Cresco Labs Reports Loss For Q2, But Sales Rise

(RTTNews) - Cresco Labs, Inc. (CRLBF), a cannabis and medical marijuana company, on Wednesday posted a loss for the second-quarter, particularly on a surge in income tax expense. However, the firm registered a rise in sales for the same period.

For the three-month period to June, the Chicago-headquartered company reported a net loss of $8.29 million, compared with a profit of $2.65 million a year ago.

Profit before income taxes was at $15.34 million, versus $16.11 million of previous year period.

The company's income tax expense for June quarter surged to $23.63 million, from $13.46 million of last year quarter.

Income from operations moved up to $22.67 million, from $14.87 million, posted for the previous fiscal.

Adjusted EBITDA stood at $50.59 million, higher than $45.52 million, on year-on-year basis.

Cresco Labs logged revenues of $218.22 million, an increase from $209.97 million during the corresponding quarter of 2021.