Cresco Labs posted a $180 million loss in 2023 as the Chicago-based cannabis multistate operator exited two state markets and saw its high-profile merger collapse.
The company’s strategy “to do more with less” also means preparing for future opportunities offered by adult-use legalization in Ohio and the hope that legalization in Florida and Pennsylvania will follow, Cresco executives said Wednesday during a quarterly earnings call.
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“We’re making investments ahead of those expected conversions,” CEO Charlie Bachtell said.
Cresco shares were trading at $1.68 on Wednesday morning, down from an early 2024 peak of $2.57 and still far off the company’s all-time peak of $15.86 in February 2021.
Despite the midyear struggles, Cresco enjoyed a positive fourth quarter.
Cresco reported a fourth-quarter profit of
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