Jushi Revenue Increases As Losses Get Trimmed

CANNANNEW REPORT

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) decided to jump the gun with its good news and pre-announced its second-quarter 2021 financial results. Jushi reported that its revenue increased 14.6% sequentially to $47.7 million. This was a year-over-year increase of 219.7%. It was also within the range that had been forecast during the company’s last earnings report. At that time CEO Jim Cacioppo said, “For the second quarter of 2021, we expect revenues to be between $45 to $48 million and Adjusted EBITDA to be between $4 to $6 million.” The company delivered an adjusted EBITDA of $4.6 million, or 9.6% of revenue for the second quarter. Jushi also trimmed its net losses in the second quarter to $11.4 million from the first quarter’s net loss of $28 million. “Our second quarter 2021 results demonstrate the strength of our operations, with solid organic revenue growth at the high end of our guidance range and Adjusted EBITDA (A) in line with our expectations,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “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. In the second half of 2021, we expect to open an additional seven BEYOND / HELLO  retail stores nationally, add two Nature’s Remedy of Massachusetts, Inc. dispensaries as well as a grower-processor facility in Massachusetts through an acquisition. Additionally, while construction at our Pennsylvania and Virginia grower-processor facilities has progressed, both projects are currently facing approximately three-month delays due to disruptions in the supply chain, which have negatively impacted the availability and pricing of construction materials. 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…

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