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Cresco Labs CEO Touts 10x Increase In Operating Cash Flow YoY As Cannabis Company Reports Q1 Results

By Jelena Martinovic
May 15, 9:25 AM
Cannabis producer Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) announced on Wednesday its financial and operating results for the first quarter ended March 31, 2024. "I want to thank the Cresco team for taking our learnings from the Year-of-the-Core, making them a part of our DNA and producing such a strong start to 2024," Charles Bachtell, CEO of Cresco Labs, said. "The continued development of our teams' capabilities and our relentless focus on efficient execution is leading to very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year."

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Medical Marijuana Giant Trulieve, Backer Of Florida’s Recreational Cannabis Ballot, Narrows Loss, Reports Uptick In Q1 Revenue, Gross Profit

By Jelena Martinovic
May 9, 8:49 AM
Trulieve Cannabis Corp. announced on Thursday its first quarter results for the three months ended March 31, 2024. The Tallahassee, Florida-based medical cannabis giant reported revenue of $298 million for the first quarter of fiscal 2024, representing an increase of 4% sequentially and year-over-year, with 96% of revenue from retail sales.

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Cannabis (De)Unionization: Here’s What’s New On The Frontlines Of Labor Organizing Among Weed Workers

By Jelena Martinovic
April 24, 1:04 PM
Employees at Cresco Labs Inc.'s Fall River, Massachusets-based cannabis cultivation operations have voted overwhelmingly to approve their first union contract with the United Food and Commercial Workers (UFCW) Local 328 more than three years ago. Now, the gardeners, supervisors and other agricultural workers at Cresco's operations opted to reverse the process. With their contract nearing the June expiration date, the workers opted to de-unionize, instead of negotiating another organized labor deal, according to documents obtained by MJBizDaily.Meanwhile, employees at Curaleaf Holdings, Inc.'s store in Phoenix, Arizona joined a 4/20 protest on Saturday, organized by United Food and Commercial Workers International Union Local 99 at a company store on East Camelback Road near North Seventh Street. The protesters asked for safer working conditions, full-time employment and a living wage, reported Arizona Central.

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Top Cannabis Appointments You Should Know About: Aurora’s New CFO And Other Changes

By Jelena Martinovic
February 20, 10:11 AM
Cannabis multi-state operator Cresco Labs kicked off February by announcing the promotion of Greg Butler to the position of president. Tom Shuman, a CPG sales and marketing veteran, agreed to serve as The Hempshire Group's new CEO. Los Angeles-based STIIIZY INC. named Isaac Kim its new CFO earlier this month. Another California-based cannabis operator Lowell Farms appointed Jamie Schniedwind as its new director of finance. The Colorado-based medical cannabis pioneer Charlotte's Web Holdings tapped Matthew E. McCarthy, the former CEO of Ben & Jerry's Homemade, to serve on its board earlier this month. Aurora Cannabis has named Simona King, a former executive of Bristol Myers-Squibb, its new CFO.

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Ohio GOP Lawmakers Say Adult-Use Cannabis Sales Rules Could Be Ready In Spring, Promise ‘Real Progress’

By Jelena Martinovic
January 29, 11:04 AM
Although Ohio voted in favor of legalizing recreational cannabis over two months ago, marijuana sales have yet to commence. This is because there have not been any rules defined regarding the legal sales of the recreational drug. According to Speaker of the Ohio House, Jason Stephens, he is working towards achieving a resolution on this issue in the spring. The Senate President, Matt Huffman, is also optimistic that the groups will reach a resolution on this matter within the next month. Several competing bills have been put forward, with both House Bill 86 and House Bill 354 looking to address the issue.

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New York Will Get 12 New Weed Dispensaries, Ending 2023 With More Than 35 Adult-Use Stores Open

By Jelena Martinovic
December 15, 1:54 PM
New York governor Kathy Hochul has announced plans to open a dozen new recreational cannabis dispensaries, including eight Black-owned, five Hispanic-owned and nine women-owned. In total, New York is expecting to have 37 stores selling adult-use cannabis by the end of December. A New York Supreme Court decision that lifted an injunction blocking cannabis dispensary licenses earlier this month resulted in licenses being granted to companies like PharmCann, NYCANNA and The Cannabist Company Holdings, the latter previously known as Columbia Care.

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