Jushi Holdings Inc. reports operating, financial, and governance developments as a vertically integrated, multi-state cannabis operator traded on the OTCQX under JUSHF. Company updates cover quarterly and annual results, dispensary openings, cultivation performance, product availability, Jushi-branded cannabis products, and regulatory developments in state cannabis markets.
Recurring announcements also address capital structure and liquidity actions, including debt arrangements, subordinate voting share disclosures, executive compensation matters, early warning reports, shareholder voting topics, and other governance events tied to the company’s public-company reporting.
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Jushi Holdings Inc. (OTCQX: JUSHF), a multi-state cannabis operator, expressed its support for the Virginia General Assembly's recent passage of medical cannabis bills, effective July 1, 2023. These measures aim to enhance patient accessibility and regulatory efficiency, with oversight shifting to the Virginia Cannabis Control Authority on January 1, 2024. CEO Jim Cacioppo noted the disappointment over missed opportunities to advance adult-use cannabis legislation while acknowledging these developments as positive steps. He emphasized that addressing public safety issues related to unregulated cannabinoid products requires a legal adult-use market. Cacioppo remains optimistic about future legislative changes due to the significant turnover expected in the upcoming elections.
Jushi Holdings has successfully closed a secured loan of $20 million with FVCbank, aimed at enhancing its financial stability and supporting growth initiatives in 2023. This non-dilutive financing is a strategic move to bolster working capital without diluting shareholder equity. The loan has a term of five years and is secured against the company's cultivation and manufacturing facility in Manassas, Virginia. The interest rate on the loan is tied to the 30-day average secured overnight financing rate plus 3.55%, with a minimum rate of 8.25%. CEO Jim Cacioppo emphasized that this financing will significantly strengthen Jushi's position as it executes its operational goals this year.
Jushi Holdings Inc. reported a Q4 2022 revenue of $76.8 million, marking a 16.6% increase year-over-year. The company achieved a record FY 2022 revenue of $284.3 million, a 35.8% growth. However, net losses ballooned to $139.9 million for Q4 and $202.3 million for the full year, largely due to significant asset impairment charges of $122 million in Q4. The company reduced inventory by $7 million in Q4 and is focused on cost-saving measures, having also secured $73.1 million in debt financing. Jushi expanded its retail footprint, concluding FY 2022 with 35 operational dispensaries nationwide.
Jushi Holdings Inc. (CSE: JUSH, OTCQX: JUSHF), a multi-state cannabis operator, will announce its fourth quarter and full year 2022 financial results on March 31, 2023, before the market opens. Management will host a conference call at 8:00 a.m. ET to discuss these results. The call can be accessed via a U.S. toll-free number, and a webcast will be available for a year afterwards. Jushi aims to maximize shareholder value by building a multi-state portfolio of branded cannabis assets. More details can be found on their Investor Relations website.
Jushi Holdings Inc. announces the opening of its fifth medical cannabis dispensary in Virginia, named Beyond Hello™ Arlington, set to serve patients starting January 18 at 10:00 a.m. ET. This new location, the 37th nationwide, spans 6,820 sq. ft. and includes 14 points-of-sale. Located near I-66 and Whole Foods, it is designed for accessibility with 37 parking spots. The dispensary will offer Jushi's in-house brands and various cannabis products. CEO Jim Cacioppo emphasizes the company's commitment to enhancing patient access and providing an exceptional retail experience in the burgeoning Virginia cannabis market.
Jushi Holdings Inc. has announced the opening of its 36th retail location, marking its first medical cannabis dispensary in Ohio. The new store, Beyond Hello™ Cincinnati, opens on January 12th, 2023, and is strategically located near major routes and attractions, targeting the growing medical cannabis market. With this launch, Jushi expands its vertically integrated operations, now operating in five states. The Ohio medical cannabis market recorded over 323,000 registered patients and $1.14 billion in product sales as of January 2023.