Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) is one of the largest vertically integrated multistate cannabis operators in the United States.
Revenue
- First quarter revenue of $21.1 million, up 313%
- First quarter pro forma revenue1 of $33.9 million, which includes the impact of pending acquisitions in New York, Massachusetts, Florida, and in California with Origin House.
Net Income
- First quarter net loss of $7.6 million, compared to net income of $0.6 million in the prior-year period.
Balance Sheet
- As of fiscal year-end, total assets of $364.0 million, including cash and cash equivalents of $106.1 million and a working capital position of $146.3 million with zero debt on the balance sheet.
Operations
- The Company is operational in seven U.S. states, with binding transactions pending in New York, Massachusetts and Florida, as well as approved expansion into Michigan.
- On April 1, 2019, the Company announced that it has entered into a definitive agreement with CannaRoyalty Corp. (d/b/a Origin House), a premier cannabis brand distributor, which at the time was the largest-ever public company acquisition in the U.S. cannabis sector.
Talent
- Continued hiring top talent through key appointments and acquisitions, total staff headcount to over 835 employees at the end of the first quarter of 2019.
Voluntary Shares Lock-up 97%
- Shareholders representing 205,172,192 common shares have entered into voluntary lock-up agreements representing 97% of the shares subject to the initial lock-up and 80% of the total issued subordinate voting shares (on an as-if converted basis).
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