Cresco Labs Inc (OTCMKTS:CRLBF) reported a growth of 42% QoQ to $94.3 million in Q2 2020 revenues. The company improved revenues by 30% in all areas where it operates except Massachusetts. It achieved a sequential retail growth of 31% in the same store and inaugurated two stores in Illinois.
CEO of Cresco Labs, Charles Bachtell, said the company developed and scaled up its operations during Q2 2020 in the US’s important and largest markets. The company is benefiting from the labor in the form of an increase in results.
Branded cannabis products
Cresco Labs is fared as one of the largest wholesalers in marketing branded cannabis products by realizing $55 million revenues. Its retail strategy in the Sunnyside outperformed with revenues of $39 million from 17 locations. The company is benefiting from the investments in the last 12 months and scaling up operations in accelerating the growth.
Management participation in the conferences
Charlie will be present on behalf of the company at EWP (Echelon Wealth Partner) US MSO CC (Cannabis Conference), which will be held on August 25, 2020. In one-on-one virtual conference, the management of Cresco Labs will participate in the Needham Virtual Cannabis 1×1 meeting on August 26, 2020.
Enhances retail presence in Illinois
Cresco Labs improved its retail presence in Illinois by inaugurating the ninth dispensary – Sunnyside Schaumburg on 11,500 Sq. Ft. site. In the adult-use retail space, Sunnyside reported revenues of $61 million in July 2020. With this achievement, its retail share in the adult-use market has almost doubled from early 2020. In Illinois, its wholesale business is growing faster by reporting higher sales at every dispensary statewide.
Charlie said the company is improving its share in the retail space of adult-use cannabis, continuously leveraging its premium flower supply expansion and retail experience. The expanded cultivation, which ensures a consistent supply of premium flower, also supports a substantial increase in retail share. Cresco Labs also opened another dispensary – Sunnyside South Beloit, in July 2020.
Inducts Carol Vallone
Cresco Labs inducted Carol Vallone to the director board with immediate effect on July 30, 2020. Her previous stints include corporate board director, former CEO, and a reputed business leader. She is reputed to manage and scale up international companies.