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Cresco Q3 2024 Earnings And USCC Post Election Insights

By Shadd Dales On Nov 8, 2024

In our Friday episode of the Trade To Black Podcast, we’ll be looking at the Cresco Q3 2024 earnings, and what the United States Cannabis Council believes the future will look like under a second Trump presidency and Republican senate.

Charlie Bachtell, CEO of Cresco Labs (OTC: CRLBF) joins us to discuss the Q3 2024 earnings report released today. Among some of the highlights: a Q3 revenue of $180 million, gross profit of $93 million, and an adjusted gross margin of 53% of revenue, a 250 bps improvement year-over-year. Cresco also maintained the #1 share position in the states of Illinois, Pennsylvania, and Massachusetts, as well as improved to a top 3 position in the state of Ohio.

We’ll get Charlie Bachtell’s perspective on what’s next for the Florida market based on the disappointing failure of Amendment 3, which did not pass the 60% approval vote. Bachtell highlights the industry’s challenges, particularly the lack of access to US capital markets for American cannabis companies, in contrast to international firms. Are there reasons to be optimistic about policy shifts under the Trump administration and the role of bipartisan support in advancing cannabis reform?

United States Cannabis Council SVP David Culver joins the podcast again later on this episode. Culver spoke with us earlier this week, stating that it didn’t matter which administration won the election, as both parties support cannabis reform. Some in the cannabis industry fear losing ground on legalization and banking legislation, but he remains optimistic.

David Culver shares his agency’s strategy moving forward. A key focus will be on educating conservative lawmakers and the new administration on the benefits of cannabis reform from a public safety and economic perspective. The council is advocating for incremental reforms, such as the Safe Banking Act, and highlighted how reclassifying cannabis to Schedule III could make it more acceptable for conservatives to support these reforms.

Hear the details when you tune in.

Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.