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Cresco Labs net loss widens as revenue climbs past estimates

Cresco Labs Inc. said Wednesday its first-quarter loss widened to $23.68 million from $11.91 million in the year-ago quarter. The Chicago-based cannabis company’s revenue increased by 20% to $214 million. First-quarter adjusted Ebitda rose 45% to $51 million. Cresco Labs did not provide an earnings per share figure. Analysts expected Cresco Labs to break even in the first quarter on revenue of $211.4 million, according to a FactSet Survey. Cresco Labs ended the quarter with $179 million of cash. During the quarter, it opened three stores in Florida and one in Pennsylvania to bring its total retail footprint up to 50 stores. On May 16, Cresco Labs reached the expiration date of the 30-day waiting period for the Hart Scott Rodino waiting period under federal law for its $2 billion all-stock acquisition of Columbia Care. Shares of Cresco Labs are down 41.5% so far in 2022, compared to a drop of 45.5% by the AdvisorShares Pure US Cannabis ETF .

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