New York Legalizes Recreational Cannabis, Opening Multi-Billion Dollar Market
Investing.com | Mar 30, 2021 05:59
Just like Christmas, which everyone knows is coming, the lack of surprise does not diminish its ability to be a big event. That is the effect that last weekend's deal by New York state legislators to legalize recreational cannabis is having on the marijuana sector. The state would become reporting stellar fourth-quarter results last week.
The Chicago-based company, which is one of the largest vertically-integrated multi-state operators in the US, reported it just about quadrupled its revenues for the three-month period ending Dec. 31 to $162.3 million. Gross profit for the quarter came in at $95.7 million, compared to $7.65 million in the same period the previous year.
CEO and company co-founder Charles Bachtell described the company’s performance in 2020 as the “largest year-over-year revenue grown among tier one (multi-state operators).”
Shares of Cresco Labs closed yesterday at $12.04. In the last 12 months, they have gained 310%. They are currently almost 29% below the high of $16.92 hit in February of this year.
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