Cresco Labs (CSE:CL) (OTCQX:CRLBF) ("Cresco" or "the Company"), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced that Parkway Dispensary, LLC and Navāda Labs, LLC , both social equity groups supported by the Company's SEED ™ initiative, received conditional adult-use dispensary licenses as part of the 185 new licenses recently issued by the state of Illinois.
"We're thrilled for all new Illinois cannabis business owners who finally have the opportunity to get their businesses up and running. We're also incredibly proud of our Cresco Labs team members who—through our SEED Community Business Incubator—assisted social equity groups with their license applications," said Charlie Bachtell, CEO and Co-Founder of Cresco Labs. "The issuance of an additional 185 retail licenses is the result of years of hard work and patience and marks a game-changing moment for inclusiveness and social justice in cannabis. We see this milestone as a win-win-win: it's a historic initiative in furtherance of diversifying the cannabis industry, it provides more customers with access to trusted, safe, top quality cannabis products, and it's a terrific catalyst for the continued growth of this very important and powerful economic engine and job creator in Illinois."
There are currently 110 dispensaries in operation in Illinois. After a year and a half of delays, the state began issuing conditional adult-use dispensary licenses on July 22 to social equity applicants under the Cannabis Regulation and Tax Act. The new licenses will more than double the number of statewide dispensaries.
SEED's Community Business Incubator will continue to provide essential services and support to Parkway Dispensary, Navāda Labs and all other social equity groups issued dispensary and craft grow licenses by the state. Through Cresco's Illinois Cannabis Education Center, the Company's SEED team will regularly host seminars, workshops and networking events with subject matter experts from the organization and community partners to assist social equity groups with refinement and enactment of business plans, site construction and initial launch operations. For more information about SEED's Community Business Incubator, visit www.crescolabs.com/seed or email incubator@crescolabs.com .
The Company is the leading wholesaler of branded cannabis products in Illinois, according to BDS Analytics. Its branded portfolio available in Illinois includes FloraCal Farms, Cresco, High Supply, Good News, Mindy's, Wonder Wellness and Remedi. Cresco also manufactures and distributes Kiva Confections branded products in the state.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods ("CPG") approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs' national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry's largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005196/en/
Media: Jason Erkes, Cresco Labs Chief Communications Officer press@crescolabs.com
Investors: Megan Kulick, Cresco Labs Senior Vice President, Investor Relations investors@crescolabs.com
For general Cresco Labs inquiries: 312-929-0993 info@crescolabs.com
News Provided by Business Wire via QuoteMedia
New Jersey Set To Get its First Taste of Exclusive Cookies Vape Cartridges and Pre-Rolls In Celebration of Opening Day
TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, and Cookies, a globally recognized cannabis and clothing brand, announced that The Apothecarium Lodi (200 NJ-17, Lodi, NJ 07644) will host a ribbon-cutting event and meet-and-greet appearance today with rapper and cannabis entrepreneur Berner, Co-Founder and CEO of Cookies to celebrate the launch of Cookies Corners in New Jersey . The Company will offer in-store promotions and SWAG giveaways for the first 150 customers as well as outdoor activities from 9am to 2pm .
Cookies Corners is a modern retail experience enabling customers to fully immerse themselves with the unique Cookies brand. Features available at the Cookies Corners include bud bars, branded wall displays, accessories, apparel and a top-flight selection of flower.
TerrAscend will also launch Cookies vape cartridges and pre-rolls in proprietary cultivars available for the first time in New Jersey , including Pink Rozay, Apples & Bananas, Gary Payton , Lemon Pound Cake 75, Cereal Milk, The Soap, Laughing Gas, Jealousy and Day Day.
The dedicated retail section at Apothecarium Lodi will be the Garden State's second Cookies Corner location, joining The Apothecarium Maplewood . A third Cookies Corner location is coming soon to The Apothecarium Phillipsburg .
"We keep checking off life goals, to have our second Cookies Corner in Jersey next to the legendary Bada Bing is epic. The customer journey is special at this location, we are ready for the East Coast," said Berner, Co-Founder and CEO of Cookies.
"Cookies is a standout cannabis brand with tremendous cultural influence," said Jason Wild , Executive Chairman of TerrAscend. "With what we believe to be the highest quality flower in the state, our exclusive relationship with Cookies, and the broadest selection of concentrates, The Apothecarium is quickly establishing a reputation as the destination that caters to the most sophisticated cannabis consumers in New Jersey ."
Cookies, one of the most globally recognized cannabis lifestyle brands, is renowned for its game-changing genetics and a diverse selection of over 70 cannabis cultivars and 2,000 products. Starting in 2010 from a garage set-up, the trailblazing cannabis brand was co-founded by San Francisco -native Berner – the first cannabis industry executive to be featured on the cover of Forbes – alongside his acclaimed cultivation partner, Jai. Creators of some of the industry's most highly-sought and legendary cultivars, Cookies is loyal to its mission of authenticity and innovative genetics.
For more information about product availability and store hours, please visit The Apothecarium website.
To find up-to-date information on local Cookies products, follow @CookiesNewJersey and @Apothecariumnj on Instagram.
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , Michigan and California , licensed cultivation and processing operations in Maryland and licensed production in Canada . TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com .
Cookies, founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder and cultivator Jai, is the most globally recognized cannabis company in the world. Cookies values the power of the plant and focuses on creating game-changing genetics. The company offers a collection of over 70 proprietary cannabis cultivars and more than 2,000 products. Cookies also actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy and social equity initiatives. Headquartered in San Francisco , the company opened its first retail store in 2018 in Los Angeles , and has since expanded to over 50 retail locations in 17 markets across 5 countries. Cookies was named one of America's Hottest Brands of 2021 by AdAge; the first cannabis brand to ever receive this accolade. To learn more about Cookies, visit cookies.co , and to learn more about Cookies CBD, visit shop.cookies.co/ .
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Forward-looking statements in this news release include, but are not limited to: statements with respect to the New Jersey market generally and future consumer access to TerrAscend brands in New Jersey . Actual results and developments may differ materially from those contemplated by these statements. Such forward-looking statements are based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities. While TerrAscend considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States ; and the risk factors set out in TerrAscend's management information circular dated October 4, 2021 , and TerrAscend's most recently filed MD&A, both filed with the Canadian securities regulators and available under TerrAscend's profile on SEDAR at www.sedar.com .
The statements in this press release are made as of the date of this release. TerrAscend disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States . Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States . Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.
View original content: http://www.newswire.ca/en/releases/archive/August2022/19/c9629.html
News Provided by Canada Newswire via QuoteMedia
Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") is pleased to announce that it has been granted the final court order (August 17, 2022) from the Supreme Court of British Columbia approving the plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"), pursuant to which the Company intends to complete a spinout transaction under the terms of the Arrangement Agreement, between the Company and 1364565 B.C. LTD. ("SpinCo"), as previously announced and approved by shareholders at the annual, general and special shareholder meeting ("AGSM") held on August 12, 2022.
Completion of the Arrangement is subject to satisfaction of all other terms and conditions set out in the Arrangement Agreement, including final approval of the TSX Venture Exchange. It is currently expected that, subject to satisfaction of all such terms and conditions, the Arrangement will close on or about August 23, 2022.
A letter of transmittal will be sent to each registered shareholder of the Company. It contains instructions for obtaining delivery of share certificates or DRS statements evidencing ownership of the common shares in the capital of each of the Company and SpinCo, which such registered shareholders of the Company are entitled to receive upon the Arrangement becoming effective.
As previously disclosed, Shareholders approved all resolutions proposed by management at the August 12, 2022, AGSM, including approval of the Company's new (rolling 10%) long term incentive plan ("LTIP"). The number of shares presently issuable under the LTIP is 1,681,973, being 10% of the current issued and outstanding. The LTIP includes the details of any additional shareholder and Exchange approvals that may be required.
ABOUT CENTURION Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project, and it is also reviewing additional prospective, precious mineral exploration projects.
"David G. Tafel" CEO and Director
For Further Information Contact: David Tafel 604-484-2161
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding, the completion of the Arrangement, the receipt of applicable approvals, the satisfaction of the terms and conditions of the Arrangement Agreement, the anticipated closing date of the Arrangement and the mailing out of the letters of transmittal to registered shareholders are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company's ability to complete the proposed Arrangement on the terms and conditions and within the timeframe contemplated, or at all; the Companies' ability to secure the regulatory approvals required to complete the Arrangement; and the estimated costs associated with the Arrangement. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the inability of the Company to obtain the final regulatory approval required for the Arrangement; non-completion of the Arrangement; risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's ability to complete the Arrangement; and other risk factors as detailed from time to time in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134275
News Provided by Newsfile via QuoteMedia
The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products will hold its rescheduled conference call on Monday, August 22, 2022, at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2022. The Company will provide its financial results in a press release prior to the conference call.
Greenrose management will host the conference call, followed by a question-and-answer session.
Conference Call Date: August 22, 2022 Time: 5:00 p.m. Eastern time Registration Link: https://register.vevent.com/register/BI9da0da5236ce42a5832d1a111ccf77c5
Please call the conference telephone number 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here .
About The Greenrose Holding Company Inc. The Greenrose Holding Company Inc. is a multi-state cultivator and producer of cannabis brands and products. Greenrose is driven by cultivation. It is understood that being a leader in the cannabis industry starts with outstanding flower derived from sophisticated genetics and scalable grow methods. Greenrose aims to be a vertically integrated company that looks for scale and horizontal consolidation. For more information, please visit www.greenroseholdings.com .
Investor Relations Contact: Gateway Group, Inc. Cody Slach or Jackie Keshner (949) 574-3860 GNRS@gatewayir.com
Greenrose Contact: Daniel Harley Executive Vice President, Investor Relations (516) 307-0383 ir@greenroseholdings.com
News Provided by GlobeNewswire via QuoteMedia
Although the US still lacks a regulated federal cannabis program, companies have been able to steadily grow, and a variety of financial experts have said the smart money is honing in on the country.
With reform now appearing imminent, companies focused on the American landscape are preparing for a new regime at the same time as they aim to move forward at the state level.
One multi-state operator (MSO) shared the adjustments it is making ahead of possible federal changes.
US cannabis companies want to see federal reform for many reasons, and according to a representative from an active MSO, many have made operational changes to stay prepared for potential regulation changes.
Rebecca Conti Koar, senior vice president of investor relations with Ascend Wellness Holdings (CSE:AAWH.U,OTCQX:AAWH), told the Investing News Network (INN) about some of the moves her firm has made to get ready for a new market when it comes to finances.
The expert explained that the way the company reports its quarterly financials has drastically changed.
The firm now shares its finances following generally accepted accounting principles (GAAP) instead of international financial reporting standards (IFRS).
“You're starting to see a lot of our peers switch over, and I think almost all of them, with the exception of two or three of the top 10, have switched over to GAAP,” Conti Koar said.
According to the Harvard Business School's online portal, under GAAP, “current assets are listed first, while a sheet prepared under IFRS begins with non-current assets.” Furthermore, GAAP standards prioritize liquidity, listing assets based on the ease and speed with which they can be changed to cash.
The benefit lies in complying with requirements for potential senior exchange listings in the US.
“We've been going through the steps to really get our governance in order, so that when it's time to list, we could comply easily with the NASDAQ or the New York Stock Exchange rules,” Conti Koar said.
Cannabis MSOs can’t yet list on senior exchanges in the US because there is no federal framework around the country's industry of plant-touching cannabis operators.
There have been a few pick-and-shovel players listed in the US, but they do not directly grow or sell cannabis.
Experts have pointed to the need for MSOs to reach senior exchanges as a way to expose a more mature investor audience to the cannabis opportunity.
Canadian cannabis companies can list in the US due to the federal legality of cannabis across the border.
So far this year there have been a few critical updates on the path for US cannabis reform.
The Cannabis Administration and Opportunity Act was introduced in the Senate this summer; the bill would remove cannabis from the Controlled Substances Act's list of monitored drugs, among other changes.
However, it’s difficult to project where the bill will go on the Senate floor, as there’s been little to no bipartisan agreement surrounding cannabis reform.
At the state level, however, it’s been an exciting year for the cannabis market, with New Jersey opening to adult-use sales. This could create a domino effect for the northeastern part of the country.
Despite progress at the state level from new and existing markets, James B. Francis, chief research officer at CRB Monitor, recently told INN that companies are struggling from the lack of a federal framework.
Operators in the US cannabis market are facing the dual pressures of continuing to operate and focus on their business strategies, while also being expected to plan for potential reform across the entire industry.
Investors will have to closely watch how cannabis companies operate leading up to and following any potential changes in America's law of the land for cannabis.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) ("Adastra" or the "Company"), a leading cannabis company focused on processing, product development, sales, organoleptic testing and analytical testing, is pleased to announce it has received its Medical Sales License from Health Canada which now authorizes Adastra to sell cannabinoid-containing products that are formulated for and distributed to the medical cannabis market
With its Medical Sales License, Adastra is now authorized to:
"This license marks another milestone for Adastra as we see a significant market opportunity for plant-based, natural medical remedies," said Michael Forbes, Chief Executive Officer of Adastra. "We are excited to now produce and distribute cannabis product formats, designed for the medical market as Canada once again re-forms this patient-focused market that was the foundation for federal legalization. With my background in healthcare and strong ties to the medical community - including some of Canada's largest pharmacy distributors and pharmacies - Adastra's ability to produce and sell to the re-emerging and established medical market positions us to leverage our PerceiveMD clinics for direct-to-patient sales and pharmacy sales. Adastra has the added advantage through our PerceiveMD clinics to work directly with medical patients and collaborate with practitioners in developing plant-based alternative remedies designed for the medical cannabis market."
Adastra's Medical Sales License will enable the Company to maximize the full potential of PerceiveMD, Adastra's wholly-owned platform, that assesses patients seeking alternative treatments and remedies and provides documentation to enable access.
"We continue to see an uptick in the therapeutic use of cannabis for symptom relief - everything from cancer, menopause, stress, depression, anxiety and so on," Forbes added. "There is less stigma and more awareness today than ever before about the potential healing and symptom relief qualities of cannabis. We believe we'll continue to see a rise in popularity of cannabis for medicinal purposes and we are positioning Adastra to capture and serve this significant market."
The global medical cannabis market is projected to grow to $248.42 billion by 2030 at a 31.97% CAGR according to a recent report by Market Research Future. 1
Adastra expects to start producing medical format cannabis products, specifically CBD tinctures by January 2023. The Company is currently exploring medical distribution platforms for Canadian sales and plans to formulate products based on recommendations from practitioners and patients in its established network.
Note 1: https://ca.finance.yahoo.com/news/medical-marijuana-market-worth-usd-160000093.html
About Adastra Holdings Ltd. Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use, medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada. Adastra acquired 100% of the legacy-built brand Phyto Extractions in September 2021. The brand is well-known for its cannabis concentrate products, available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, British Columbia, focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin and Psilocin, by applying for a Controlled Substances Dealer's License, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, the acquisition of 1225140 B.C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary manufacturer for medical cannabis and psychedelic therapies, working alongside practitioners and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.
Contacts Michael Forbes, CEO, Corporate Secretary & Director (778) 715 5011, michael@adastraholdings.ca Stephanie Martens, Investor Relations ir@adastraholdings.ca
This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: (i) the expected activities that the Company may conduct with a Medical Sales License; (ii) the ability of the Company to leverage its existing clinics for direct-to-patient and pharmacy sales through its ability to sell to the growing and established medical market; (iii) the expectation that the Company will start producing medical cannabis products by January 2023; and (iv) pending approvals, Adastra is poised to be a drug formulation and development leader in controlled substances. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
News Provided by ACCESSWIRE via QuoteMedia
Company reports 4% year-over-year revenue growth and 11% year-over-year adjusted EBITDA growth; continues industry leadership with branded product performance and retail productivity
Company provides positive update on Columbia Care divestiture process, regulatory approvals and closing timeline
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (" Cresco Labs " or the " Company "), a vertically integrated, multi-state operator and the no. 1 producer of branded cannabis products in the industry, today released its financial results for the quarter ended June 30, 2022. 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.
"We reported solid results in the face of an unprecedented macro environment. We generated $218 million in revenue, representing 4% year-over-year growth, and maintained our industry position as the no. 1 wholesaler of branded cannabis 2 , the no. 1 branded product portfolio chosen by consumers 2 , and the no. 1 most productive per-store national retailer. Importantly, we accomplished these results while maintaining our Adjusted Gross Margin 1 at 53% and Adjusted EBITDA 1 margin of 23%, in a market where prices fell between 10-30% depending on the state. The Columbia Care transaction is proceeding as expected — we're checking off milestone after milestone, the divestiture and regulatory processes are on track and we continue to anticipate a closing around year end," said Charles Bachtell, CEO and Co-Founder of Cresco Labs.
"We recognize the challenges currently facing the cannabis industry and the tough macro backdrop we are operating against. In this environment, we are managing through today while remaining focused on the long-game — we're holding and growing market share, driving efficiencies across the business to maintain margins, and preparing for the integration of Columbia Care to drive future growth. Over the next three years, growth will come from the transition to adult use in seven large markets: New Jersey, New York, Pennsylvania, Ohio, Virginia, Florida and Maryland. Our combined footprint with Columbia Care, gives us exposure to all of these markets and leading positions in several. This is arguably the highest value footprint in cannabis – 180 million Americans and all 10 of the 10 highest projected 2025 revenue states. The acquisition more than doubles our retail footprint, gives us a number one branded or retail share position in five markets, and optimizes our operational footprint. It gives us the breadth and depth that we believe ensures growth, diversifies our revenue mix and creates an industry leader," Mr. Bachtell concluded.
Balance Sheet, Liquidity, and Other Financial Information
Social Equity and Education Development Program
Capital Markets and M&A Activity
The Company will host a conference call and webcast to discuss its financial results on Wednesday, August 17, 2022, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 1-844-200-6205 (US Toll Free), 1-833-950-0062 (CDN Toll Free), 1-646-904-5544 (US Local), +1 929-526-1599 (Other) providing access code 035060. Archived access to the webcast will be available for one year on the Cresco Labs' investor relations website.
The financial information reported in this press release is based on unaudited management prepared financial statements for the quarter ended June 30, 2022. These financial statements have been prepared in accordance with U.S. GAAP. This release contains certain preliminary financial results for the second quarter, including Cost of goods sold; Gross profit; Other income, net; Income tax expense; Net loss; Inventory, net; Right-of-use assets; Current portion of lease liabilities; Lease liabilities; and Non-controlling interests. The Company expects to file its unaudited interim condensed consolidated financial statements for the quarter ended June 30, 2022, on SEDAR by August 18, 2022. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes between the information contained in this press release and the consolidated financial statements it files on SEDAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company's financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company's filed financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company's audited financial statements for the year ended December 31, 2021, previously filed on SEDAR.
Cresco Labs references certain non-GAAP financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers, and should be considered preliminary based on the potential for change in the financial statement line items indicated above. Please see the "Non-GAAP Financial Measures" section below for more detailed information.
Earnings before interest, taxes, depreciation, and amortization ("EBITDA"), Adjusted EBITDA, and Adjusted gross profit are non-GAAP financial measures and do not have standardized definitions under U.S. GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with U.S. GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with U.S. GAAP and may not be comparable to similar measures presented by other issuers. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the U.S. GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Cresco Labs is one of the largest vertically integrated, multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods ("CPG") approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco®, Cresco Reserve®, High Supply®, Mindy's™, Good News®, Remedi™, Wonder Wellness Co.® and FloraCal®. Sunnyside*®, Cresco Labs' national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry's largest Social Equity and Educational Development initiative, SEED™, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com .
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,' ‘will,' ‘should,' ‘could,' ‘would,' ‘expects,' ‘plans,' ‘anticipates,' ‘believes,' ‘estimates,' ‘projects,' ‘predicts,' ‘potential' or ‘continue' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2021, filed on March 25, 2022, other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs' shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.
See "Non-GAAP Financial Measures" at the end of this press release for more information regarding the Company's use of non-GAAP financial measures.
Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR")
Financial Information and Non-GAAP Reconciliations
(All amounts expressed in thousands of U.S. Dollars)
Unaudited Consolidated Statements of Operations
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021
For the Three Months Ended
Total other (expense) income, net
Income (loss) before income taxes
1 Net (loss) income includes amounts attributable to non-controlling interests.
Unaudited Reconciliation of Gross Profit to Adjusted Gross Profit (Non-GAAP)
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021
For the Three Months Ended
Fair value mark-up for acquired inventory
COGS adjustments for acquisition and other non-core costs
1 Production (cultivation, manufacturing, and processing) costs related to products sold during the period.
Summarized Unaudited Consolidated Statements of Financial Position
As of June 30, 2022 and December 31, 2021
Total liabilities and shareholders' equity
Unaudited Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021
For the Three Months Ended
Earnings before interest, taxes, depreciation, and amortization (EBITDA) (Non-GAAP)
Fair value mark-up for acquired inventory
Adjustments for acquisition and other non-core costs
1 Net (loss) income includes amounts attributable to non-controlling interests.
Unaudited Summarized Consolidated Statements of Cash Flows
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021
For the Three Months Ended
Net cash used in operating activities
Net cash used in investing activities
Net cash used in financing activities
Effect of foreign currency exchange rate changes on cash
Net decrease in cash and cash equivalents
Cash and cash equivalents and restricted cash, beginning of period
Cash and cash equivalents and restricted cash, end of period
View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005121/en/
Media Jason Erkes, Cresco Labs Chief Communications Officer press@crescolabs.com 312-953-2767 Investors Megan Kulick, Cresco Labs SVP, Investor Relations investors@crescolabs.com For general Cresco Labs inquiries: 312-929-0993 info@crescolabs.com
News Provided by Business Wire via QuoteMedia
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.