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Cresco Labs Q3 Revenue Falls 8% – New Cannabis Ventures

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1 week 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 Q3 Revenue Drops 12% – New Cannabis Ventures

Published

12 hours ago

November 12, 2025

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Ascend Q3 Revenue Drops 12% – New Cannabis Ventures

November 10, 2025 at 4:54 p.m

Published by NCV Newswire

AWH Announces Third Quarter 2025 Financial Results

Delivered Q3 2025 net income of $124.7 million
Achieved Q3 2025 Adjusted EBITDA¹ of $31.1 million, representing a margin of 24.9%
Focused margin optimization drove sequential adjusted gross margin¹ up 300 basis points to 46.4%
Driven strategic market concentration with seven new stores added year-over-year, expanding nationwide footprint to 46 locations²

NEW YORK, November 10, 2025. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a leading, diversified, vertically integrated cannabis operator and consumer packaged goods company, today reported its financial results for the quarter ended September 30, 2025 (“3 2025”). Financial results are presented in accordance with US generally accepted accounting principles (“GAAP”) and all currencies are in US dollars.

Business Highlights

Advanced consolidation strategy by adding seven strategically located retail stores to date, increasing market depth and expanding total footprint to 46 locations nationwide, including partners.
Later in the quarter, the Company received approval from the New Jersey Cannabis Regulatory Commission for its newest store in Little Falls. This location marks Ascend’s first partner dispensary in New Jersey. The company is one of only six operators approved under Assembly Bill A4151, which aims to expand investment opportunities for cannabis businesses with diverse ownership.
A strong retail development pipeline of 13 additional stores allows the Company to reach its goal of 60 locations2 over the next 12 months, which has a target launch date of late 2024 and is subject to regulatory approvals and timelines.
Executed CPG-driven growth initiatives and customer-centric innovations across a range of product launches including;
- Expanding the Effin’ product line with the introduction of effects-based vapors offered in 1g full-flavor cartridges in five SKUs: Zen, Chillin’, Do It!, Deep Sleep and Love. The new vapes contain expertly crafted combinations of THC and minor cannabinoids and are available in Illinois, Massachusetts and New Jersey. An all-in-one single-use format is slated to launch in the coming weeks.
- Introducing Effin’s new effects-based chewing gum, including five unique flavors and formulations such as Relief (Sour Acai), Zen (Peach & Honey), Showtime (Pina Colada), Deep Sleep (Dark Cherry) and Create (Strawberry Tequila). Select offers available in Illinois, Massachusetts and New Jersey.
- High Wired’s infused flower and pre-rolls launched in September 2025 in New Jersey, Illinois and Massachusetts. after a very successful initial debut in the second quarter. According to the BDSA, High Wired is the number two brand of infused flowers in all three states.
- Ozone Reserve and Simply Herb are slated to debut in Ohio following form factor approval by the state in August 2025.
- As of the end of Q3 2025, the Company has launched 420 SKUs and remains on track to launch nearly 550 SKUs throughout the year.
- In early Q4 2025, such as Mango Sticky Rice and Fruit Lagoon in Illinois, Massachusetts and New Jersey, the release of Simply Herb’s 1g disposable vapes in seven unique flavors.
Launched a fully integrated e-commerce ecosystem in line with AWH’s customer-first focus, including a redesigned Dutchie-based shopping platform, an AI-powered personalization app, Ascend Pay payment functionality, and an enhanced Ascenders Club loyalty program with multi-tiered, bonus and exclusive bonuses.
Strengthened capital position with the closing of a $9.3 million financing by CF Bank through a mortgage loan secured by our Ohio real estate assets (the “Ohio Mortgage Loan”). The Ohio mortgage carries a competitive interest rate of 8.5% per annum and matures in September 2030.
AWH has repurchased approximately 1.0 million shares of Class A common stock (the “Common Stock”) in the open market during the third quarter of 2025 under the common issuer bid (“NCIB”) stock purchase program (the “Purchase Program”).
- Since the fourth quarter of 2024, the Company has repurchased and retired a total of approximately 15 million shares at an average price of $0.30 per share3. Share repurchases under the repurchase program are expected to continue in accordance with NCIB’s terms and applicable regulatory limits.

Financial highlights for Q3 2025

Total net revenue was $124.7 million, compared to $127.3 million in the second quarter of 2025 (“Q2 2025”).
- Retail revenue was $83.8 million, down 3.1% sequentially.
- Wholesale revenue increased 0.3% quarter-over-quarter to $41.0 million.
Adjusted gross profit¹ was $57.8 million, compared to $55.3 million in the second quarter of 2025.
Net loss was $25.8 million, compared to $24.4 million in Q2 2025.
Adjusted EBITDA1 in 2025 for the third quarter was $31.1 million, representing a 24.9% margin¹.
- Quarter-over-quarter, adjusted EBITDA¹ increased 8.9% and adjusted EBITDA margin¹ increased 250 basis points.
As of September 30, 2025, cash and cash equivalents were $87.3 million and net debt 4 was $281.8 million.

Original press release

Published by NCV Newswire

aawh

Michigan Cannabis Sales Bounced a Bit in October – New Cannabis Ventures

Published

1 day ago

November 11, 2025

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Michigan Cannabis Sales Bounced a Bit in October – New Cannabis Ventures

On November 10, 2025 at 8:10 PM

Michigan hemp sales for the month of October down from a year ago as they rose 6.5% sequentially, which was +3.1% on a daily basis. Sales of $267.8 million decreased by 0.3 percent compared to last year.

The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 57.7% year-over-year to $0.4 million, down 0.7% sequentially, and adult-use sales down 0.1% year-over-year to $250.9 million, up 6.6% sequentially.

The state breaks down sales by category and provides pricing details by category for both medical and adult;

As supply continues to expand, prices for adult flowers have plummeted. The average price of $991 a pound in October fell 2.0% sequentially to near a new record low and fell 16.3% from a year earlier.

Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.

American Cannabis News

Trulieve Q3 Revenue Rises 1% – New Cannabis Ventures

Published

2 days ago

November 10, 2025

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Trulieve Q3 Revenue Rises 1% – New Cannabis Ventures

On November 5, 2025 at 6:29 am

Published by NCV Newswire

Trulieve reports Q3 2025 results showing operating discipline and cash flow strength

Third quarter revenue was $288 million, a 59% gross margin
Year-to-date cash flow from operations of $214 million and free cash flow of $173 million*
More than 12.5 million branded products were sold in the third quarter, up 7 percent from last year.

TALLAHASSEE, Fla., Nov. 5, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “The Company”), the leading and most profitable cannabis company in the United States, today announced results for the quarter ended September 30, 2025. Numbers may not add up perfectly due to rounding.

Q3 2025 Financial and Operating Highlights*

Revenue was $288 million, 94% of which came from retail sales.
Achieved a gross margin of 59%, with GAAP gross profit of $170 million.
A net loss attributable to common stockholders of $27 million was reported. Adjusted net loss of $12 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
Achieved adjusted EBITDA of $103 million*, or 36% of revenue, up 7% year over year.
Cash flow from operations of $77 million and free cash flow of $64 million*.
Cash at the end of the quarter was $458 million.
Added Chief Financial Officer Ian Reese to the management team and appointed Matthew Foulston to the Board of Directors.
Rewards Program members reached 820,000 members as of September 30, 2025. Loyalty members accounted for 77% of transactions during the third quarter.
The new Roll One Clutch All In One vapes have been launched in Florida and are on sale within two weeks.
Expanded distribution of Onward premium THC beverages in Florida and Illinois, launched new Upward THC energy drinks and introduced five new 10 mg flavors.
Opened one dispensary in Cincinnati, Ohio and moved one dispensary to Bisbee, Arizona.

*See “Non-GAAP Financial Measures” below for additional information and reconciliations to GAAP for all non-GAAP measures.

Recent developments

Announced the scheduled redemption of $368 million of senior secured notes due 2026.
A new mobile app serving Florida customers has been launched, enabling patients to browse and reserve products, view promotions and check reward status in a seamless digital experience.
There are currently 232 retail dispensaries and more than four million square feet of processing and processing capacity in the United States.

Management Commentary

“Our 2025 strategic plan is delivering results, with clear progress in reform, customers, distribution and branded products,” said Trulieve CEO Kim Rivers. “Remarkable flexibility and strong cash generation in our core business continue to set us apart in a dynamic market.”

Financial milestones

Original press release

Published by NCV Newswire

NCV Newswire by New Cannabis Ventures 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.