Jushi Touts 67% Revenue Increase On Heels Of Pennsylvania Expansion

Cannabis company Jushi Holdings Inc. JUSH JUSHF reported Tuesday its third-quarter revenue totaled $24.9 million, up by 67% over the quarter.

The revenue increase could be attributed to the revenue growth at its BEYOND/HELLO stores in Illinois and Pennsylvania, as well as Nevada operations.

Moreover, the revenue increased by approximately 45%  on a same-store basis compared to the previous quarter, excluding the two Philadelphia-based stores temporarily closed since June due to George Floyd protests.

The Boca Raton, Florida-based company also achieved "adjusted EBITDA profitability for the first time" in its history, CEO Jim Cacioppo noted.  For the quarter, adjusted EBITDA amounted to $1.9 million — a sequential improvement of $3.1 million.

The third quarter's gross profit was $12.3 million compared to approximately $7.5 million in the quarter ended June 30.

The company also posted a net loss of nearly $30 million.

As of September 30, Jushi had $43.2 million of cash and marketable securities and roughly $73 million on a pro forma basis.

Jushi's Recent Moves

On Monday, Jushi announced an expansion effort in a Scranton, Pennsylvania-based grower-processor facility that will ultimately span 160,000 square feet. The company said it would triple the canopy space's size and create over 100 new jobs.

Other quarterly highlights include finalization of equity acquisition of Vireo Health International Inc.'s VREO VREOF Pennsylvania-based subsidiary which operates a cultivation and processing facility, upsizing and closing of $33.3 million debt financing deal, and cutting the ribbon on its 10th BEYOND / HELLO dispensary, and 8th Pennsylvania-based store in Reading.

After closing a $37 million worth acquisition of Pennsylvania Medical Solutions LLC, Jushi opted to buy another Vireo's subsidiary — Pennsylvania Dispensary Solutions LLC — for $5 million in cash.

The company also raised CA$35.5 million in October — through an overnight marketed offering - on the heels of its debut on the California market.

Courtesy image