthcare Advertising Award, and was recently named as one of the top “Cannabis 100” according to Green Entrepreneur, a division of Entrepreneur.com.
Cresco Labs Inc Company Profile
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry.
Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. –Cresco Labs