Jushi's Q1 2021 Revenue Hits $41.7M As It Continues To Expand Operations In Pennsylvania And Virginia

Vertically integrated cannabis company Jushi Holdings Inc. JUSH JUSHF disclosed Friday that its revenue in the first three months totaled $41.7 million, increasing 29% sequentially.

The growth can be primarily attributed to an increase in revenue at its BEYOND/HELLO stores in Pennsylvania and Illinois, as well as Virginia retail operations and boosted activities at its Pams and Nevada facilities.

The Boca Raton, Florida-based company kicked off 2021 by purchasing four medical cannabis licenses in Nevada that enabled it to cultivate, produce, and sell medical and adult-use cannabis products within the state.

In Virginia, the company continues to expand its retail footprint after launching its first BEYOND/HELLO store in Manassas in November.

In May, Jushi closed the $22 million acquisition of a 93,000 sq. ft. facility operated by its subsidiary, Dalitso LLC, as well as nearly nine acres of surrounding land in Prince William County, Virginia.

Jim Cacioppo, Jushi's founder, chairman and CEO, emphasized that the company's primary focus would remain on the build-out of its BEYOND/HELLO retail footprint by launching up to 10 stores by the end of the year. The company is also exploring possible acquisition opportunities and the optimization and expansion of its grower-processor assets in Pennsylvania and Virginia.

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

• Gross profit amounted to $20.1 million, accounting for 48.2% of revenue, compared to $17.6 million, or 54.5% of revenue in the prior period.
• Net loss totaled $26.1 million, or $0.17 per diluted share.
• Adjusted EBITDA, a non-IFRS measure, came in positive at $3 million, versus a $2 million gain in the fourth quarter of last year.
• As of March 31, Jushi had $167.9 million in cash and cash equivalents and investments in securities.

In April, the company announced it was purchasing Nature's Remedy of Massachusetts, Inc. and its affiliates for $110 million. The company agreed to take over two stores in Millbury and Tyngsborough and a Lakeville-based 50,000 square foot cultivation and a production facility.

Photo by Benjamin Brunner on Unsplash