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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:
"We're also pleased to take this opportunity at the outset of the year to make the transition to U.S. GAAP, remove the break-out of certain one-time items, and provide investors with clarity on the transition." Bachtell disclosed.
In April, Cresco closed the acquisition of Bluma Wellness Inc. (CSE:BWEL) (OTCQX:BMWLF).
The company took over the cannabis retailer in an all-stock transaction worth $213 million.
Over the quarter, Cresco also wrapped up the purchase of Verdant Creations' four dispensaries in Ohio, located in Cincinnati, Chillicothe, Newark and Marion, bringing its total footprint in the Buckeye State to five stores.
In February, the cannabis company bought Massachusetts-based Cultivate Licensing LLC and BL Real Estate LLC for a total of $158 million, which enabled it to expand its cultivation footprint by approximately 42,000 square feet of the flowering canopy with additional 20,000 square feet of potential indoor expansion. The deal also included two operating stores in Leicester and Framingham and one Worcester-based dispensary poised to kick off cannabis sales in the second quarter of 2021.