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Cresco Labs Q3 Revenue Falls 8% – New Cannabis Ventures

Published

4 months ago

November 5, 2025

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Cresco Labs Reports 11% Q2 Revenue Decline – New Cannabis Ventures

Cresco Labs delivers strong quarter, maintains market leadership and unlocks new growth opportunities

CHICAGO – (BUSINESS WIRE) – Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), an industry leader in branded cannabis products with a portfolio of some of America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the third quarter ended September 30 of this year. GAAP and in U.S. dollars unless otherwise noted and is available on the Company’s investor website here.

Highlights of the third quarter of 2025

Third quarter revenue: $165 million. Third quarter operating cash flow: $6 million.
Gross profit: $79 million. Adjusted gross profit¹ $80 million; and adjusted gross margin¹ of 48.8%.
SG&A $52 million or 31.3% of revenue.
The net loss of $22 million includes a $16 million loss related to debt repayments related to the refinancing of the Company’s senior secured term loan and a $2 million non-cash impairment charge related to the California assets held for sale.
Third quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 24.1%.
Maintained #1 stock position in multi-billion dollar markets

Management Commentary

“In Q3, we refinanced our debt and strengthened our balance sheet, delivering solid results and maintaining leadership in key markets through disciplined execution. Our proven retail and wholesale capabilities continue to drive profitability, while new dispensaries in Ohio, expansion into Kentucky, and our upcoming product launch in Germany open the way for growth. Labs to Outperform the Market and Create Sustainable Shareholder Value”.

“The cannabis industry is entering a new phase of growth and consolidation, and Cresco Labs is poised to lead the way. Operators with scale, efficiency and discipline will define the next chapter. Leveraging our core assets and operational excellence, we are building a new growth platform designed to create long-term value, both within and beyond the regulated U.S. regulatory framework.”

Balance sheet, liquidity and other financial information

On August 13, 2025, the Company closed a refinancing of its senior secured term loan to reduce total debt and extend the maturity of the debt to 2030. The $325 million senior secured term loan bears interest at 12.5% per annum and matures on August 13, 2030. repay the Company’s previous $360 million loan.
As of September 30, 2025, current assets were $243 million, including cash, cash equivalents and restricted cash of $79 million. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $309 million of senior secured term loan debt, net of discount and issuance costs, and $18 million of mortgage debt, net of discount and issuance costs.
Total shares outstanding on a fully converted basis were 490,889,023 subordinate voting shares as of September 30, 2025.

_{¹See “Non-GAAP Financial Measures” at the end of this press release for additional information on the Company’s use of non-GAAP financial measures.}

_{²According to Hoodie Analytics.}

Conference call and webcast

The Company will hold a conference call and webcast to discuss its financial results on Wednesday, November 5, 2025 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The conference call can be accessed via webcast or by dialing 1-833-470-1428 (US toll-free) or 1-646-844-6383 (US local) and providing access code 307245. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.

Consolidated Financial Statements

The financial information presented in this press release is based on unaudited management prepared financial statements for the quarter ended September 30, 2025. These financial statements have been prepared in accordance with US GAAP. The Company expects to file its unaudited condensed interim consolidated financial statements for the quarter ended September 30, 2025 on SEDAR+ and EDGAR on or about November 7, 2025. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety by reference to such financial statements. Although the Company does not expect any material changes to occur between this press release and the consolidated financial statements it files on SEDAR+ and EDGAR, to the extent the financial information contained in this press release is inconsistent with information contained in the Company’s financial statements, the financial information contained in this press release is deemed to be amended or superseded by the financial statements. The preparation of an amended or superseded statement shall not be deemed an admission, for any purpose, that the amended or superseded statement, when made, is misleading for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company’s audited financial statements for the year ended December 31, 2024, which are filed on SEDAR+ and EDGAR.

Cresco Labs refers to certain non-GAAP financial measures throughout this press release that may not be comparable to similar measures presented by other issuers. Please see the Non-GAAP Financial Measures section below for more detailed information.

Non-GAAP financial measures

This release presents its financial results in accordance with US GAAP and includes certain non-GAAP financial measures that do not have standardized definitions in accordance with US GAAP. Non-GAAP measures include: Adjusted EBITDA; Adjusted EBITDA margin; Adjusted gross profit; Adjusted gross profit margin; Adjusted selling, general and administrative expenses (“Adjusted SG&A”), Adjusted SG&A margin; and Free Cash Flow are non-GAAP financial measures and do not have standardized definitions under US GAAP. The Company defines these non-GAAP financial measures as follows: Adjusted EBITDA as EBITDA less other (expense) income, net, fair value measurement for acquired inventory, adjustments for acquisition and non-core costs, impairment and stock-based compensation; Adjusted EBITDA margin as Adjusted EBITDA divided by revenues, net; Adjusted gross profit as gross profit less fair value valuation of inventory acquired and adjustments to acquisition and non-core costs; Adjusted gross profit margin as adjusted gross profit divided by revenues, net; Adjusted SG&A as SG&A less adjustments for acquisition and non-core costs; Adjusted SG&A margin as adjusted SG&A divided by revenues, net; and Free cash flow as net cash provided by operating activities, less purchases of property and equipment and income from tenant improvement benefits. The Company has provided non-GAAP financial measures that are not calculated or presented in accordance with US GAAP as additional information and in addition to financial measures calculated and presented in accordance with US GAAP, which may not be comparable to similar measures presented by other issuers. These additional non-GAAP financial measures are presented because management has evaluated the financial results, both including and excluding adjusted items, and believes that the additional non-GAAP financial measures presented provide additional perspective and insight in analyzing the underlying operating performance of the business. These additional non-GAAP financial measures should not be used in excess of, as a substitute for, or as an alternative to, and should be considered only in conjunction with, the US GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of additional non-GAAP financial measures with the most directly comparable financial measures calculated and presented in accordance with US GAAP.

About Cresco Labs Inc

Cresco Labs’ mission is to normalize and professionalize the cannabis industry through a CPG approach, creating national brands and a customer-focused retail experience while acting as the industry’s steward on legislative and regulatory initiatives. As a leader in growing, manufacturing and distribution of branded products, the Company uses its scale and agility to grow its portfolio of brands nationally, which include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi. The company also operates nationally high-performing dispensaries under the Sunnyside brand, which are focused on building patient and consumer trust and providing continuing education and convenience in a great traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs is committed to supporting communities through authentic engagement, economic opportunity, investment, workforce development and legislative initiatives designed to create the most responsible, respectful and robust cannabis industry possible. Learn more about the Cresco Labs journey by visiting www.crescolabs.com or by following the company on Facebook, X or LinkedIn.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.

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Ascend Wellness Saw Higher Operating Loss in Q4 – New Cannabis Ventures

Published

12 hours ago

March 12, 2026

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March 12, 2026 at 4:25 p.m

Published by NCV Newswire

AWH Announces Fourth Quarter and Full Year 2025 Results

Q4 2025 and Q4 2025 revenue were $120.5 million and $500.6 million
Expanded adjusted EBITDA margin1 to 25.1% in 2025. in the fourth quarter and 23.4% in 2025. for the financial year.
Maintained strong liquidity with $85.7 million in cash and no significant short-term debt
The retail footprint grows to 48 locations as consolidation continues

NEW YORK, March 12, 2026. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multinational, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are presented in US dollars in all currencies and under GAAP.

Q4 & FY 2025 Business Highlights

Implemented a consolidation strategy throughout 2025, opening eight new dispensaries, expanding market presence and expanding retail footprint to 48 locations to date, including partner-owned and operated locations.
- Ascend opened its first social capital partner store in Little Falls, New Jersey with Mister Jones, LLC in Q4 2025. The company has also been approved by the New Jersey Cannabis Regulatory Commission for a second Social Capital partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
- During the first quarter of 2026 (“Q1 2026”), AWH opened its sixth store in Ohio and an additional partner owned and operated in Illinois. In addition, the Company closed an unsuccessful store in Ann Arbor, Michigan.
- The retail development pipeline includes 12 new sites, bringing the total number of Company-owned and partner-owned and -operated dispensaries to 60, pending regulatory approvals.
- Developed and launched a record 566 SKUs in fiscal year 2025, including 146 in Q4 2025, exceeding the initial goal of 550 SKUs for the year, including;
- Debut of two new brands: High Wired infused flower and Honor Roll high quality prenglers made with 100% flower.
- Expanding formats, flavors and formulations across nearly all product lines, including Effin’ effects-based gummies and vapors, High Wired sugar caps and Simply Herb single-use vapors, with multiple new launches ranked among AWH’s best-selling SKUs for Q4 2025.
- Ultra Limited Ozone King Edition of Ozone Liquid Diamonds and Queen Cola.
- Quarter after quarter, in Q1 2026, AWH unveiled an extensive brand and quality transformation of its flagship lifestyle brand Ozone, featuring an updated visual identity, elevated product standards, innovative packaging and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other major markets to follow in the coming quarters. The evolution of Ozone will see the launch of a number of new products, including the brand’s first full-spectrum gum, as well as new macrodose gum and additional flower and vapor offerings.
Retained a position among the top three brand houses by both sales and units in Illinois, Massachusetts and New Jersey3 combined through fiscal year 2025, reinforcing market leadership with an expanded portfolio of products and brands.
Delivering a fully integrated e-commerce ecosystem that combines a redesigned shopping platform and app with AI-driven personalization, Ascend Pay payment functionality and an enhanced loyalty program, marking a major milestone in AWH’s customer-first strategy.
- Sales through Ascend Pay increased 49.4% from the third quarter of 2025 (“Q3 2025”) to the fourth quarter of 2025, driven by a 51.5% increase in transactions and a 57.8% increase in units sold at retail locations owned and operated by Ascend and partners.
- In the fourth quarter of 2025, total membership of the Ascenders Club loyalty program increased by 56%, and active members increased by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, up 16% at Ascend retail locations.
Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million in cash, completing its broader refinancing initiative in three quarters and with $9 million in secured assets in the 2025 quarter. competitive 8.5% interest rate maturing in September 2030 to support disciplined growth and retail expansion.
A common course issuer bid (“NCIB”) share buyback program (“Buyback Program”) has been successfully completed.
- The Company has repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 beginning in the fourth quarter of 2024, when the Purchase Program was initiated.

Original press release

Published by NCV Newswire

American Cannabis News

Cresco Labs Saw Revenue Shrink Again – New Cannabis Ventures

Published

6 days ago

March 6, 2026

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Cresco Labs Delivers Q3 2025 Revenue of $162M and Sequential Margin Improvement

CHICAGO – (BUSINESS WIRE) – Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), an industry leader in branded cannabis products with a portfolio of America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the 2nd quarter ended December 31 and year-end. In accordance with U.S. GAAP and in U.S. dollars unless otherwise noted, and is available on the Company’s investor website here.

Highlights of FY2025

Revenue: $656 million. Operating cash flow of $73 million and free cash flow¹ of $38 million.
Gross profit: $325 million. Adjusted gross profit¹ $329 million; and an adjusted gross margin of 50.2%¹.
SG&A $218 million. Adjusted SG&A¹ decreased 5.7% year-over-year to $200 million, or 30.4%.
A net loss of $140 million, which included one-time, non-cash charges of $105 million related to the Company’s intangible assets and goodwill impairment related to the impairment of the New York reporting unit and fair value adjustments to the California reporting unit related to the sale of Sonoma’s Finest.
Adjusted EBITDA¹ of $157 million and Adjusted EBITDA margin¹ of 24.0%.
It maintained the #1 equity position in multi-billion dollar markets throughout the year.²

Highlights of the fourth quarter of 2025

Fourth quarter revenue: $162 million. Fourth quarter operating cash flow: $27 million.
$83 million gross profit. Adjusted gross profit¹ $84 million; and adjusted gross margin¹ of 52.2%.
SG&A of $57 million or 35.3% of revenue.
A net loss of $89 million, which included a one-time, non-cash charge of $93 million related to the write-off of the New York reporting unit.
Fourth quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 25.0%.
Maintained #1 stock position in multi-billion dollar markets

Management Commentary

“In the fourth quarter, we strengthened our financial foundation, expanding margins and generating significant cash flow. We delivered $162 million in revenue, $40 million in adjusted EBITDA and $27 million in operating cash flow, with consistent improvements in multiple profitability metrics. Our focused strategy continues to enhance our competitive position.”

“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a strong position. we continue to show that we win where we operate. We are intentionally building an efficient money-generating platform by balancing organic expansion with selective, active acquisitions while maintaining a strong balance sheet. With leading brand name brand stock, distinctive retail stock. it is positioned to capitalize on industry consolidation and federal reform to create long-term shareholder value.”

_{¹See “Non-GAAP Financial Measures” at the end of this press release for additional information on the Company’s use of non-GAAP financial measures.}
_{²According to Hoodie Analytics.}

Balance sheet, liquidity and other financial information

As of December 31, 2025, current assets were $259 million, including cash, cash equivalents and $91 million of restricted cash. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $311 million of secured term loan debt net of discount and issuance costs and $19 million of mortgage loan debt net of discount and issuance costs.
Total shares outstanding on a fully converted basis were 491,585,556 subordinate voting shares as of December 31, 2025.

Conference call and webcast

The Company will hold a conference call and webcast to discuss its financial results on Thursday, March 5, 2026 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The conference call can be accessed via webcast or by dialing 1-833-470-1428 (US toll-free) or 1-646-844-6383 (US local) and providing access code 152399. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.

Original press release

Published by NCV Newswire

American Cannabis News

A Frightening Florida Medical Cannabis Market – New Cannabis Ventures

Published

1 week ago

March 5, 2026

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A Frightening Florida Medical Cannabis Market – New Cannabis Ventures

You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

In May 2024 warned readers about Florida hemp field. There have been many follow-ups, the latest of which was in early January, and it pointed to the fact that Florida’s medical cannabis market is shrinking. Two months later, things look bleak there as the mature market becomes more competitive.

Each month we share BDSA data and Florida is one of the markets where they provide monthly sales estimates. Florida does a fantastic job of sharing weekly data on unit volumes, but it doesn’t provide revenue data.

The BDSA estimates Florida hemp sales totaled $126.1 million in February, down 0.4% from a year ago. January sales fell 4.1% from a year earlier, and 2025 sales are expected to rise just 2.9% after rising 20.9% in 2024.

Florida provides a wealth of data that allows for a good understanding of state trends. First, they provide the number of patients, which, according to 2/27 report was 933 thousand. Growth has slowed down.

During the last year, the growth was 3.4%, and in the last three months it increased by only 0.4%. Patient growth is projected to be 3.9% in 2025 and 3.3% in 2024, following an 11% increase in 2023. The medical cannabis industry is maturing in the state, and the current number of patients is almost 4% of the total population.

Florida shares the total number of stores (742 currently), which is up 4.7% year-over-year. Ahead of the election in 2024, which could legalize cannabis for adult use, there was a big increase, with the number of shops increasing by 14%. The growth of stores has led to more competition.

The state splits the volumes, and the two largest parts are “medical marijuana” in mg for THC products and “marijuana for smoking” in ounces. Sales of medical cannabis products rose 12.6% last week, while smoking cannabis grew 11.4%. This growth was much higher than the revenue growth projected by the BDSA, suggesting that pricing is under pressure.

Florida also breaks down unit sales by licensed operator and shares how many distribution locations each operates. This data shows how concentrated the state is, as 51.2% of the state’s vertically integrated dispensaries are owned by just four companies, including Trulieve, Verano (MÜV), Curaleaf, and Ayr Wellness (which bought Liberty Health). These four companies sold 56% of medical cannabis and 61% of smokable cannabis last week. Interestingly, Trulieve, which has nearly twice as many stores as runner-up Verano, saw its medical cannabis volumes decline from a year ago.

When voters failed to approve adult-use cannabis in 2024, falling short of the required 60% affirmative vote, these major Florida operators saw their stocks decimated. It’s been the hardest for Ayr Wellness, but they’ve all come down a lot.

It’s not yet known if Florida voters will vote again this year, but things could improve if adult legalization is implemented. Also, the federal ban on THC from hemp could increase demand later this year when it is implemented. With that said, Florida’s medical cannabis market appears to be struggling. Trulieve is very large in the state and has significant influence with it compared to other states. Analysts forecast Trulieve’s 2026 revenue to decline 1% after falling less than 1% in 2025. More importantly, they forecast adjusted EBITDA to decline 6% in 2026.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Cannabis sales remained weak in February

Hemp stocks are stable

Financial statements

Cresco Labs saw revenue shrink again

Curaleaf’s Q4 revenue rose 2%

Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El