American Cannabis News

Cresco Labs Saw Revenue Shrink Again – New Cannabis Ventures

Published

7 months 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

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.

Related Topics:Cannabis Cresco Labs Revenue Shrink Ventures

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Vireo Is Getting Bigger but Dropping to New Lows – New Cannabis Ventures

Published

2 months ago

July 30, 2026

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Vireo Is Getting Bigger but Dropping to New Lows – 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,

Fifteen weeks ago we pointed it out few investors care about Vireo Growthand it remains so. Vireo Growth (VREOF) has declined significantly in 2026 and is near its lows. Here is what it and MSOS have done since the 2024 election.

Vireo did a reverse split on June 5, issuing 1 new share for every 30 shares previously outstanding. Dividing the current price by 30 allows investors to judge the performance of equity sales at the end of 2024. It was a big capital raise when the company sold shares at $0.625 for $81 million in proceeds. The current price of $9.44 is well below this level.

The company, as we discussed before, has done so much. Since that last article, it announced the acquisition of Planet 13 (PLNH) and announced that it is acquiring certain assets of The Cannabist Company. It also shut down a Pennsylvania dispensary, PhytoNatural, its entry into the state. In June, it completed the purchase of Bridgewell Agribusiness, expanding its ancillary operations and announced dispensary acquisitions in Maryland and Nevada. It also agreed to buy C21 Investments (CXXIF).

In addition to the capital it recently raised in 2024, Vireo has relied on Chicago Atlantic (REFI), which will soon merge with Chicago Atlantic BDC (LIEN). Vireo’s CEO joined from Chicago Atlantic in late 2024.

So Vireo continues to do a lot of M&A, both in private and public companies. Investors continue to be impressed, in my opinion. The average trading value in VREOF for the last month was only 13 thousand shares per day. Stocks are down, and so are acquired companies.

Recent investors aren’t happy, but Vireo Growth’s pool of disgruntled owners runs very deep, as the company issued a lot of stock as part of its M&A. Perhaps more importantly, Chicago Atlantic’s stock is collapsing.

This further decline in Vireo Growth is a big red flag for hemp stocks.

Sincerely,

Alan:

This week’s newsletter is sponsored by the Paul E. Saperstein Co.

Michigan cannabis service provider

On August 17, Common C Holdings, LP’s commercial specialty hemp processing facility will be auctioned at 607 Wildwood Avenue in Jackson, Michigan and online at 11:00 a.m. ET. Learn more Of the secured party’s sale of all assets of this cultivation equipment.

Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.

New Cannabis Ventures has not published any curated articles or exclusive news.

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 hemp industry stocks. 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

In this article.

Chicago Atlantic, Chicago Atlantic BDC, Common C Holdings, Common citizen, prohibition, Michigan, Paul E. Saperstein, Planet 13:, plnh, PLTH:, QUIT, Saperstein, SOL:, SOL Global:, SOLCF:, vireo, vireo growth, ANYWAY, vreof:

280E

Cannabis Stock Q1 Financial Reports Were Not the Story – New Cannabis Ventures

Published

5 months ago

May 15, 2026

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Cannabis Stock Q1 Financial Reports Were Not the Story – New Cannabis Ventures

friends,

Many more cannabis companies reported Q1 financials this week. While NCV did not run any of those press releases, all data has been updated in the New Cannabis Ventures Public Cannabis Company Revenue & Income Tracker. The largest companies reporting in US dollars all reported, and the eleven companies that reported for the Q1 ended in March (excluding Tilray Brands, which is due to report its Q4 later this month) saw an average year-over-year revenue increase of 31% in their cannabis businesses.

Excluding Vireo Growth, that average comes to -0.7%, which is lower, especially after accounting for inflation, and a sign of continued challenges for the hemp industry. Speaking of Vireo, I’ve pointed out how investors didn’t care, and they still don’t. An average of just 375,000 shares traded per day over the past month, and the stock, which closed at $0.415, continues to trade off the level of its late 2024 capital raise and the price at which the company issued shares to make multiple acquisitions.

April was a big month for hemp stocks, but prices fell in May. The NCV Global Cannabis Stock Index rose 8.8% to 5.70 in April, but fell 2.8% to 5.54 in May. The year-to-year change of this index, which now covers 23 stocks, was -15.9%. Since its peak in early 2021, the GCSI is down 94%. Many are excited about the medical cannabis realignment that took place in April, although it remains unclear whether cannabis will be completely overhauled. The Department of Justice will hold hearings in late June to discuss adult-use cannabis, and it could be. If so, 280E tax would be removed, and this would be very good. I’ve written a lot about this since late 2022 when I highlighted it The potential end of 280E as a major catalyst.

The investor base in cannabis stocks has shrunk due to capital losses and fewer people interested in the sector. Institutions were more interested in high prices and maybe they would enter the field. 280E remains a big story, and not only is it being delayed by the limited realignment that’s already been completed, it’s unclear how unpaid taxes from the last few years will be treated.

NCV has stopped publishing most cannabis news, although we continue to update the financial calendar as well as the earnings rankings. After more than 10 years with NCV and more than a dozen years with 420 Investor, I am in the process of moving on. This is probably the last weekly newsletter. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, 280E taxation will be fully completed and the bear market that began in early 2021 for the hemp sector will be over.

Sincerely,

Alan:

Contact us acquire NCV assets or a website domain

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.

Exclusives

Michigan cannabis sales are down again

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

aawh

Michigan Cannabis Sales Fell Yet Again – New Cannabis Ventures

Published

5 months ago

May 13, 2026

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Michigan Cannabis Sales Fell Yet Again – New Cannabis Ventures

Michigan April hemp sale decreased compared to a year ago, as they increased sequentially by 1.2%. At $258.6 million, sales decreased by 4.3 percent compared to last year.

Michigan’s cannabis regulatory agency breaks down sales by medical and adult use, with medical sales down 24.1% year-over-year to $0.4 million, down 5.6% sequentially, and adult-use sales down 4.3% year-over-year to $255.5 million, despite a one-day increase of 1.2% in March.

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