Vertically integrated cannabis company
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) reported a 9.9% quarter-over-quarter and 168.8% year-over-year revenue growth amounting to $178 million in the first quarter of 2021.
The Chicago-based company achieved record wholesale and retail revenue over the same period, totaling $95.6 million and $82.8 million, respectively. In Q1, we delivered sequential growth from existing assets, demonstrated our ability to reach and sustain #1 market share positions in two of this industry s top-five states, and we re gearing up to repeat that success in more markets this year, Charles Bachtell, co-founder and CEO of Cresco Labs, said Thursday.
Here s a breakdown of what the first-quarter earnings report showed:
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Multistate cannabis operator
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Cresco Labs (CSE:CL) (OTCQX:CRLBF) has completed its purchase of Verdant Creations’ four dispensaries in Ohio.
The newly acquired stores are located in Cincinnati, Chillicothe, Newark and Marion. This brings the company’s total number of dispensaries in the state to five, which is the maximum permissible in the Buckeye State.
Cresco already has one dispensary in Wintersville and a cultivation and processing facility in Yellow Springs.
The Chicago-based company s strategy is to bolster its presence across states that have a developed cannabis market. Ohio’s number of medical patients went up from 78,000 to 160,000 in 2020, having annual cannabis sales of $220 million.