Olis joined Cresco Labs in 2019 and has helped direct the company’s growth and investment strategy.
On August 3, Green Market Report hosted its 2023 Finance Summit. At the Summit, the winners of the 2023 GMR Cannabis Finance Awards were announced.
The winner of the Top Chief Financial Officer in Cannabis was Dennis Olis of Cresco Labs Inc. (OTC: CRLBF).
Dennis Olis, Cresco Labs
During the first three years (2019-2022) that Olis served in the CFO role with Cresco Labs, the company’s annual revenue grew from $129 million to $842 million. Additionally, operating income increased from a $34 million loss to a $57 million profit, and adjusted EBITDA grew from an $18 million loss to a $123 million profit.
He converted financial reporting from IFRS to U.S. GAAP – no small feat – to prepare for an uplisting to U.S. exchanges and led the evaluation, due diligence, and integration processes for eight acquisitions at a total value of just under $3 billion.
Cresco is navigating industry-wide pressures and taking steps to prioritize P&L strength and cash flow.
Olis played an integral role in Cresco’s exiting low-margin businesses in specific markets and investing in its branded portfolio and wholesale distribution to extend its winning brands in new states, leveling up its portfolio, and expanding in segments where the portfolio is under-indexed.
Despite new adult-use state competition and price compression, Cresco has held market share in every state where BDSA share data is available. Olis and his team’s efforts toward improving Cresco’s balance sheet and capital position have played a vital role in the company being recognized as a Best-Led Company for 2021 by Inc., a Fastest Growing American Company for 2023 by Financial Times, and a Crain’s Chicago Business Fast 50 Company for 2022 and 2023. In 2023, Dennis was recognized as a Notable CFO in the Chicago area by Crain’s Chicago Business.
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