Cresco Labs, Inc. (CSE: CL), a multi-state cannabis operator, today announced its financial results and operational highlights for the third quarter, which ended on September 30, 2018.
Revenue for the quarter increased to $12.2 million, representing a quarter-over-quarter increase of 51% and a year-over-year increase of 335%. Cresco’s net income nearly doubled from $2.0 million in the previous quarter to $3.9 million.
Gross profits, before gains from biological assets, increased to $5.4 million, compared to $3.5 million in the previous quarter. Adjusted EBITDA for the quarter rose from $2.1 million in the previous quarter to $5.9 million.
At the end of the quarter, the company had approximately $149.5 million in assets, which included $93.9 million in cash and cash equivalents. Cresco has a working capital position of roughly $105.3 million and long-term liabilities of about $2 million.
On December 17, 2018, at 5 PM Eastern Time, Cresco will hold a conference call to discuss its financial results for the quarter. A replay of the call will be made available on the company’s website following the call.
“As one of the early cannabis companies to establish a national geographic footprint with substantial population reach and production capacity, Cresco is leading the way in normalizing and professionalizing our industry,” said Charles Bachtell, Co-founder and CEO of Cresco Labs. “As a multi-state operator, we have repeatedly proven our ability to get access to markets, get operational, get product to markets, and get disproportionate market share.”
Following the closing of the quarter, Cresco entered the Massachusetts cannabis market with the acquisition of Hope Heal Health, Inc. Most recently the company went public on the Canadian Securities Exchange and began trading under the stock ticker “CSL” on December 3, 2018. Cresco is also in the process of receiving FINRA approval to trade on the OTC Market. The company also increased its liquidity by closing a $100 million Series F funding raise and another $85 million funded through institutional investors.