Cresco Labs Announces Increased Profitability in Third Quarter 2019 With Revenue Growth of 184% Year-Over-Year and 21% Quarter-Over-Quarter

CHICAGO–(BUSINESS WIRE)–

Conference Call with Investors and Analysts to be Held at 6:00 p.m. Eastern Time Today

Cresco Labs Inc. (CL.CN) (CRLBF) (FSE:6CQ) (“Cresco” or the “Company”) one of the largest vertically integrated multistate cannabis operators in the United States, today released its unaudited financial results for the third quarter ended September 30, 2019. All financial information presented in this release is in U.S. dollars, unless otherwise noted.

Third Quarter 2019 Highlights and Subsequent Events

Revenue

  • Third quarter revenue of $36.2 million, up 184% year-over-year and 21% quarter-over-quarter.
  • Third quarter pro forma revenue1 increased 48% quarter-over-quarter to $73.6 million, which includes the impact of pending acquisitions and investments.

    EBITDA

  • Third quarter Adjusted EBITDA2 of $11.1 million, compared to $9.7 million in the prior-year period. Excluding the impact of biological assets, adjusted EBITDA for the third quarter was $3.1 million.
  • Third quarter 2019 financial results included $4.5 million related to share-based incentive compensation, acquisition and other non-recurring costs of $4.7 million, and $2.2 million in expansion and relaunch costs.

    Net Income

  • Third quarter net loss3 of $8.6 million, compared to net income of $1.2 million in the prior-year period.

    Balance Sheet

  • As of September 30, 2019, the

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