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Cresco Labs Announces Third Quarter 2021 Financial Results Company reports $ 6 million sequential top line growth with $ 11 million boost to bottom line for record Adjusted EBITDA margin CHICAGO -- ( BUSINESS WIRE ) -- 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 third quarter ended September 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 . Third Quarter 2021 Financial Highlights¹ • Revenue of $ 215.5 million , an increase of 2.6 % quarter - over - quarter and 40.6 % year - over - year • Gross profit excluding fair value mark - up for acquired inventory of $ 116.7 million , or 54.2 % of revenue , an increase of 9.0 % quarter - over - quarter and 48.3 % year - over - year • Adjusted EBITDA² of $ 56.4 million , or 26.2 % of revenue , an increase of 24.0 % quarter - over - quarter • Record net wholesale revenue of $ 109.3 million • Record retail revenue of $ 106.2 million from 37 stores Financial Outlook The Company reaffirms the previously provided guidance of : • Gross profit margins in excess of 50.0 % in the remainder of 2021 • Adjusted EBITDA² margin of at least 30.0 % by the end of 2021 • Revenue in the fourth quarter between $ 235 million and $ 245 million Management Commentary " Q3 was another outstanding quarter at Cresco Labs and a very strong start to the second half of the year . During the quarter , we replenished our balance sheet with non - dilutive capital , we closed a transformative acquisition in Massachusetts creating our third top three market share in a billion - dollar market , we announced several new deals to drive market depth , and we made massive improvements in bottom - line profitability as infrastructure investments began to bear fruit , " said Charles Bachtell , Co - Founder and CEO of Cresco Labs . " We are very proud of the record performance during a challenging quarter and continue to find that our differentiated strategy , localized for each individual state market , positions us to out - compete in both the current environment and long term . With many more growth initiatives up ahead , 2022 is set to be another record year , and we couldn't be more excited for what's to come as we continue driving strategic breadth , depth and execution . "