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CRESCOLABS ' NEWS RELEASE Cresco Labs Announces First Quarter 2021 Financial Results Under U.S. GAAP 5/27/2021 Company reports record revenue of $ 178 million and expects to reach annualized revenue run - rate of more than $ 1 billion by the end of 2021 CHICAGO -- ( BUSINESS WIRE ) -- Cresco Labs Inc. ( CSE : CL ) ( OTCQX : CRLBF ) ( FSE : 6CQ ) ( " Cresco Labs " or the " Company " ) , a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products , today announced its financial results for the first quarter ended March 31 , 2021. All financial information presented in this release is in U.S. GAAP and U.S. dollars , unless otherwise noted , and all comparisons to prior quarter and prior year are made on an as - converted basis under U.S. GAAP . First Quarter 2021 Financial Highlights • • Revenue of $ 178.4 million , an increase of 9.9 % quarter - over - quarter and 168.8 % year - over - year Gross profit of $ 87.0 million , or 48.8 % of revenue , an increase of 16.8 % quarter - over - quarter and 268.9 % year - over - year • Adjusted EBITDA¹ of $ 35.0million , an increase of 16.5 % quarter - over - quarter and 507.2 % year - over - year • Record net wholesale revenue of $ 95.6 million , an increase of 5.7 % quarter - over - quarter and 150.8 % year- over - year Record retail revenue of $ 82.8 million from 24 stores , an increase of 15.2 % quarter - over - quarter and 193.2 % year - over - year Financial Outlook The Company is providing the following guidance : 1