Courtesy of Cresco Labs
Headquarters: Chicago
Operating States: 10
Employees: ≈ 3,300
Dispensaries: 68
Cultivation Sites: 13
Cultivation Capacity: ≈ 900,000 square feet
Q1 2023 Financial Highlights:
- Net Revenue: $194.2 million
- Gross Profit: $85.9 million (gross margin of 44%)
- Net Loss: $27.8 million
- Cash Balance: $90.5 million
States With Retail Operations: Arizona (1), Florida (31), Illinois (10), Massachusetts (4), New York (4), Ohio (5), Pennsylvania (13)
Brands: Sunnyside (retail brand), Cresco, High Supply, Mindy’s, Good News, Remedi, Wonder Wellness Co., FloraCal
2023 Expansion Highlights:
- Added 10 retail locations in Florida, most recently opening Sunnyside stores June 15 in Destin and St. Petersburg, for 31 total dispensaries in the state
- Added three retail locations in Pennsylvania, most recently opening Sunnyside stores June 29 in Washington and Somerset, for 13 total dispensaries in the state.
- Closing of Columbia Care acquisition still pending
Commentary
Charlie Bachtell, CEO, Cresco Labs, via a press release announcing first quarter 2023 results: “After attending the first ever Senate hearing on the SAFE Banking Act, I’m encouraged by the progress at the federal level to resolve the industry’s unique banking challenges. I’m also energized by continued cannabis acceptance and normalization at the state level, with Missouri and Connecticut launching adult-use sales, Kentucky passing medical cannabis and Delaware plus potentially Minnesota legalizing cannabis. We are investing wisely and rationalizing and optimizing everything we do to generate profitable revenue expansion, drive healthy margins, generate more cash and strengthen our balance sheet. At Cresco Labs, we’re optimizing for the company we are today while also preparing for the industry of tomorrow.”
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