Jushi’s Yearly Sales Jump 35% To $284 Million

Boca Raton, Florida-based multi-state operator Jushi Holdings posted revenue up 5.5% sequentially for its fourth quarter ended in December to $76.8 million. The company logged $22 million in gross profit for the quarter and a net loss of $139.9 million. On an underlying basis, its adjusted EBITDA was a positive $6 million.

For the full fiscal year, total revenue reached $284.3 million, up 35.8% year-over-year. Gross profit increased 14.5% to $95.5 million, with the company showing a net loss of $202.3 million and an adjusted EBITDA of $7.1 million. Jushi recently opened its 37th retail location nationwide and is active in a variety of states including Florida, Virginia, and Pennsylvania, among others. The company also made several leadership appointments following the end of the reporting period including hiring Michelle Mosier as CFO.

“Given the challenging macroeconomic backdrop our industry is operating under, I am pleased to report solid annual and quarterly top-line growth,” said Jim Cacioppo, CEO and chairman of Jushi. “Jushi experienced many bright spots over the course of the year, including rapidly growing our retail network across six markets and diversifying our house of brands and product suite. In addition, we made meaningful progress on the completion of our expansion projects in Pennsylvania and Virginia, were awarded a retail dispensary license establishing our fifth vertically integrated state operation in Ohio, brought on a record number of new Jushi active patients in Virginia’s budding medical market, and scaled our presence in the expanding Nevada market.”—Danny Sullivan

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