Cresco Labs Inc
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Cresco Labs Inc
Cresco Labs Inc. engages in the business of cultivating medical grade cannabis, manufacturing medical products derived from cannabis cultivation, and distributing such products to medical or adult use consumers. The company is headquartered in Chicago, Illinois and currently employs 3,500 full-time employees. The company went IPO on 2018-12-03. The firm is the wholesaler of branded cannabis products in the United States. Its brands include Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, the Company’s national dispensary brand, is a wellness-focused retailer. The firm operates in and/ or has ownership interests in Illinois, Pennsylvania, Ohio, California, Maryland, Arizona, New York, Massachusetts, Michigan and Florida.
Cresco Labs Inc. engages in the business of cultivating medical grade cannabis, manufacturing medical products derived from cannabis cultivation, and distributing such products to medical or adult use consumers. The company is headquartered in Chicago, Illinois and currently employs 3,500 full-time employees. The company went IPO on 2018-12-03. The firm is the wholesaler of branded cannabis products in the United States. Its brands include Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, the Company’s national dispensary brand, is a wellness-focused retailer. The firm operates in and/ or has ownership interests in Illinois, Pennsylvania, Ohio, California, Maryland, Arizona, New York, Massachusetts, Michigan and Florida.
Revenue Growth: Cresco Labs reported Q2 2023 revenue of $198 million, up 2% sequentially, driven by growth in core retail operations.
Margin Expansion: Adjusted gross margin increased 100 basis points to 47%, and adjusted EBITDA grew by 38% to $40 million, reflecting cost-cutting and operational efficiencies.
Cost Reductions: Adjusted SG&A declined by $7 million quarter-over-quarter, aided by organizational streamlining even as 5 new dispensaries were opened.
Core Market Focus: Management emphasized prioritizing high-margin core markets and exiting or downsizing less profitable operations, such as in California and Maryland.
Guidance Update: Revenue in the second half of 2023 is expected to decline by high single digits versus the first half due to asset rationalizations, but margins and free cash flow are forecast to improve.
Wholesale Stability: Wholesale revenue was flat sequentially, with leadership positions maintained in branded flower and concentrates.
Loyalty & Tech: The Sunnyside loyalty program saw over 35% growth, with engaged customers spending 26% more than average.
