Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will release portion of 205,172,192 locked up shares on December 3rd, 2019.
Recent 2019 3rd Quarter Financial Highlights
- Third quarter revenue of $36.2 million, up 184% year-over-year and 21% quarter-over-quarter.
- Third quarter pro forma revenue1 increased 48% quarter-over-quarter to $73.6 million, which includes the impact of pending acquisitions and investments.
- Third quarter Adjusted EBITDA2 of $11.1 million, compared to $9.7 million in the prior-year period. Excluding the impact of biological assets, adjusted EBITDA for the third quarter was $3.1 million.
- Third quarter 2019 financial results included $4.5 million related to share-based incentive compensation, acquisition and other non-recurring costs of $4.7 million, and $2.2 million in expansion and relaunch costs.
- Third quarter net loss3 of $8.6 million, compared to net income of $1.2 million in the prior-year period.
- As of September 30, 2019, the Company had total assets of $416.5 million, including cash and cash equivalents of $73.7 million and a working capital position of $144.6 million with zero debt on the balance sheet.
- On November 26, 2019, the Company announced a sale-and-leaseback agreement for its Marshall, Michigan and Yellow Springs, Ohio facilities for $38 million which is expected to close within 30 days.
Previous News Release on Voluntary Share Lock up
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (“Cresco” or “the Company”) announced today that shareholders representing 205,172,192 common shares (the “Shareholders”) have entered into voluntary lock-up agreements with the Company (the “Agreements”), representing 97% of the shares subject to the initial lock-up and 80% of the total issued subordinate voting shares (on an as-if converted basis). Included among the Shareholders are all of the Company’s founders, its entire executive management team and board of directors, as well as several of the largest outside investors in Cresco. The voluntary lock-up Agreements stipulate that these shareholders will not, subject to limited exception, offer to sell, contract to sell, lend, pledge or otherwise dispose of any Cresco securities, or enter into any transaction to such effect, directly or indirectly, in addition to other restrictions until December 3rd, 2019 when a portion of the shares will be released followed by the remainder of the shares being released by June 3, 2020. (BusinessWire)