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Cannabis producer and operator of Sunnyside dispensaries, Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) released its financial and operating results Thursday 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," said CEO Charles Bachtell. "It is clear our strategy is working; we are creating the brands consumers love and delivering best-in-class retail operations through Sunnyside."
The company continues to hold the No. 1 share position in Illinois, Pennsylvania and Massachusetts.
"So far this year we've generated over twice as much operating cash flow than the first half of last year and we are putting it to work strengthening our balance sheet, investing in our core growth states with adult-use optionality, and exploring accretive, incremental M&A and other business opportunities," Bachtell continued.
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Cresco's shares traded 2.80% higher at $1.48 per share at the time of publishing late morning on Thursday.