Cresco Labs Announces Record Fourth Quarter & Full Year 2019 Results

Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States and a Merida Capital I/II portfolio company, released its unaudited financial results on April 27 for the fourth quarter ending December 31, 2019.

Revenue was $41.4 million, up 144% year-over-year and 14% quarter-over-quarter, driven by expansion into new markets and continued growth in the states where Cresco operates.

For the whole of 2019, revenue was $128.5 million, up 197% year-over-year.

As of December 31, 2019, the Company had total assets of $616.6 million, including cash and cash equivalents of $49.1 million. Cresco did report a large net loss in 2019 of ~$44MM (but a profitable Q4), much of which seems to come from IFRS adjustments to inventory on hand and works in progress.

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