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Cresco Labs swings to a loss on $261 million non-cash charge

Cresco Labs Inc. CRLBF, -1.09% said Thursday it lost $263.45 million in the third quarter after reporting net income of $25.58 million in the year-ago quarter. The cannabis company did not provide results on a per share basis. The quarter included a non-cash impairment charge of $291 million related to a strategic shift in its California operations. Revenue rose to $215.5 million from $153.3 million in the year-ago quarter, and ahead of the $210 million revenue figure in the second quarter. Cresco Labs reiterated its revenue target of $235 million to $245 million for the fourth quarter. Shares of Cresco Labs are down 12.8% so far this year, while the Cannabis ETF THX, +2.94% is off by 3.3%.

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