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Jushi Sees 73% Revenue Spike In Q2

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Jushi Sees 73% Revenue Spike In Q2

Cannabis and hemp company Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) has released its second-quarter results for 2020.

According to a Thursday update, its revenue rose by 73% over the period to $14.9 million.

The Boca Raton, Florida-based company — which recently closed a $37 million purchase of Vireo Health International Inc.'s (CNSX: VREO) (OTCQX: VREOF) Pennsylvania-based subsidiary — reported gross profit of $7.5 million and gross margins of 50% during the quarter.

Jim Cacioppo, the company's chairman, and CEO said that its operations in Pennsylvania and Illinois drive strong sequential revenue growth.

"As we move into the second half of the year, we're focused on maintaining this momentum by continuing to build depth in the markets where we operate today, while thoughtfully driving operational improvements across our footprint," added Cacioppo.

Here's a breakdown of what the second-quarter earnings report showed:

  • Gross profit increased by 80% sequentially
  • Net loss amounted to $9.3 million compared to a net loss of $15.9 million in the prior quarter
  • Negative adjusted EBITDA of $1.2 million
  • That's a $4.8 million increase, or 80%, as compared to the first quarter of last year
  • $50.8 million of cash and securities

Other quarterly highlights include upsizing and closing a debt financing deal worth $33.3 million, the opening of the additional BEYOND / HELLO retail locations, and closing of the previously announced acquisition of Agape Total Health Care, Inc, to name a few.

Courtesy photo

 

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