Cresco Labs Q1 Earnings Demonstrate Continued Success
Cresco Labs (CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, just released its financial results for the first quarter ended March 31, 2020. According to the Q1 report, the revenue for Cresco Labs after the first quarter came in at a healthy $66.4 million. This sum is a total of 60% more than the company’s Q4 report of 2019 and 26% more over the net Pro-forma revenue of Q4 from 2019.
Interestingly enough, in April, Cresco Labs was able to enjoy its highest ever share of the Illinois retail market, along with a 40% total increase in the growth of Cresco brands QoQ in California. These revenue results are substantial enough to allow investors and shareholders to feel positive about this multistate cannabis operator faring well for the rest of 2020.
So the question is – how did Cresco Labs manage to pull this off?
Cresco Labs was able to assess the need to rise to the market challenges posed by the COVID-19 pandemic crisis to maintain its value in the cannabis market, as some of its peers have slowly depreciated. The company was able to achieve this by putting the most extensive cultivation expansion program in the history of Cresco Labs into motion and managing to complete it successfully. Cresco Labs was able to add six times more cultivation space in Illinois and four times more cultivation space in Pennsylvania, along with cumulative harvests being handled consistently throughout the year.
Co-found and CEO of Cresco Labs, Charles Bachtell, announced that he is incredibly proud of the company’s operations during the first quarter. He said, ‘In Q1 we built staffed, integrated, and refined our operations in the largest and the most important cannabis market in the United States. This improvement positions us incredibly well to see the fruits of labor in the coming quarters.’ Cresco Labs has successfully focused on shifting its increased capacity online while carefully planning to open new dispensaries to be able to continually meet the demand for high-quality cannabis and hemp-related products created by experts in the cultivation, manufacturing, and distribution process.
Cresco Labs: Should You Buy this Marijuana Stock?
While Cresco stock is currently trading at $4.90/ share or roughly 60% less than twelve months ago. If Cresco can continue to deliver strong financial results, we believe the stock price will continue to increase steadily throughout the year. Stay tuned for more information regarding this exciting marijuana stock opportunity.
Cresco Labs Q1 Earnings Demonstrate Continued Success
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