Cresco Labs Announces Second Quarter 2022 Results

Company reports 4% year-over-year revenue growth and 11% year-over-year adjusted EBITDA growth; continues industry leadership with branded product performance and retail productivity

Company provides positive update on Columbia Care divestiture process, regulatory approvals and closing timeline

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (" Cresco Labs " or the " Company "), a vertically integrated, multi-state operator and the no. 1 producer of branded cannabis products in the industry, today released its financial results for the quarter ended June 30, 2022. All financial information presented in this release is reported in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and in U.S. dollars.

Second Quarter 2022 Financial Highlights

Second quarter revenue of $218 million, up 4% year-over-year.
Adjusted gross profit ¹ of $116 million, or 53% of revenue, an increase of 8% year-over-year, excluding fair value mark-up for acquired inventory and cost of goods sold adjustments for acquisitions and other non-core costs.
Second quarter adjusted EBITDA ¹ of $51 million, or 23% of revenue, an increase of 11% year-over-year.
Wholesale revenue of $95 million, which maintained the Company's position as no. 1 U.S. seller of branded cannabis products with leading share positions in the flower, concentrates and vape categories ² .
Achieved the leading branded share position in Massachusetts and maintained no. 1 share position in both Illinois and Pennsylvania ² .
Retail revenue increased 22% year-over-year, to $123 million, or $2.5 million per average store open in the quarter; same-store-sales increased 6% year-over-year.
Ended the quarter with $90 million of cash on hand.
On July 8, the Columbia Care shareholders approved the previously announced, all stock acquisition by Cresco Labs and the Company continues to work toward closing the transaction around year-end.

Management Commentary

"We reported solid results in the face of an unprecedented macro environment. We generated $218 million in revenue, representing 4% year-over-year growth, and maintained our industry position as the no. 1 wholesaler of branded cannabis ² , the no. 1 branded product portfolio chosen by consumers ² , and the no. 1 most productive per-store national retailer. Importantly, we accomplished these results while maintaining our Adjusted Gross Margin ¹ at 53% and Adjusted EBITDA ¹ margin of 23%, in a market where prices fell between 10-30% depending on the state. The Columbia Care transaction is proceeding as expected — we're checking off milestone after milestone, the divestiture and regulatory processes are on track and we continue to anticipate a closing around year end," said Charles Bachtell, CEO and Co-Founder of Cresco Labs.

"We recognize the challenges currently facing the cannabis industry and the tough macro backdrop we are operating against. In this environment, we are managing through today while remaining focused on the long-game — we're holding and growing market share, driving efficiencies across the business to maintain margins, and preparing for the integration of Columbia Care to drive future growth. Over the next three years, growth will come from the transition to adult use in seven large markets: New Jersey, New York, Pennsylvania, Ohio, Virginia, Florida and Maryland. Our combined footprint with Columbia Care, gives us exposure to all of these markets and leading positions in several. This is arguably the highest value footprint in cannabis – 180 million Americans and all 10 of the 10 highest projected 2025 revenue states. The acquisition more than doubles our retail footprint, gives us a number one branded or retail share position in five markets, and optimizes our operational footprint. It gives us the breadth and depth that we believe ensures growth, diversifies our revenue mix and creates an industry leader," Mr. Bachtell concluded.

Balance Sheet, Liquidity, and Other Financial Information

As of June 30, 2022, current assets were $314 million, including cash and cash equivalents of $90 million. The Company had working capital of $86 million and senior secured term loan debt, net of discount and issuance costs, of $379 million.
The Company paid a total of $89 million in taxes during the quarter, including tax distributions to non-controlling unit holders and other out-of-period payments of $67 million.
Total shares on a fully converted basis were 443,671,426 as of June 30, 2022.

Social Equity and Education Development Program

This year's "Summer of Social Justice" campaign has far surpassed last year's impact, with the Company's SEED ^TM initiative supporting the record sealing, expungement process and restorative journey for over 4,500 individuals nationwide.
Parkway Dispensary, LLC and Navada Labs, LLC , both social equity groups supported by SEED ^TM , received conditional adult-use dispensary licenses as part of the 185 new licenses recently issued by the state of Illinois. The SEED team continues to conduct outreach and build relationships with all new licensees in Illinois. Phase 2 of the SEED community business incubator will commence next month.
The Illinois Cannabis Education Center ("ICEC") officially opened to colleges as well as community, and business organizations. To date, eight colleges and eight entrepreneurship training organizations have utilized the ICEC and served over 200 individuals and 40 ancillary cannabis businesses. Through the ICEC, students, entrepreneurs and working individuals receive hands-on trainings focused on compliance, security, technology and daily operations in a mock dispensary to understand all aspects of cannabis retail. The Company looks forward to welcoming Illinois' new adult-use dispensary licensees to the space.

Capital Markets and M&A Activity

On March 23, 2022, the Company announced a definitive arrangement agreement whereby Cresco Labs will acquire Columbia Care in an all-stock transaction. Please click here for additional details.
The transaction received federal Hart Scott Rodino ³ approval in May 2022. In July 2022, Columbia Care shareholders approved the transaction, followed by the approval from the Supreme Court of British Columbia.
The asset divestiture process is proceeding as planned in terms of both timelines and gross proceeds, as is the state regulatory approval process. The Company targets closing the transaction around year-end 2022.

Conference Call and Webcast

The Company will host a conference call and webcast to discuss its financial results on Wednesday, August 17, 2022, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 1-844-200-6205 (US Toll Free), 1-833-950-0062 (CDN Toll Free), 1-646-904-5544 (US Local), +1 929-526-1599 (Other) providing access code 035060. Archived access to the webcast will be available for one year on the Cresco Labs' investor relations website.

Consolidated Financial Statements

The financial information reported in this press release is based on unaudited management prepared financial statements for the quarter ended June 30, 2022. These financial statements have been prepared in accordance with U.S. GAAP. This release contains certain preliminary financial results for the second quarter, including Cost of goods sold; Gross profit; Other income, net; Income tax expense; Net loss; Inventory, net; Right-of-use assets; Current portion of lease liabilities; Lease liabilities; and Non-controlling interests. The Company expects to file its unaudited interim condensed consolidated financial statements for the quarter ended June 30, 2022, on SEDAR by August 18, 2022. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes between the information contained in this press release and the consolidated financial statements it files on SEDAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company's financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company's filed financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company's audited financial statements for the year ended December 31, 2021, previously filed on SEDAR.

Cresco Labs references certain non-GAAP financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers, and should be considered preliminary based on the potential for change in the financial statement line items indicated above. Please see the "Non-GAAP Financial Measures" section below for more detailed information.

Non-GAAP Financial Measures

Earnings before interest, taxes, depreciation, and amortization ("EBITDA"), Adjusted EBITDA, and Adjusted gross profit are non-GAAP financial measures and do not have standardized definitions under U.S. GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with U.S. GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with U.S. GAAP and may not be comparable to similar measures presented by other issuers. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the U.S. GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated, multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods ("CPG") approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco®, Cresco Reserve®, High Supply®, Mindy's™, Good News®, Remedi™, Wonder Wellness Co.® and FloraCal®. Sunnyside*®, Cresco Labs' national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry's largest Social Equity and Educational Development initiative, SEED™, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com .

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,' ‘will,' ‘should,' ‘could,' ‘would,' ‘expects,' ‘plans,' ‘anticipates,' ‘believes,' ‘estimates,' ‘projects,' ‘predicts,' ‘potential' or ‘continue' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2021, filed on March 25, 2022, other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs' shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

¹	See "Non-GAAP Financial Measures" at the end of this press release for more information regarding the Company's use of non-GAAP financial measures.
²	According to BDSA
³	Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR")

Cresco Labs Inc.
Financial Information and Non-GAAP Reconciliations
(All amounts expressed in thousands of U.S. Dollars)

Unaudited Consolidated Statements of Operations
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021

	For the Three Months Ended
($ in thousands)	June 30, 2022			March 31, 2022			June 30, 2021
Revenue	$	218,226		$	214,391		$	209,975
Cost of goods sold		105,402			107,018			108,994
Gross profit		112,824			107,373			100,981
Gross profit %		51.7	%		50.1	%		48.1	%
Operating expenses:
Selling, general and administrative		77,912			76,048			71,605
Share-based compensation		6,583			6,506			8,814
Depreciation and amortization		5,652			4,552			5,690
Total operating expenses		90,147			87,106			86,109
Income from operations		22,677			20,267			14,872

Other expense:
Interest expense, net		(12,016	)		(14,363	)		(11,481	)
Other income (expense), net		4,681			(6,772	)		12,725
Total other (expense) income, net		(7,335	)		(21,135	)		1,244
Income (loss) before income taxes		15,342			(868	)		16,116
Income tax expense		(23,638	)		(22,807	)		(13,463	)
Net (loss) income ¹	$	(8,296	)	$	(23,675	)	$	2,653
¹ Net (loss) income includes amounts attributable to non-controlling interests.

Cresco Labs Inc.
Unaudited Reconciliation of Gross Profit to Adjusted Gross Profit (Non-GAAP)
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021

	For the Three Months Ended
($ in thousands)	June 30, 2022			March 31, 2022			June 30, 2021
Revenue	$	218,226		$	214,391		$	209,975
Cost of goods sold ¹		105,402			107,018			108,994
Gross profit	$	112,824		$	107,373		$	100,981
Fair value mark-up for acquired inventory		123			5,322			6,053
COGS adjustments for acquisition and other non-core costs		2,657			—			—
Adjusted gross profit (Non-GAAP)	$	115,604		$	112,695		$	107,034
Adjusted gross profit %		53.0	%		52.6	%		51.0	%
¹ Production (cultivation, manufacturing, and processing) costs related to products sold during the period.

Cresco Labs Inc.
Summarized Unaudited Consolidated Statements of Financial Position
As of June 30, 2022 and December 31, 2021

($ in thousands)	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	89,508	$	223,543
Other current assets		224,809		198,212
Property and equipment, net		396,168		369,092
Intangible assets, net		433,345		437,644
Goodwill		448,376		446,767
Other non-current assets		108,837		105,205
Total assets	$	1,701,043	$	1,780,463

Total current liabilities		228,216		288,394
Total long-term liabilities		689,203		694,333
Total shareholders' equity		783,624		797,736
Total liabilities and shareholders' equity	$	1,701,043	$	1,780,463

Cresco Labs Inc.
Unaudited Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021

	For the Three Months Ended
($ in thousands)	June 30, 2022			March 31, 2022			June 30, 2021
Net (loss) income ¹	$	(8,296	)	$	(23,675	)	$	2,653
Depreciation and amortization		13,113			10,960			9,806
Interest expense, net		12,016			14,363			11,481
Income tax expense		23,638			22,807			13,463
Earnings before interest, taxes, depreciation, and amortization (EBITDA) (Non-GAAP)	$	40,471		$	24,455		$	37,403

Other (income) expense, net		(4,681	)		6,772			(12,725	)
Fair value mark-up for acquired inventory		123			5,322			6,053
Adjustments for acquisition and other non-core costs		7,231			6,694			5,280
Share-based compensation		7,449			7,506			9,518
Adjusted EBITDA (Non-GAAP)	$	50,593		$	50,749		$	45,529
¹ Net (loss) income includes amounts attributable to non-controlling interests.

Cresco Labs Inc.
Unaudited Summarized Consolidated Statements of Cash Flows
For the Three Months Ended June 30, 2022, March 31, 2022, and June 30, 2021

	For the Three Months Ended
($ in thousands)		June 30, 2022			March 31, 2022			June 30, 2021
Net cash used in operating activities		$	(7,076	)	$	(3,418	)	$	(43,191	)
Net cash used in investing activities			(13,388	)		(34,219	)		(29,587	)
Net cash used in financing activities			(69,135	)		(6,365	)		(50,690	)
Effect of foreign currency exchange rate changes on cash			13			(180	)		(270	)
Net decrease in cash and cash equivalents		$	(89,586	)	$	(44,182	)	$	(123,738	)
Cash and cash equivalents and restricted cash, beginning of period			181,920			226,102			258,971
Cash and cash equivalents and restricted cash, end of period		$	92,334		$	181,920		$	135,233

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005121/en/

Media
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
312-953-2767

Investors
Megan Kulick, Cresco Labs
SVP, Investor Relations
investors@crescolabs.com

For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com

News Provided by Business Wire via QuoteMedia

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Cannabis leaf on road marked with "2025," with sunlight in the background.

New Cannabis Consumption Trends, Regulatory Shifts Seen Driving Market in 2025

Understanding trends in the cannabis industry is paramount for investors eyeing a market with steady growth potential, but the landscape is complex as products and regulations continue to evolve.

Consumption habits are changing as edibles, vaping and THC beverages gain traction, especially among younger users, and cannabis companies are adapting their offerings to meet shifting demand.

Meanwhile, regulatory uncertainty, particularly surrounding the future of the US Farm Bill and state-level restrictions on hemp-derived cannabinoids, continues to challenge the market.

Despite these headwinds, production data and long-term growth forecasts suggest the cannabis industry remains on a promising — albeit turbulent — path. Read on for more on key trends to watch in 2025.

Consumption methods evolving post-legalization

Shifts in consumer behavior are reshaping markets across the board, and the cannabis industry is no exception.

While smoking remains the dominant method of cannabis consumption, a recent report from the Centers for Disease Control and Prevention highlights the growing popularity of edibles, vaping and dabbing.

The report notes that vaping and dabbing are particularly pronounced among younger adults.

A separate study published by the American Medical Association and funded in part by the Canadian Institutes of Health Research also points to how product preferences have changed among Canadian users since legalization in 2018.

The study indicates that while the use of flower, cannabis concentrates, oil, tinctures and topicals has decreased during that time, the use of vape cartridges, edibles and beverages has increased.

Edibles and beverages were legalized in Canada in late 2019, and Truss Beverage was one of the first players to introduce cannabis-infused drinks. Truss was a joint venture formed by Molson Coors Canada (TSX:TPX.A,TSX:TPX.B) and HEXO, a cannabis company that has since been acquired by Tilray Brands (TSX:TLRY,NASDAQ:TLRY).

In early 2020, Tilray launched a lineup of confectionery, wellness products and beverages through its subsidiary, High Park; Canopy Growth (TSX:WEED,NASDAQ:CGC) made a similar move. These companies gradually brought their products to the US as more states legalized cannabis for medical and/or recreational use.

Today, established cannabis brands typically offer edibles and beverages alongside their other products. Organigram Global (TSX:OGI,NASDAQ:OGI) is one of the newest US entrants, with its April acquisition of Collective Project providing immediate access to the US hemp-derived THC beverage market.

Growing awareness of health and wellness, potentially amplified by the pandemic-led adoption of health trackers, appears to be making an impact on the alcoholic beverage market.

A 2023 Gallup poll reveals a two decade decline in alcohol consumption, particularly among younger adults, suggesting a shift towards more health-conscious lifestyles within this demographic.

Craft beer production declined by 4 percent year-on-year in 2024, according to data collected by the Brewers Association. This marked the largest drop in the industry's history, excluding the pandemic. For small, independent craft breweries, 2024 marked the third consecutive year of declining production. A drop in the number of operating small breweries last year provides further evidence of this trend, with 501 closures in 2024 versus 434 openings.

Challenges in the alcohol market extend beyond the brewing industry, with the New York Times recently reporting the closure of a handful of nightclubs facing decreased alcohol sales alongside rising insurance and rent costs.

Meanwhile, cannabis lounges have been popping up across the US for the last several years. As of early 2025, several states had legalized or were in the process of implementing regulations for cannabis consumption lounges.

Hemp market growth despite regulatory uncertainty

The burgeoning hemp industry is another segment of the expanding cannabis market.

The legalization of industrial hemp — defined as cannabis with a THC concentration of 0.3 percent or less — through the 2018 Farm Bill led to initial investment and optimistic projections for CBD wellness products and various industrial applications. The sector’s rapid evolution also brought the rise of hemp-derived intoxicating cannabinoids, creating a market that presented both opportunities and complexities for participants.

However, after an initial boom, a lack of infrastructure and clearly defined regulations for CBD, as well as state-level variations and market oversupply, ultimately contributed to a quick retraction.

2024 was a pivotal year for the US hemp industry, as the hemp-related provisions of the 2018 Farm Bill — originally set to expire in September 2023, but extended to December 31, 2024 — created an urgent need to address critical issues like THC limits and the regulation of novel hemp-derived cannabinoids. A major point of contention was the proposed shift from defining hemp based on Delta-9 THC concentration (0.3 percent or less) to “total THC,” which includes THCA.

This change had the potential to significantly impact farmers and processors, as many hemp varieties that are compliant under the Delta-9 THC rule could exceed the 0.3 percent limit when THCA is included.

Various bills and amendments were proposed in 2024 as part of the Farm Bill discussions, each with different approaches to regulating hemp. Separate regulatory frameworks for industrial hemp and hemp grown for cannabinoids were suggested, and many states took their own action, leading to a patchwork of regulations and even outright bans.

Despite challenges, data from the US Department of Agriculture suggests signs of recovery.

The department's annual National Hemp Report from 2024 points to an 18 percent increase in industrial hemp production value between 2022 and 2023, with output growth seen in specific sectors like floral (18 percent), fiber (133 percent) and seed hemp (414 percent). The 2025 report from the Department of Agriculture indicates further expansion, with notable increases observed in both acreage (up 64 percent from 2023) and value (46 percent).

The 2024 Farm Bill ultimately did not pass, and right now the hemp industry is operating under a temporary extension of the 2018 Farm Bill under the American Relief Act of 2025, signed into law on December 21, 2024.

The 2018 Farm Bill is now set to expire on September 30, 2025.

While analysts for Markets and Markets project that the North American hemp industry will grow at a CAGR of 22.4 percent and ultimately reach a valuation of US$30.24 billion by 2029, the future of the industry will be heavily influenced by the outcome of the ongoing Farm Bill discussions.

US cannabis legalization remains stalled

Although there is clear demand for cannabis products, the now-defunct rescheduling process in the US is likely to continue casting a shadow of uncertainty over the industry's long-term trajectory.

Legal and procedural delays, including allegations of improper conduct and bias within the US Drug Enforcement Administration (DEA), led to hearing cancellations, and the new administration of US President Donald Trump has brought leadership changes to key agencies like the DEA and the Department of Justice.

Terry Cole, who Trump nominated to be DEA administrator on February 11, has a history of opposing cannabis legalization in the country. Similarly, Pam Bondi, Trump’s pick to lead the justice department, staunchly opposed a movement to legalize medical cannabis during her tenure as Florida’s attorney general.

While there have been bipartisan efforts in Congress to end federal cannabis prohibition and establish regulations for eventual legalization, the DEA’s actions and statements indicate a potential stall or reversal of progress.

In addition to that, new research is adding complexity to the debate.

A study published in the American Journal of Psychiatry this past March highlights an association between the use of high-potency cannabis strains and increased risks of psychosis, a factor that may not have been fully considered by the Department of Health and Human Services. As stronger cannabis strains become more widely available, a reassessment of their potential health risks may be required.

Investor takeaway

While the cannabis industry holds promise for growth and innovation, investors must remain acutely aware of the regulatory uncertainties and market volatility that will undoubtedly shape its trajectory in the years to come.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Cresco Labs Announces Second Quarter 2022 Results

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In this article

Guide to cannabis in Australia: New South Wales

Guide to cannabis in Australia: Victoria

Guide to cannabis in Australia: Queensland

Guide to cannabis in Australia: South Australia

Guide to cannabis in Australia: Western Australia

Guide to cannabis in Australia: Tasmania

Guide to cannabis in Australia: Northern Territory

Guide to cannabis in Australia: Australian Capital Territory

Consumption methods evolving post-legalization

Hemp market growth despite regulatory uncertainty

US cannabis legalization remains stalled

Investor takeaway

1. Botanix Pharmaceuticals (ASX:BOT)

2. Vitura Health (ASX:VIT)

3. IDT Australia (ASX:IDT)

4. Little Green Pharma (ASX:LGP)

5. Neurotech (ASX:NTI)

6. ECS Botanics (ASX:ECS)

7. Cann Group (ASX:CAN)

8. Althea (ASX:AGH)

9. Ecofibre (ASX:EOF)

10. Argent Biopharma (ASX:RGT)

Road to cannabis rescheduling hits another speed bump

Pennsylvania governor proposes legal cannabis market in state budget

Senate committee re-examines the SAFER Banking Act

Aurora, Canopy Growth report earnings

US lawmakers unlikely to prioritize banking reform

Cannabis rescheduling meets delays and controversies

Virginia makes progress on adult-use cannabis

Tilray sees growth across all segments in quarterly results

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