resco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) a company behind Sunnyside dispensaries, released on Friday its financial and operating results for the third quarter ended September 30, 2024. Third quarter revenue of $179.8 million representing a 3.2% sequential drop and a 5.7% decrease from the same quarter of last year. Net loss was $7.7 million, down 93% year-over-year and 84% quarter-over-quarter.Cresco reported record third-quarter operating cash flow of $49 million and free cash flow of $43 million.
Chicago Atlantic will issue its earnings release and supplemental financial information for the third quarter on Thursday, Nov.7.New Lake will host its third quarter earnings conference call on Thursday, Nov. 14, 2024, at 11:00 am Eastern Time.Cresco will report financial results for the third quarter that ended Sept. 30, 2024 on Friday, Nov. 8, before the market opens.
The U.S. Hemp Roundtable made headlines in early September as its board of directors welcomed two distinguished leaders from the hemp beverage sector to its officer ranks. New York's chief equity officer at the state Office of Cannabis Management, Damian Fagon, has formally resigned, effective November 27.
An initiative seeking to enable easier unionization in the cannabis industry in Oregon got the green light from the secretary of state's office to appear on the November ballot. The state officials confirmed a regional chapter of United Food and Commercial Workers' (UFCW) the campaign collected enough verified signatures – over 160 000 - from voters. Measure 119, United for Cannabis Workers Act, seeks to "ensure that cannabis workers' freedoms to organize and bargain collectively are protected under state law," according to last week's press release. "No one would be required to join a union, but workers would have the freedom to do so if they choose."
Cannabis producer and the operator of Sunnyside dispensaries Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) released on Thursday its financial and operating results for the second quarter ended June 30, 2024. "Our Q2 results demonstrate the sustainability of the improvements we've made to the business over the past year with $184 million in revenue at a 29% Adjusted EBITDA margin," Charles Bachtell, CEO of Cresco Labs, said. "It is clear our strategy is working; we are creating the brands consumers love and delivering best-in-class retail operations through Sunnyside."
The number of states where recreational weed is legal is growing each year. Top-selling states like California and Michigan have reported $2.1 billion and $1.6 billion, respectively, in sales for the first half of 2024. As Green Market Report's compilation of sales data showed, Illinois with its roughly $851 million figure in legal marijuana sales for the first half of 2024 came third. Massachusetts and Missouri followed suit with $795 million a $709 million, respectively in recreational cannabis sales reported in the first six months of 2024.
Cannabis ancillary company EnWave Corporation (TSX-V: ENW) (FSE: E4U) announced on Thursday that it had tapped Danna Dunnage as its new vice president of global sales and business development. Dunnage joins EnWave bringing vast executive experience, having spent over 25 years in sales and strategy roles in the food service, distribution, hospitality and SAAS industries.
Illinois' retail cannabis sales reached the $1 billion mark year-to-date, Gov. JB Pritzker's office announced Wednesday. That's earlier than last year's July 10 milestone.The sum includes over $850 million in adult-use cannabis sales and nearly $150 million in medical marijuana sales, according to a press release.Moreover, total cannabis sales in fiscal year 2024 exceed $2 billion, representing an increase from fiscal year 2023 total cannabis sales of $1.9 billion and $1.8 billion in fiscal year 2022.
Cannabis producer Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) announced on Wednesday its financial and operating results for the first quarter ended March 31, 2024. "I want to thank the Cresco team for taking our learnings from the Year-of-the-Core, making them a part of our DNA and producing such a strong start to 2024," Charles Bachtell, CEO of Cresco Labs, said. "The continued development of our teams' capabilities and our relentless focus on efficient execution is leading to very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year."
Trulieve Cannabis Corp. announced on Thursday its first quarter results for the three months ended March 31, 2024. The Tallahassee, Florida-based medical cannabis giant reported revenue of $298 million for the first quarter of fiscal 2024, representing an increase of 4% sequentially and year-over-year, with 96% of revenue from retail sales.
Employees at Cresco Labs Inc.'s Fall River, Massachusets-based cannabis cultivation operations have voted overwhelmingly to approve their first union contract with the United Food and Commercial Workers (UFCW) Local 328 more than three years ago. Now, the gardeners, supervisors and other agricultural workers at Cresco's operations opted to reverse the process. With their contract nearing the June expiration date, the workers opted to de-unionize, instead of negotiating another organized labor deal, according to documents obtained by MJBizDaily.Meanwhile, employees at Curaleaf Holdings, Inc.'s store in Phoenix, Arizona joined a 4/20 protest on Saturday, organized by United Food and Commercial Workers International Union Local 99 at a company store on East Camelback Road near North Seventh Street. The protesters asked for safer working conditions, full-time employment and a living wage, reported Arizona Central.
Cannabis sales in Illinois seem to be thriving. In 2023, the licensed cannabis retailers sold more than $1.6 billion worth of cannabis, marking the third consecutive year of substantial growth in this sector. As a result, the burgeoning market will continue to expand in 2024. MariMed announced earlier this month the opening of its permanent and much "bigger" Thrive dispensary in Casey. As talks around possible recreational legalization heat up in Florida, several companies expanded their retail footprints statewide. Three cannabis companies opened store in the state, including Trulieve, Green Thumb and AYR Wellness.As New Jersey is paving its way toward reaching $1 billion in cannabis sales in 2024, two businesses recently opted to launch cannabis sales, including C3 Industries and Holistic Re-Leaf. Pennsylvania cannabis patients can make their purchases at two new storefronts, by PharmaCann Inc.and Cresco Labs.
Cresco Labs announced on Wednesday financial and operating results for the fourth quarter and year ended Dec. 31, 2023.The Chicago-based cannabis giant behind Sunnyside dispensaries reported net revenues of $188.2 in the fourth quarter, decreasing from $199.6 million in the same quarter of last year. That's down 2% year-over-year. Cresco also reported a net income of $4.9 million for the fourth quarter compared to a $180.6 million net loss in the prior year's period and $133.4 million in the prior quarter as well as achieving positive adjusted EBITDA of $54.8 million, up from $29.6 million in the prior year's period.
Cannabis multi-state operator Cresco Labs kicked off February by announcing the promotion of Greg Butler to the position of president. Tom Shuman, a CPG sales and marketing veteran, agreed to serve as The Hempshire Group's new CEO. Los Angeles-based STIIIZY INC. named Isaac Kim its new CFO earlier this month. Another California-based cannabis operator Lowell Farms appointed Jamie Schniedwind as its new director of finance. The Colorado-based medical cannabis pioneer Charlotte's Web Holdings tapped Matthew E. McCarthy, the former CEO of Ben & Jerry's Homemade, to serve on its board earlier this month. Aurora Cannabis has named Simona King, a former executive of Bristol Myers-Squibb, its new CFO.
Although Ohio voted in favor of legalizing recreational cannabis over two months ago, marijuana sales have yet to commence. This is because there have not been any rules defined regarding the legal sales of the recreational drug. According to Speaker of the Ohio House, Jason Stephens, he is working towards achieving a resolution on this issue in the spring. The Senate President, Matt Huffman, is also optimistic that the groups will reach a resolution on this matter within the next month. Several competing bills have been put forward, with both House Bill 86 and House Bill 354 looking to address the issue.
New York governor Kathy Hochul has announced plans to open a dozen new recreational cannabis dispensaries, including eight Black-owned, five Hispanic-owned and nine women-owned. In total, New York is expecting to have 37 stores selling adult-use cannabis by the end of December. A New York Supreme Court decision that lifted an injunction blocking cannabis dispensary licenses earlier this month resulted in licenses being granted to companies like PharmCann, NYCANNA and The Cannabist Company Holdings, the latter previously known as Columbia Care.
