Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) released its financial and operating results on Wednesday for the third quarter ended Sept. 30, 2023, revealing a 9.4% year-over-year decrease in revenue to $190.5 million.

In the first quarter of fiscal 2023, the company initiated the year-of-the-core strategy, resulting in an adjusted gross margin increase of over 480 bps, a $40 000 decrease in adjusted SG&A on an annualized basis and an over 1000 bps increase in adjusted EBITDA margin. The company also generated $62 million in operating cash flow through the first nine months of the year.

“Our third quarter results demonstrate our ability to drive solid performance, with strong gains to our margin and operating cash flow, by continuing to execute on a strategy where we win in our core markets and with our core stores, core brands, and core products,” Cresco's CEO Charles Bachtell said.

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