U.S. cannabis companies saw year over year gains in the third quarter, but saw revenue growth slow down in the period ended September 30.
Massachusetts-based multi-state operator Curaleaf (CURLF) reported a 74% increase in year over year revenue to a peer-leading $317.1 million in the quarter.
While the year over year comparison is favorable, the company only reported 2% growth from the previous quarter.
That theme is consistent across the MSO spectrum (since cannabis is not legal federally in the U.S., the biggest companies operating in multiple states are known as MSOs), according to a report by MjBizDaily.
Green Thumb Industries (GTBIF) , down 5.6%, had the second most revenue in the quarter of $233.7 million, a 49% year over year and 5% sequential increase. The Chicago-based MSO is one of a handful of MSOs that reported a profit ($21.6 million) in the period.
Cresco Labs (CRLBF) , also based in Chicago, reported a 41% year over year increase in revenue, 3% sequentially, to $215.5 million with a net loss of $263.5 million.
The net loss was connected to an impairment charge connected to its California business unit.
In the previous quarter, all four of those MSOs saw sequential revenue growth in the double digits. Curaleaf, for example, reported 20% growth quarter to quarter while Cresco reported 18% growth.