It also reported record wholesale and retail revenue of $95.6 million and $82.8 million, respectively. In the quarter, the company achieved a positive adjusted EBITDA of $35 million, up by 507.2% from the same period of the prior year.
Cantor Fitzgerald’s Pablo Zuanic reaffirmed both an “Overweight” rating on the stock and price target of $21.50.
The Investment Thesis
With quarterly sales of $178.4 million, Cresco managed to beat both FactSet consensus and Cantor Fitzgerald’s sales estimates of $170.4 million and $173.5 million, respectively, Zuanic explained in a Thursday analyst note.
While wholesale figures are slowly growing, the company’s retail sales were up 15% sequentially, with same-store sales up by 9% from the previous …