Cresco Labs Announces Fourth Quarter & Full Year 2021 Results with Record Revenue, Adjusted EBITDA1 and Operating Cash Flow
CANNANNEW REPORT
Company reports 73% year-over-year revenue growth and 219% adjusted EBITDA growth in 2021 CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) ("Cresco Labs" or the "Company"), a vertically integrated, multi-state operator and the number one U.S. wholesaler of branded cannabis products, today released its financial results for the three months and year ended December 31, 2021. All financial information presented in this release is reported in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and in U.S. dollars, unless otherwise noted, and all comparisons to prior quarters and the prior year are made on an as-converted basis under U.S. GAAP. The Company announced today it has entered into a definitive arrangement agreement pursuant to which Cresco Labs will acquire all of the issued and outstanding shares of Columbia Care (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF). A separate press release with details of the proposed transaction was issued this morning. Fiscal Year 2021 Financial Highlights Record revenue of $822 million, an increase of 73% year-over-year Gross profit excluding fair value mark-up for acquired inventory of $430 million, or 52% of revenue, and up 104% year-over-year Record adjusted EBITDA1 of $194 million, an increase of 219% year-over-year Ended the year with over $224 million of cash on hand Fourth Quarter 2021 Financial Highlights Record fourth quarter revenue of $218 million, up 34% year-over-year Record fourth quarter adjusted EBITDA1 of $57 million, or 26% of revenue, an increase of 90% year-over-year Wholesale revenue of $101 million, maintained position as #1 seller of branded cannabis products in U.S. with leading share in the flower, concentrates, and vape categories Retail revenue increased 10% sequentially, to $117 million, an average of $2.8 million per store Same-store-sales increased 28% year-over-year, 1% sequentially Excluding California, revenue grew 6% sequentially Record cash flow from operations of $38 million…
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Source : Cresco Labs Announces Fourth Quarter & Full Year 2021 Results with Record Revenue, Adjusted EBITDA1 and Operating Cash Flow
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