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Earnings Smackdown: NewLake Capital And Cresco Labs

By Shadd Dales On Aug 8, 2025

In this episode of the Trade To Black Podcast, hosts Shadd Dales and Anthony Varrell sit down with two key players in the cannabis sector to break down their Q2 2025 earnings and explore the evolving landscape of cannabis real estate and multi-state operations. Anthony Coniglio, CEO of NewLake Capital Partners, and Charlie Bachtell, CEO of Cresco Labs, share exclusive insights into company earnings performance, capital strategy, and sector outlook.

The sector has largely “held its ground” during the latest wave of Q2 earnings. Canopy Growth shares surged as much as 36% on strong results before easing to a 20% gain, while multi-state operators (MSOs) posted mixed but generally resilient numbers despite continued price compression concerns.

NewLake Capital Partners reported strong Q2 results, with revenue increasing 3.8% year-over-year to $12.9 million. The company posted net income of $7.3 million, supported by robust Funds From Operations (FFO) of $11.4 million and Adjusted FFO of $11.5 million. With a quarterly dividend of $0.43 per share and a healthy 79% AFFO payout ratio, NewLake continues to execute on its mission as a reliable cannabis REIT.

Coniglio discusses NewLake’s disciplined investment approach, real estate portfolio quality, and how the company is maintaining earnings strength amid broader market uncertainty. Cresco Labs, meanwhile, delivered $164 million in revenue, a 50.6% adjusted gross margin, and $9 million in operating cash flow for Q2. The company’s Adjusted EBITDA reached $41 million, representing a 25% margin.

Charlie Bachtell, CEO of Cresco Labs (CSE: CL, OTCQX: CRLBF), reported Q2 revenue of $164 million with gross margins of 50.6%, alongside the refinancing of $325 million in debt to reduce leverage and secure operational flexibility. While Cresco reported a net loss of approximately $14 million, including a $9 million impairment related to California operations, Bachtell highlights the company’s improved balance sheet following a successful $325 million refinancing of its senior secured credit facility.

He outlines Cresco’s ongoing strategy to drive efficiency, reduce debt, and position the company for long-term value creation.

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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.