Cresco Labs Inc. (OTCQX:CRLBF) (CSE:CL) (FSE:6CQ) released its financial results for the three months and year ended December 31, 2021.
Fiscal Year 2021 Financial Highlights
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Record revenue of $822 million, an increase of 73% year-over-year
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Gross profit excluding fair value mark-up for acquired inventory of $430 million, or 52% of revenue, and up 104% year-over-year
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Record adjusted EBITDA of $194 million, an increase of 219% year-over-year
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Ended the year with over $224 million of cash on hand
Fourth Quarter 2021 Financial Highlights
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Record fourth-quarter revenue of $218 million, up 34% year-over-year
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Record fourth-quarter adjusted EBITDA of $57 million, or 26% of revenue, an increase of 90% year-over-year
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Retail revenue increased 10% sequentially, to $117 million, an average of $2.8 million per store
"This has been an incredible year of growth and margin expansion for Cresco Labs. We generated $822 million in annual revenue, representing 73% annual growth. Adjusted EBITDA more than tripled as the investments we’ve made in the business start to bear fruit. We ended the year with 46 retail stores, more than double where we were at the end of last year. The Cresco Labs family expanded from approximately 2,300 employees to approximately 3,500, as we grew both organically and integrated five acquisitions," stated Charles Bachtell, co-founder and CEO of Cresco Labs.
Summary of Cresco Labs' 2021 Social Equity and Education Development Program
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On December 8, 2021, the company won the Silver Social Justice Film & Video Documentary award for “The Sentence of Michael Thompson” from the Clio Cannabis Awards. The trailer documentary film aims to help people understand the gravity of the impact of injustice on the lives of people adversely impacted by the war on drugs.
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The company launched the Illinois Cannabis Education Center through Cresco's SEED initiative to demonstrate its ongoing commitment to providing education and workforce development opportunities to members of communities adversely impacted by the War on Drugs.
Capital Markets and M&A Activity
On March 23, 2021, the company announced a definitive arrangement agreement whereby Cresco will acquire Columbia Care (NEO: CCHW) (CSE:CCHW) (OTCQX:CCHWF) in an all-stock transaction.
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On November 25, 2021, the company closed the previously announced acquisition of Bay, LLC d/b/a Cure Pennsylvania, a Pennsylvania retail operator with three operational dispensaries.
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On December 10, 2021, the company closed the previously announced acquisition of Laurel Harvest Labs, LLC, a vertically integrated Pennsylvania operator.
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Conference Call and Webcast
The company will host a conference call and webcast to discuss its financial results, the proposed Columbia Care acquisition and provide investors with key business highlights on Wednesday, March 23, 2022, at 8:30 am Eastern Time.
