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Cresco Labs Announces Second Quarter 2021 Financial Results Company reports record revenue of $ 210 million and reaffirms annualized revenue run - rate guidance of $ 1 billion by the end of 2021 CHICAGO -- ( BUSINESS WIRE ) -- August 13 , 2021 -- Cresco Labs Inc. ( CSE : CL ) ( OTCQX : CRLBF ) ( FSE : 6CQ ) ( “ Cresco Labs " or the " Company " ) , a vertically integrated , multi - state operator and the number one U.S. wholesaler of branded cannabis products , today announced its financial results for the second quarter ended June 30 , 2021. All financial information presented in this release is reported in accordance with U.S. Generally Accepted Accounting Principles ( “ 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 . Second Quarter 2021 Financial Highlights Revenue of $ 210.0 million , an increase of 17.7 % quarter - over - quarter and 122.8 % year over - year Gross profit excluding fair value markup for acquired inventory of $ 107.0 million , or 51.0 % of revenue , an increase of 22.2 % quarter - over - quarter and 233.3 % year - over - year Net Income¹ of $ 2.7 million , an increase of $ 26.8 million quarter - over - quarter and $ 44.4 million year - over - year Adjusted EBITDA² of $ 45.5 million , an increase of 30.1 % quarter - over - quarter Record net wholesale revenue of $ 108.7 million , an increase of 13.7 % quarter - over quarter and 97.9 % year - over - year Record retail revenue of $ 101.3 million from 33 stores , an increase of 22.3 % quarter over - quarter and 157.6 % year - over - year ● Financial Outlook The Company reaffirms the previously provided guidance of : ● ● ● Annualized revenue run - rate of $ 1 billion by the end of 2021 Gross profit margins in excess of 50 % in the remaining two quarters of 2021 Adjusted EBITDA² margin run - rate of at least 30 % by the end of 2021 ( 1 ) Net income includes amounts attributable to non - controlling interests . ( 2 ) See " Non - GAAP Financial Measures " at the end of this press release for more information regarding the Company's use of non - GAAP financial measures .