Cresco Labs Q2 revenue beats estimates - CRLBF News | RalliesCresco Labs Q2 revenue beats estimates
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CRLBF• CFO change
- The company announced that its CFO is stepping down and that an interim appointment has been made.
Key reported figures
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Revenue | Beat | $173.34 million | $166.32 million (5 analysts) |
| Q2 Net Income | | $15.37 million | |
| Q2 Adjusted EBITDA | | $40 million | |
| Q2 Adjusted Gross Margin | | 51.60% | |
| Q2 Gross Profit | | $87 million | |
What drove the quarter
- Acquired dispensaries - The company said improved gross profit at newly acquired Pennsylvania dispensaries drove Q2 growth.
- New store openings - The company said new Sunnyside locations in Ohio were among the highest-performing new openings statewide.
- Federal reform impact - The company said federal cannabis rescheduling and removal of 280E tax restrictions improved business economics.
Quarterly results and outlook
- U.S. cannabis products seller's Q2 revenue rose, beating analyst expectations.
