Marijuana firm Cresco Labs posts $3.9 million net income in third quarter

Chicago-based Cresco Labs posted $3.9 million in net income in its fiscal third quarter, reversing its year-ago loss of $200,000.

The multistate cannabis operator saw revenues spike 335% in the quarter to $12.2 million compared to the same period in 2017. Year-to-date revenue was up nearly 250% to $25.1 million.

Since the beginning of the year, Cresco Labs has:

• Raised more than $200 million in capital through three funding rounds.
• Expanded its footprint to include operations in seven states, with binding deals under way in two more.
• Hired more than 400 employees – bringing total staff to nearly 500.

The company launched its trading debut on the Canadian Securities Exchange earlier this month under the ticker symbol CL. Cresco’s shares opened Tuesday at 7.25 Canadian dollars ($5.41) a unit, up from the previous day’s closing price of $7 a share.

More details on the firm’s third-quarter performance can be found here.