Jushi Holdings Inc.

What they do

Jushi operates cannabis cultivation, processing, distribution, and retail dispensaries in both medical and adult-use markets. The company focuses on limited-license jurisdictions such as Pennsylvania, Virginia, Illinois, Massachusetts, Nevada, New Jersey, and Ohio. As of Q2 2026, it runs a six-store network in Virginia and sells Jushi-branded products across five vertical markets.

Revenue drivers

• Retail revenue — The largest revenue stream, totaling $61.9 million in Q2 2026 (4% year-over-year growth), driven by store expansion and same-store performance, notably in Ohio and Virginia.
• Wholesale revenue — Reached an all-time quarterly record of $9.4 million in Q2 2026, up 68% year-over-year, supported by higher production volumes and expanded distribution.
• Jushi-branded products — Branded product sales accounted for 57% of retail revenue in Q2 2026 (up from 56% in Q2 2025), contributing to margin and customer loyalty.

Recent performance

For Q2 2026, revenue increased 10% year-over-year to $71.3 million, with gross profit of $31.5 million (44.2% margin). Net loss was $7.3 million, and Adjusted EBITDA was $13.3 million (18.7% margin). For the first half of 2026, revenue was $137.7 million (up from $128.9 million in H1 2025). Cash and restricted cash were $35.5 million at quarter-end.

Strategy

Jushi is prioritizing cultivation and processing investments to support Virginia's upcoming adult-use market, which begins July 1, 2027. Management is also advancing disciplined financing alternatives and expanding product offerings, including 501 new SKUs in Q2 2026. The company approved a continuance from British Columbia to Nevada to align corporate structure with operations.

Risks

• Pricing pressure — Continued competition and cannabis oversupply could reduce prices and margins, as seen with retail pricing pressures in Q2 2026.
• Regulatory dependence — Operations rely on state licenses; adverse regulatory changes, including delays in Virginia adult-use sales, could impact growth.
• Financing risk — Cash reserves are limited ($35.5 million) and the company is exploring financing, which may be dilutive or costly.
• Debt and liquidity — Although not detailed here, like many cannabis operators, Jushi's capital needs for expansion to adult-use could strain liquidity.

Outlook

Management expects continued growth from Virginia, where record quarterly revenue positions the company for adult-use sales in July 2027. The federal rescheduling to Schedule III (effective April 28, 2026) reduced tax burden, with a discrete tax benefit of $6.4 million in Q2. The company is investing in cultivation and processing to meet adult-use demand, while evaluating financing options to support expansion.