Ascend, Cresco See Earnings Tick Higher In 2024
As the cannabis earnings season continues, multistate operators Cresco Labs and Ascend Wellness Holdings saw sales head in different directions last year, with Cresco Labs reporting a modest revenue decline and Ascend Wellness posting strong single-digit growth. The results document an uneven year for America’s largest cannabis companies, with category leaders like Curaleaf and Ayr flat and Verano posting declines, while Green Thumb and Trulieve were on the rise.
For Chicago-based Cresco, revenue for the year was at $724 million, down from just under $771 million in 2023. But adjusted EBITDA was up, rising 15% to $200 million. Cresco CEO Charlie Bachtell pointed to strong cash flow and the efficiency improvements the company put in place in 2024 as positives for the company. “In 2025, we’re extending our focus to strategically deploy capital to create growth and maximize returns for the years ahead. It’s a straightforward approach: execute at the highest level, generate cash, reinvest in high-ROI opportunities, and repeat,” he said.
Looking ahead, Cresco is well-positioned in the upcoming medical marijuana market launching in Kentucky, Bachtell added. “As one of only two Tier 3 cultivators, we have up to 25,000 square feet of canopy, representing more than 20% of the state’s total allocation,” he said.
At Ascend Wellness, revenue increased 8% to $562 million last year, with both retail and wholesale revenues ticking higher. The company’s adjusted EBITDA grew 9% to $116 million. Growth was slow but positive in Ascend’s retail arm, rising 0.3% to bring in $372 million in revenue. Wholesale, though a smaller part of Ascend’s business, rocketed ahead in 2024 with a nearly 30% jump to $189 million.
“The fourth quarter marked the first full quarter with our new management team in place, and I am pleased with the initial progress we made on our key initiatives,” said CEO Sam Brill. “Looking ahead, we are focused on executing our densification strategy, backed by our strengthened balance sheet, that puts us in a strong position to act on exciting retail and wholesale opportunities across our footprint.”
The “densification” push is expected to result in a 50% increase in store count in the medium term, Ascend added, noting that it has 10 stores in development across Ohio, Pennsylvania, Illinois, and New Jersey, building on its current base of 39 retail locations.—Shane English
