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wallstreetbets
Are maybe these guys OD'ing on Cresco products. Or maybe is Cresco flying so far under the radar. Kudos to stealth technology! Keep this stock if you are young and do not expect to retire in the next few days. Just sayin.
I hate to say this, but I know a guy, that's knows a guy,that knows a guy from Cresco. But seriously remove 2 guys. I am still very long. BTW I do know that guy.
Beast mode. Took awhile and if you bought a HUGE amount 1Q 2019 you might be feeling good. If you averaged down over that period you are feeling REALLY GOOD.
Cresco Labs
Stock price Mar 16 2020 $2.45
Stock price Jan 22 2021 $14.19
I've been here since then and well before.
(Put a happy face emoji here)
I have'nt posted for quite awhile. But this ER deserves a "WayToGoCharlieandCo"
Unfortunately I don't know when but someday CRLBF will be at the top of the market. Of course IMHO.
I am announcing that I am in this stock for as long as it takes. Just IMHO. Do what you like.
CHICAGO--(BUSINESS WIRE)-- Cresco Labs Inc.(CRLBF) (“Cresco Labs” or the “Company”) (CSE: CL) , one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties, Inc. (“IIP”) for approximately $46.3 million, which amount includes funding for additional tenant improvements at the Kankakee property. Concurrent with the closing of the sale, Cresco Labs(CRLBF) will enter into a long-term, triple-net lease agreement with IIP and will continue to operate each property as a licensed cannabis cultivation and processing facility. The two properties represent approximately 100,000 square feet of industrial space in aggregate. The agreement is expected to close within the next 30 days.
“This sale-and-leaseback agreement with IIP represents a non-dilutive capital solution for Cresco Labs(CRLBF) that will support the expansion of our Illinois operations in preparation for the legalization of adult-use cannabis on January 1, 2020,” said Cresco Labs(CRLBF) CEO and Co-founder Charlie Bachtell. “A portion of the proceeds from the sale of the two properties will be utilized to create the scale in our cultivation capacity and retail dispensary network necessary to meet the significant increase in demand projected from the legalization of adult-use cannabis and the expansion of the medical-use program in Illinois. With the Illinois cannabis market projected to reach $2 billion to $4 billion in annual sales at maturity, the expansion of our operations will position Cresco Labs(CRLBF) to build upon our leading market share and significantly increase the revenue we generate from Illinois in the coming years.”
About Cresco Labs(CRLBF):
Cresco Labs (CRLBF) is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand, is a wellness-focused retailer designed 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 has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs(CRLBF) at www.crescolabs.com.
Forward Looking Statements
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. Such forward-looking information and 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 information or 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 CSE Listing Statement filed with SEDAR; 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’s 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190927005079/en/
Source: Cresco Labs Inc.(CRLBF)
Nice spike EOD, not sure why but I will not complain!
I am older and I am long. If I won't benefit somebody else will.
You can spin this anyway you want. I am keeping my 10000 shares. See you on the beach
Cresco Labs Inc.
(CRLBF) Unaudited Financial Information and Non-IFRS
Reconciliations (All amounts expressed in thousands of U.S. Dollars)
Unaudited Condensed Interim Consolidated Statements of Operations and
Comprehensive Income For the Three Months Ended March 31, 2019 and
2018
For the Three Months Ended
March 31,
----------------------------
2019 2018
(Unaudited) (Unaudited)
------------- -------------
Revenue $ 21,055$ 5,093
Cost of Sales -- Production Costs (15,168) (3,456)
------------- -------------
Gross Profit Before Fair Value
Adjustments 5,887 1,637
Realized Changes in Fair Value of
Inventory Sold (15,441) (321)
Unrealized Gain on Changes in Fair Value
of Biological Assets 20,206 1,409
------------- -------------
Gross Profit 10,652 2,725
GP% 50.6% 53.5%
Expenses:
Selling, General and Administration 16,773 2,064
Depreciation and Amortization 973 39
------------- -------------
Total Expenses 17,746 2,103
(Loss) Gain from Operations (7,094) 622
------------- -------------
Other (Expense) Income:
Interest Expense, Net (419) (9)
Other Expense, Net (134) (13)
Income from Investment in Associate 36 -
------------- -------------
Total Other Expense, Net (517) (22)
------------- -------------
(Loss) Income Before Income Taxes (7,611) 600
Income Tax Recovery 37 -
------------- -------------
Net (Loss) Income (1) $ (7,574)$ 600
------------- -------------
(1) Net income includes amounts attributable to non-controlling
interest.
Cresco Labs Inc.
Unaudited Summarized Consolidated Statements of Financial Position
As of March 31, 2019 and December 31, 2018
3/31/2019 12/31/2018
(Unaudited) (Audited)
------------ -----------
Cash and Cash Equivalents $ 106,090$ 131,302
Other Current Assets 77,277 61,401
Property and Equipment, Net 50,823 39,721
Intangible Assets, Net 24,958 25,465
Goodwill 51,146 51,146
Other Long-Term Assets 53,750 9,076
------------ -----------
Total Assets $ 364,044$ 318,111
------------ -----------
Total Current Liabilities $ 37,029$ 25,230
Total Long-Term Liabilities 49,688 9,900
Total Shareholders' Equity 277,327 282,981
------------ -----------
Total Liabilities and Shareholders'
Equity $ 364,044$ 318,111
------------ -----------
Cresco Labs Inc.
Unaudited Revenue and Gross Profit Metrics
For the Three Months Ended March 31, 2019 and 2018
For the Three Months Ended
March 31,
----------------------------
2019 2018
(Unaudited) (Unaudited)
------------- -------------
Revenue $ 21,055$ 5,093
Cost of Sales -- Production Costs(1) (15,168) (3,456)
Realized Changes in Fair Value of
Inventory Sold (15,441) (321)
Unrealized Gain on Changes in Fair Value
of Biological Assets 20,206 1,409
------------- -------------
Gross Profit $ 10,652$ 2,725
------------- -------------
Cultivation Costs Expensed Under IAS
41(2) 3,497 585
Net Impact of Fair Value of Biological
Assets (4,765) (1,088)
Operational Gross Profit (Non-IFRS) $ 9,384$ 2,222
------------- -------------
Operational GP% 44.6% 43.6%
(1) Production (cultivation, manufacturing, and processing) costs
related to products sold during the period.
(2) Costs would be capitalized under IAS 2 and do not relate to costs
of inventory sold in the period.
Cresco Labs Inc.
Unaudited Reconciliation of Net Income to Adjusted EBITDA
For the Three Months Ended March 31, 2019 and 2018
For the Three Months Ended
March 31,
----------------------------
2019 2018
(Unaudited) (Unaudited)
------------- -------------
Net (Loss) Income(1) $ (7,574)$ 600
Depreciation and Amortization 2,286 298
Other Expense, Net 134 13
Interest Expense, Net 419 9
Income from Investment in Associate (36) -
Income Tax Recovery (37) -
------------- -------------
Earnings Before Interest, Taxes,
Depreciation, and Amortization
(EBITDA) (Non-IFRS) (4,808) 920
------------- -------------
Acquisition and Other Non-Recurring Costs 2,458 -
Share-Based Compensation 3,168 62
------------- -------------
Adjusted EBITDA (Non-IFRS) $ 818$ 982
------------- -------------
(1) Net income includes amounts attributable to non-controlling
interest.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005948/en/
CONTACT: Media
Jason Erkes, Cresco Labs(CRLBF)
Chief Communications Officer
press@crescolabs.com
312-953-2767
Investors:
investors@crescolabs.com
For general Cresco Labs(CRLBF) inquiries:
312-929-0993
info@crescolabs.com
(END) Dow Jones Newswires
05-29-191700ET
Cresco Labs Announces Profitable First Quarter 2019 Financial Results with Revenue Growth of 313% Year-over-Year and 24% Quarter-over-Quarter
BUSINESS WIRE 5:00 PM ET 5/29/2019
Symbol Last Price Change
CRLBF 11.73up +0.43 (+3.81%)
QUOTES AS OF 03:59:53 PM ET 05/29/2019
Conference Call with Investors and Analysts to be Held at 6:00 p.m. Eastern Time Today
CHICAGO--(BUSINESS WIRE)-- Cresco Labs Inc.(CRLBF) (“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 first quarter ended March 31, 2019. All financial information presented in this release is in U.S. dollars, unless otherwise noted.
First Quarter 2019 Highlights and Subsequent Events
Revenue
First quarter revenue of $21.1 million, up 313% year-over-year and 24% quarter-over-quarter.
First quarter pro forma revenue1 of $33.9 million, which includes the impact of pending acquisitions in New York, Massachusetts, Florida, and in California with Origin House.
EBITDA
First quarter adjusted EBITDA2 of $0.8 million, compared to $1.0 million in the prior-year period.
First quarter 2019 financial results included $3.2 million related to share-based incentive compensation and acquisition and other non-recurring costs of $2.5 million.
Net Income
First quarter net loss of $7.6 million, compared to net income of $0.6 million in the prior-year period.
Balance Sheet
As of fiscal year-end, total assets of $364.0 million, including cash and cash equivalents of $106.1 million and a working capital position of $146.3 million with zero debt on the balance sheet.
Operations
The Company is operational in seven U.S. states, with binding transactions pending in New York, Massachusetts and Florida, as well as approved expansion into Michigan.
On April 1, 2019, the Company announced that it has entered into a definitive agreement with CannaRoyalty Corp. (d/b/a Origin House), a premier cannabis brand distributor, which at the time was the largest-ever public company acquisition in the U.S. cannabis sector.
Talent
Continued hiring top talent through key appointments and acquisitions, total staff headcount to over 835 employees at the end of the first quarter of 2019.
Other
Shareholders representing 205,172,192 common shares have entered into voluntary lock-up agreements representing 97% of the shares subject to the initial lock-up and 80% of the total issued subordinate voting shares (on an as-if converted basis).
Management Commentary
“Since the beginning of the year, we have made significant progress on the vision we have laid out for building Cresco into the most important company in the cannabis industry,” said Charles Bachtell, Co-founder and CEO of Cresco Labs(CRLBF). “We have continued to execute well from an operational standpoint, generate higher levels of revenue in our existing markets, and deliver strong profit margins. Through our pending acquisitions of Origin House and VidaCann, we have also put a foundation in place that we believe will enable us to capture a leading share in the North American cannabis market. We believe we have built the most strategic geographic footprint of any cannabis company in the United States, and now with the acquisition of Origin House, we will have the distribution platform to enable us to take market share in the largest and most important markets in the cannabis industry. As we continue to effectively execute on our strategic plan, we expect to create significant additional value for our shareholders.”
Financial Results for the First Quarter Ended March 31, 2019 (Unaudited)
Revenue for the first quarter of 2019 was $21.1 million, an increase of 313% compared to revenue of $5.1 million for the first quarter of 2018. The increase in revenue was driven by expansion into new markets and gains in market share in the states where the Company operates. First quarter 2019 revenue increased 24% compared to $17.0 million for the fourth quarter of 2018. On a pro forma basis, revenue for the first quarter of 2019 was $33.9 million, which includes the impact of Origin House and VidaCann.
First quarter 2019 operational gross profit2, before the impact of biological assets accounting, was $9.4 million, or 44.6% of revenues, compared to $2.2 million, or 43.6% of revenues, for the first quarter of 2018. The Company continued to see operational efficiencies in its established markets, slightly offset by the impact of new markets like Ohio, California and Arizona, where the Company expects margin expansion as these businesses scale.
Total expenses for the first quarter of 2019 were $17.7 million, compared to $2.1 million for the prior year period. Total expenses in the first quarter of 2019 included $3.2 million in expenses related to share-based incentive compensation, $2.5 million in acquisition and other non-recurring costs, and $1.0 million of depreciation and amortization. The balance of the increase represents significant investments in our team and operational infrastructure to drive strategic initiatives that better position the Company for future growth.
Net loss for the first quarter for 2019 was $7.6 million, compared to net income of $0.6 million for the prior-year period.
Adjusted EBITDA for the first quarter of 2019 was $0.8 million compared to $1.0 million for the prior-year period.
______________________
1 Pro forma revenue and adjusted EBITDA information reflect the results of acquisitions closed and with definitive agreements as of the beginning of the period in which the closing or definitive agreement occurred.
2 See "Non-IFRS Financial Measures" at the end of this press release for more information regarding Cresco Labs’ use of non-IFRS financial measures.
Balance Sheet and Liquidity
As of March 31, 2019, the Company had total assets of $364.0 million, including cash and cash equivalents of $106.1 million. At March 31, 2019, the Company had a working capital position of $146.3 million with zero debt on the balance sheet.
Conference Call and Webcast
The Company will hold a conference call and webcast to discuss its business and financial results on Wednesday, May 29, 2019 at 6 p.m. Eastern Time. The conference call may be accessed via Cresco’s investors website at investors.crescolabs.com or by dialing 866-688-4235 (409-216-0711 for international callers) and entering conference ID 5039798. Archived access to the webcast will be available for one year on the Cresco’s investors website.
Consolidated Financial Statements
The financial information reported in this news release is based on unaudited management prepared financial statements for the three months ended March 31, 2019. The Company will file its condensed interim consolidated financial statements on SEDAR on May 30, 2019. Accordingly, such financial information may be subject to change. All financial information contained in this news release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s 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, 2018, previously filed on SEDAR.
Cresco references certain non-IFRS financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers. Please see the “Non-IFRS Financial Measures” section at the end of this press release for more detailed information.
About Cresco Labs Inc.(CRLBF)
Cresco, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the Company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. Its speed-to-market to date has given Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco at crescolabs.com.
Non-IFRS Financial Measures
Operational gross profit, EBITDA and Adjusted EBITDA are non-IFRS measures and do not have standardized definitions under IFRS. The following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. The Company has also provided unaudited pro forma financial information, which assumes that closed and pending mergers and acquisitions in 2018 are included in the Company’s financial results as of the beginning of the quarterly and annual periods in 2018 and that closed and pending mergers and acquisitions in 2019 are included in the Company’s financial results as of the beginning of the quarterly and annual periods in 2019. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS 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 IFRS financial measures presented herein.
Forward Looking Statements
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. Such forward-looking information and 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 information or 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 CSE Listing Statement filed with SEDAR; 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’s 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
Cresco is doing this the right way. No pump here but I'm pretty sure you don't want to dump any shares unless you don't like profits. Just MHO.
Here's hoping for a good ER, no matter what I am in this one for the long haul.??
CRESCO, that's a lot of green days in a row. Keep it up. You will be recognized.
Nice finish to the trading day.
I'm an older guy, my son alerted me to this stock at first day of OTC listing. Great move so far!
I've been in and out of DRYS for the last 6 months. Thanks to GE and the traders it has been quite positive. This next ER should be a killer. If so, and the sentiment and hate remain after that. I may be out of DRYS for good.
Some good news is better than none.
https://www.reuters.com/article/us-shipping-hedgefunds/hedge-funds-hook-shipping-stocks-grappling-for-recovery-idUSKCN1FZ1IT
That assumption was made by someone. It has a 50% chance of becoming fact.
Confirmed, the Great Panther is on the prowl.
Well I don't think that there will be another reverse split for DRYS. At least not near term, however even though GE owns 70% and some of his cronies may have other holdings. He and they would still own the same percentage of the company no matter what the share count after such a split. Food for thought.
The Great Panther got it's TOPIA permits. Good news.
DRYS will be up tomorrow.
The Great Panther awakens. Did they get the permit? Inquiring minds want to know.
? ? ? ?
Am I missing the news?
Thanks for this post, It does make a lot of sense to me.
You have about 5 to 6 thousand trades at high 3.90's then a few hundred around 3.91 to bring the price back down. I am not a long experienced trader but it seems really weird to me. Who or is anyone in control?
BDI keeps on rising. Will DRYS pull up the shorts and rise with it? So to speak.
Too much for me to completely understand. Where are the CPA's when you need them?
http://archive.fast-edgar.com//20171122/APZ2L222H222N2ZZ2P2M2WZDBUKG922RZ292/
Looks like it bounced the wrong way. It did hold 3.95 which was good news. I am not pumping this stock but a day off might give some investors a chance to really look over the ER. It was not good, but it also was not that bad.
PS: Just some forward looking statements IMHO
The good old USA, but I think it was better last year at this time!
Almost forgot, has there ever been a dead Turkey bounce! (Insert smiley face here)
Yes, I would have liked to see the ER better, but you also have to take in consideration that only 1 of the VLGC's were in service in the three month period ending Sept 30. The second was only in service from Sep 12 on. Q4 should be much better. If not the naysayers can then say, See, I told you but you would'nt listen !
GLTA and Happy Thanksgiving to the Americans.
This was posted on YAHOO boards. For what it's worth?
Look like loss per share $10.00 - $12.00 ps compare $37.12 previous quater.
Cash $177 million compare with $77 million Q2 of 2017.
Revenue $50 million compare $16 million Q2 of 2017.
Debt decreased from $210.00 million to $50 million.
Book value of vessels, including advances: approximately $1 billion (or $14.72 per share)
Q3 much improved and solid and that will make Drys spike like crazy...hold strong...large of shares will be bought end of day.