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.
Jushi Holdings Inc. has announced significant leadership changes, appointing Michelle Mosier as Chief Financial Officer (CFO) effective January 16, 2023, following the resignation of COO Leonardo Garcia-Berg. This transition is aimed at enhancing financial and accounting systems amid the evolving cannabis industry. Jushi also intends to reduce its corporate workforce by approximately 17%, aligning operations with current market conditions. CEO Jim Cacioppo will oversee grower-processor operations directly, expecting production capacity to ramp up significantly by mid-2023.
Jushi Holdings has launched a new product suite in California, featuring three brands: Sèchè Pre-Roll Singles, Tasteology Fruit Chews, and The Lab Vapes. These products cater to diverse consumer preferences, available exclusively at Jushi's Beyond Hello™ retail locations. Sèchè introduces sustainable packaging for its pre-rolls, while Tasteology offers vegan fruit chews with 10mg of THC each. The Lab vapes utilize advanced technology for a modern experience. This expansion aims to enhance Jushi's brand portfolio amidst California's competitive cannabis market.
Jushi Holdings announced a successful second closing of its private offering, securing US$72 million in gross cash proceeds through the issuance of 12% second lien notes and warrants. The notes will mature in December 2026 and yield 12% annual interest. Additionally, Jushi entered a financing facility with XS Financial for up to US$10 million and plans to draw down US$1.9 million from a real estate mortgage. Notably, executives subscribed for US$17.4 million of the notes, indicating confidence in the company’s future.
On December 7, 2022, Denis Arsenault acquired 3,452,595 Warrants of Jushi Holdings Inc. through a private offering that included 12% second lien notes. This acquisition allows Arsenault to purchase subordinate voting shares at US$2.086 until December 7, 2026. Post-acquisition, he holds a total of 7,677,899 subordinate voting shares and 16,702,595 Warrants, representing approximately 11.43% of the outstanding shares on an as-converted basis. The transaction is reported under National Instrument 62-103 requirements.
Jushi Holdings released its second annual Cannabis Consumer Insights Holiday Poll, surveying 1,000 cannabis consumers. Despite inflationary pressures, 76% of respondents reported consuming the same or more cannabis compared to last year. Price and THC levels are now primary factors in product selection, reflecting a shift towards cost-saving measures. Additionally, 75% support federal cannabis legalization. The poll also indicated a sustained trend of using cannabis in holiday celebrations, with 92% planning to incorporate it this year.
Jushi Holdings has successfully closed a private offering of approximately US$69 million in 12% second lien notes and warrants. The funds will be used to redeem outstanding 10% senior secured notes due January 2023. Additionally, Jushi has secured subscriptions for an extra US$5 million. The notes mature on December 7, 2026, and will bear interest payable quarterly. The company also amended its US$100 million Senior Secured Credit Facility with a reduced loan cap of US$65 million and an interest rate of 11%, maturing December 31, 2024.
Jushi Holdings Inc. (OTCQX: JUSHF), a multi-state cannabis operator, announced participation in two upcoming virtual conferences. The Wolfe Research Consumer Growth Conference takes place December 5-6, 2022, featuring Chief Commercial Director Trent Woloveck in a panel discussion. The Cowen’s 5th Annual Cannabis Conference occurs December 6-8, 2022, with CEO Jim Cacioppo participating in a panel on December 7. Michael Perlman, EVP of Investor Relations, will host one-on-one meetings at both events.
For more details, visit jushico.com.
Jushi Holdings Inc. has received approximately US$68 million in binding subscription commitments for 12% second lien notes and warrants to purchase subordinate voting shares in a private offering. The notes will mature in four years, bearing 12% interest, and will be secured by certain assets of the company. The proceeds will be primarily used to redeem existing 10% senior secured notes due January 2023 and for general corporate purposes. The offering is expected to close in late November or early December 2022.
Jushi Holdings Inc. reported Q3 2022 revenue of $72.8 million, representing a 34.9% year-over-year growth. Sequentially, revenue remained flat. Gross profit increased to $27.7 million, an 18.9% increase year-over-year. However, the company expects a non-cash asset impairment charge between $35.0 to $49.0 million, leading to a net loss of $52.9 to $62.8 million. Cash reserves stood at $31.1 million. Operationally, Jushi opened two new retail locations in Virginia, adding nearly 8,000 new patients in the state during Q3.
Jushi Holdings Inc. (OTCMKTS: JUSHF) commented on the recent gubernatorial election in Pennsylvania, congratulating Governor-elect Josh Shapiro. Jushi expresses eagerness to collaborate on cannabis policy reforms, advocating for expungement of non-violent cannabis possession records and establishing a regulated market. The company emphasizes that legalizing cannabis could spur economic growth, create jobs, and generate significant tax revenue. Jushi's management believes that timely cannabis reform is critical to reducing illicit sales and ensuring public safety.