Jushi's Revenue Increases 61% Sequentially To $24M

Multi-state cannabis and hemp operator Jushi Holdings Inc. JUSH JUSHF disclosed Thursday preliminary financial results for the third quarter of this fiscal year, revealing revenue of $24 million.

That's a sequential growth of 61%.

The Boca Raton, Florida-based company also posted updated guidance for the last quarter of 2019, confirming the previously announced range of $25-30 million, and a positive adjusted EBITDA.

For the fiscal year 2021, Jushi expects its revenue would range between $205-255 million, and a positive adjusted EBITDA between $40 million and $50 million.

Jushi also noted it anticipates posting positive operating cash flow in 2021.

As of Aug. 31, the company had roughly $44 million of cash and $7.5 million in marketable securities, the press release revealed.

"To complement our strong operating assets, we have also carefully curated a team of experienced executives with diverse backgrounds and industry experiences to lead Jushi as we continue to scale our operations and grow our market share," Jim Cacioppo, the company's chairman, co-founder, and CEO said.

"Our projections do not include any significant changes in the regulatory environments," added Cacioppo.

Meantime, in August, Jushi closed the $37 million worth acquisition of Vireo Health International, Inc.'s VREO VREOF Pennsylvania-based subsidiary.

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