Stable Financial Performance
Cresco Labs reported $165 million in revenue, representing a 1% sequential increase from Q2. Adjusted gross profit was $80 million, and adjusted EBITDA was $40 million, indicating stable financial performance despite market challenges.
Debt Refinancing Success
The company successfully completed debt refinancing, reducing the size of the debt, extending maturities, and improving flexibility to fund future growth.
Strategic Market Expansion
Cresco Labs is expanding its operations in Ohio, holding the #1 retail share position and opening new dispensaries. The company is also entering the Kentucky market with a cultivation and processing facility and launching in Germany to test its brand strategy in the European Union.
Wholesale Market Gains
Wholesale revenue grew 10% quarter-over-quarter, driven by expanded capacity and strong market share gains in Illinois and Pennsylvania, with the company achieving #1 branded share positions in these states and Massachusetts.
Retail Technology Innovations
Sunnyside, a retail brand of Cresco Labs, rolled out self-serve kiosks to improve transaction speed and optimize staffing, leading to faster checkouts and higher customer satisfaction.