Cannabis producer Cresco Labs reports revenue miss

Cresco Labs Inc. reported revenue Tuesday that missed Wall Street expectations. The weed producer reported a third-quarter net loss of $8.6 million, versus net income of $1.2 million in the year-ago quarter. Cresco did not report a per-share earnings figure. Revenue rose to $36.2 million from $12.7 million a year ago. Analysts polled by FactSet expected sales of $37.9 million. U.S. traded shares of Cresco Labs have dropped 14% this year, as the S&P 500 index has gained 25%. The ETFMG Alternative Harvest ETF has fallen 32% this year. Cresco shares closed up 0.7% in regular trading Tuesday.

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