Jushi Holdings To Open 2 Additional Illinois Dispensaries In 2020

Cannabis and hemp producer Jushi Holdings Inc. (CSE:JUSH) (OTC:JUSHF) expects to open two additional adult-use dispensaries in Illinois by year-end. The news came as part of the company's fourth-quarter financial earnings report.

"In 2020, we remain focused on building out our high-quality footprint and pursuing attractive acquisition opportunities across the cannabinoid supply chain," said Jim Cacioppo, chairman and CEO of Jushi. "We started the year very strong, acquiring two medical dispensaries in Illinois that come with an option to open up two additional dispensaries."

Jushi's dispensary in Sauget, Illinois launched adult-use sales on March 2, and its dispensary in Normal, Illinois is expected to transition to adult-use sales by May 11.

Meanwhile, the company posted a net loss of $17.1 million, and a full year net loss of $30.8 million.

Jushi also saw a fourth-quarter adjusted EBITDA loss of $5.2 million and a 73% increase in gross profit compared with the previous quarter, closing at $2.7 million.

The company also announced pre-releases of first-quarter 2020 results with total revenue of $8.6 million. That's almost a 50% increase.

"2019 was an extraordinarily productive year for the company," Cacioppo said.

Cacioppo also touted Jushi's going public, its acquisitions, and the expansion of "several high-quality assets" in Pennsylvania, Illinois, Virginia, California, Nevada, and Ohio.

"For example, in Pennsylvania, we opened four medical dispensaries in the second half of 2019, bringing our total store count to six and expect to open an additional nine stores within the next twelve months. We expect to operate a total of 15 stores in Pennsylvania or 10 percent of the current overall market," Cacioppo said.

On the funding side, Jushi successfully raised $165 million through Dec. 31, 2019, and an additional $20 million in January.