Cresco Labs Inc.
reported late Wednesday that revenue had topped consensus estimates but did not report an earnings-per-share figure. The cannabis producer reported a second-quarter net loss of $3.9 million, versus net income of $1.6 million. Revenue rose to $29.9 million from $8.5 million in the year-ago period. Analysts surveyed by FactSet had estimated revenue of $27.8 million. For the third quarter, analysts project revenue of $56.4 million. The company said the second quarter included a $5.6 million tax-related charge resulting from closing several acquisitions. “We delivered an outstanding quarter that reflects the leading positions we have established in some of the most attractive markets in the cannabis industry,” Chief Executive Charles Bachtell said in a statement with the financial results. “We are seeing accelerating revenue growth driven primarily by market share gains and strong trends in registered patients in our established markets of Illinois and Pennsylvania, as well as our expanded presence and distribution in California.” Bachtell is referring to the company’s $823.5 million all-stock proposed acquisition of Origin House
which has operations in California. Cresco Labs did not file complete financial statements Wednesday but said it planned to do so by Aug. 29. Cresco Labs’ U.S.-traded stock has gained 24% this year, with the S&P 500 index
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