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