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U.S. Cannabis Dispensary Operator Cresco Labs Posts Narrower Loss As Revenue Dips -- MarketWatch

MarketWatch·05/15/2024 12:06:00
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Cresco Labs Inc. (CRLBF) said Wednesday its first-quarter loss narrowed to $2.06 million, from $27.8 million in the year-ago quarter. Excluding taxes, first-quarter net income totaled $16 million, the company said. Cresco Labs does not provide earnings per share figures. Revenue at the Chicago-based multi-state cannabis dispensary operator fell to $184.3 million from $194.2 million in the year-ago quarter. Cresco Labs matched the FactSet consensus estimate of $184.3 million for first-quarter revenue. Excluding the impact from strategic divestitures, first-quarter revenue was about flat, the company said. "The recently announced potential federal rescheduling will fundamentally change the future for cannabis and all of its stakeholders," Chief Executive Charles Bachtell said in a statement. He said Cresco Labs has maintained a "very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year." Cresco Labs stock has risen by 49% so far in in 2024, ahead of the Nasdaq's gain of 10%.

-Steve Gelsi

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May 15, 2024 08:06 ET (12:06 GMT)

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