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Aug. 17, 2022, 7:16 a.m. EDT

Cresco Labs falls just shy of revenue target

Cresco Labs Inc. (OTC:CRLBF) (CNQ:CA:CL) said Wednesday its second-quarter loss increased to $8.3 million from $2.65 million in the year-ago period. The company did not provide a loss per share figure. Second-quarter revenue increased by 4% to $218.2 million from $210 million. Wall Street analysts were expecting Cresco Labs to generate revenue of $218.3 million, according to a FactSet survey. Cresco Labs co-founder and CEO Charles Bachtell said the company reported "solid results in the face of an unprecedented macro environment." Cresco Labs is holding and growing market share, focusing on efficiencies across the business to maintain margins, and preparing for its acquisition of Columbia Care, he said. Shares of Cresco Labs are down 43.8% in 2022 compared to a loss of 52.5% by the AdvisorShares Pure US Cannabis ETF (PSE:MSOS) and a loss of 16.3% by the Nasdaq (NASDAQ:COMP) .

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