Jushi Cannabis Co Touts 690% Spike In 2020 Revenue, Reports Q4 2020, Q1 2021 Financial Results

Vertically integrated cannabis company Jushi Holdings Inc. JUSH JUSHF reported a significant boost in revenue in 2020.

Revenue jumped 689.6% year-over-year to $80.8 million over the last year, according to the Boca Raton, Florida-based cannabis company's earnings report Wednesday.

In the last quarter of 2020, revenue increased by 29.6% sequentially, reaching $32.3 million, only to grow by an additional 29% over the first quarter of 2021 to $41.7 million.

Jim Cacioppo, Jushi's CEO, chairman and founder, said he expects revenues to range between $45 million to $48 million in the second quarter of 2021 and adjusted EBITDA to be between $4 million to $6 million.

"We continue to believe our strong momentum, enviable footprint, and solid balance sheet positions the Company well to execute on its current plans and drive long-term shareholder value through 2021 and beyond," Cacioppo said.

Q4 2020 Financial Highlights

• Gross profit was $19.2 million, accounting for 59.4% of revenue and representing a quarter-over-quarter increase of 56.6%.
• Net loss totaled $156.7 million, up by 422% sequentially, which can be attributed to the fair value losses on derivative warrant liabilities.
• Adjusted EBITDA, a non-IFRS financial measure, came in positive at $2.6 million versus a $1.9 million gain in the third quarter of 2020.
• Jushi attributed the improvement in both revenue and adjusted EBITDA to the solid organic growth at the company's BEYOND/HELLO stores in Pennsylvania and Illinois.

A Breakdown Of Full Year 2020 Financial Results

• Gross profit was $43.1 million, or 53.3% of revenue, representing a 793% year-over-year increase.
• Net loss amounted to $211.9 million, or $2.11 per diluted share, compared to a $30.8 million loss, or $0.37 per diluted share, in 2019.
• Negative adjusted EBITDA, a non-IFRS financial measure, of $2.6 million.

Q1 2021 Financial Highlights

• Gross profit was $20.1 million, up by 4.7% quarter-over-quarter.
• Net loss amounted to $26.8 million, or $0.18 per diluted share
• Positive adjusted EBITDA of $3 million.
• The company had $167.9 million of cash and cash equivalents and short-term investments in securities at the quarter-end.

Jushi cut the ribbon in its 12th BEYOND/HELLO dispensary in the Keystone State earlier this week and plans to launch another retail location on Friday, June 11.

On the heels of announcing the acquisition of Massachusetts-based Nature's Remedy for $110 million in April, the company wrapped up the previously announced purchase of a 93,000 sq. ft. facility operated by its subsidiary, Dalitso LLC, for $22 million. 

Photo by Daniel Norin on Unsplash