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Vertically integrated cannabis company Jushi Holdings Inc. (CSE:JUSH) (OTCQX:JUSHF) pre-announced its second-quarter 2021 financial results on Monday, revealing a 14.6% sequential and 219.7% year over year increase in revenue to $47.7 million.
CEO Jim Cacioppo said that quarterly results are "in-line with our expectations," as they "demonstrate the strength of our operations."
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The latest announcement from the company came on the heels of a proclamation that it is becoming a U.S. domestic issuer under U.S. securities laws, as over 50% of its issued and outstanding subordinate voting shares are owned by shareholders of record who were domiciled in the United States on June 30.
Q2 2021 Financial Highlights
- Gross profit amounted to $21.9 million, representing quarter-over-quarter growth of 9.2%.
- Net loss improved by $15.4 million, sequentially reaching $11.4 million in the second quarter.
- Adjusted EBITDA came in positive at $4.6 million, accounting for 9.6% of revenue.
- As of June 30, the company had $126.8 million in cash and short-term investments.
Building A National Footprint For Long-Term Success
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"With 20 stores open, four cultivation and production facilities in operation, and a diversified medical and consumer brand portfolio, we have built a national footprint for long-term success," Cacioppo continued.
The recently launched store in Easton, Pennsylvania, was the company's 20th BEYOND/HELLO medical marijuana dispensary nationwide and 13th in the Keystone State.
An additional seven BEYOND / HELLO retail stores are expected to open in the second half of 2021, Cacioppo revealed. The company also plans to add two Nature's Remedy of Massachusetts, Inc. dispensaries through an acquisition.
According to the previously announced deal, Jushi agreed to purchase Nature's Remedy for $110 million, including two retail dispensaries in Millbury and Tyngsborough, as well as a 50,000 square feet cultivation and production facility in Lakeville, Massachusetts.
"We believe the expansion of our retail footprint, including into Massachusetts, will continue to fuel our momentum through the second half of 2021, while the increase in cultivation capacity will more meaningfully contribute to our financial results in 2022," Cacioppo concluded.
The company, based in Boca Raton, Florida, recently launched activities at its newly built processing facility in Columbus, Ohio, ahead of purchasing OhiGrow, LLC, a licensed grower, and Ohio Green Grow LLC for $5 million in cash.
Photo: Courtesy of Ryan Lange on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.