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CHICAGO–(BUSINESS WIRE)–PRESS RELEASE–Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators in the United States, has released its unaudited financial results for the fourth quarter and full year ended Dec. 31, 2018. All financial information presented in this release is in U.S. dollars, unless otherwise noted.

Fourth Quarter 2018, Full Year 2018 Highlights and Subsequent Events

Revenue

Fourth quarter revenue of $17.0 million, up 411 percent year-over-year and 33 percent quarter-over-quarter. Full year revenue of $43.3 million, up 294 percent from the prior year. Fourth quarter pro forma revenue1 of $22.5 million and full year pro forma revenue of $75.6 million.

EBITDA

Fourth quarter adjusted EBITDA2 of $13.7 million, compared to an adjusted EBITDA loss of $3.1 million in the prior-year period. Fourth quarter 2018 financial results included $16.1 million related to share-based incentive compensation and one-time expenses associated with the public listing on the Canadian Securities Exchange, acquisitions and financing activities.

Net Income

Fourth quarter net loss of $2.6 million, compared to a net loss of $3.0 million in the prior-year period. Full year net income of $3.9 million, compared to a net loss of $4.0 million in the prior year.

Balance Sheet

As of fiscal year-end, total assets of $318.4 million, including cash and cash equivalents of $131.3 million and a working capital position of $172.7 million with zero debt on the balance sheet. 

1 Pro forma revenue and adjusted EBITDA information reflect the results of acquisitions closed and with definitive agreements in 2018 as of the beginning of the current quarter and year.

2 See “Non-IFRS Financial Measures” at the end of this press release for more information regarding Cresco Labs’ use of non-IFRS financial measures.

Capital Markets

The company commenced trading of its subordinate voting common shares on the Canadian Securities Exchange on

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