Jushi Holdings Inc. Reports First Quarter 2022 Financial Results

Jushi Holdings Inc. Reports First Quarter 2022 Financial Results

<![CDATA[BOCA RATON, Fla., May 25, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, has announced its financial results for the first quarter 2022 ended March 31, 2022. All financial information is provided in U.S. dollars unless otherwise indicated.First Quarter 2022 HighlightsTotal revenue of $61.9 million, an increase of 48.5% year-over-yearAdjusted gross profit(1) of $25.5 million, an increase of 33.1% year-over-yearNet loss of $14.3 millionAdjusted EBITDA(1) of $1.1 million, or 1.7% of revenueCash and cash equivalents were $76.2 million as of the quarter endFirst Quarter 2022 Operational HighlightsCompleted the acquisition of The Apothecarium(2) in Las Vegas, Nevada, an operating adult-use and medical retail dispensaryDebuted a series of cannabis brands and product launches in Massachusetts, beginning with the launch of flower brands The Bank and SèchèClosed a non-brokered private placement, for total proceeds of approximately $13.7 millionPlaced on The Globe and Mail’s Third-Annual Women Lead Here benchmark of executive gender diversityAnnounced that Jim Cacioppo, chief executive officer, chairman and founder, purchased 66,800 Class B Subordinate Voting Shares of the company in the open market for an approximate amount of $220,000Recent DevelopmentsAwarded a provisional medical marijuana dispensary license in Ohio, establishing the company’s fifth vertically integrated state-level operationExpanded the company’s vertically integrated footprint in Nevada with the completion of the NuLeaf, Inc. acquisition, adding a 27,000-square-foot cultivation facility, 13,000-square-foot processing facility, and three adult-use and medical retail dispensaries in the stateLaunched the company’s first line of solventless cannabis extracts in the Pennsylvania market under its award-winning The Lab brand, comprised of high-quality live rosin vapes and concentratesOpened the 32nd retail location nationwide and 3rd BEYOND / HELLO dispensary in CaliforniaClosed on the purchase of land adjacent to the company’s Toledo Ohio grow facility which will allow Jushi to significantly expand its cultivation footprint at the Ohio…

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Source : Jushi Holdings Inc. Reports First Quarter 2022 Financial Results

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