Executive Editor

Debra BorchardtMarch 31, 2023


Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) reported total fourth-quarter revenue increased 16.6% to $76.8 million, an increase of 16.6% year-over-year and 5.5% sequentially.

The company released its unaudited preliminary financial results for the fourth quarter and full year ending Dec. 31, 2022.

Jushi attributed the increase to the expansion of its retail network in Massachusetts and Nevada, in addition to opening Beyond Hello stores in Pennsylvania and Virginia.

Its wholesale revenue also grew 38% due to continued growth primarily in Massachusetts, Nevada, and Virginia.

Still, the company delivered a net loss of $139 million in the quarter, driven primarily by asset impairment charges as well as lower fair value gain on derivatives, loss on redemption of the 10% senior notes, and higher interest expense. Jushi noted that the net loss was partially offset by an increase in gross profit and a decrease in income tax expense.

“In the fourth quarter, we were able to successfully complete a $73.1 million financing to redeem our senior secured notes that were due in January,” said Jim Cacioppo, chief executive officer, chairman, and founder of Jushi Holdings Inc. “That being said, we are very aware of the challenging capital market environment facing us and the broader cannabis industry. As a result, our executive team is making real-time changes to our capital allocation strategy as we navigate these challenges and ensure we make the right investment decisions to secure our leadership position across each of our core markets.”

For the full year, Jushi’s revenue jumped 35.8% over last year to $284 million. In 2022, Jushi opened seven stores, and ended the year with 35 operating dispensaries in six states, as compared to 28 in five states in 2021. The company reported a net loss of $202 million.

“Given the challenging macroeconomic backdrop our industry is operating under, I am pleased to report solid annual and quarterly top-line growth,” Cacioppo said. “Jushi experienced many bright spots over the course of the year, including rapidly growing our retail network across six markets and diversifying our house of brands and product suite.

“In addition, we made meaningful progress on the completion of our expansion projects in Pennsylvania and Virginia, were awarded a retail dispensary license establishing our fifth vertically integrated state operation in Ohio, brought on a record number of new Jushi active patients in Virginia’s budding medical market, and scaled our presence in the expanding Nevada market,” Cacioppo continued. “In 2023, we will continue our focused efforts to realize the full value of the asset base we have built and maximize the return on investment for our shareholders.”

The company has stayed focused on cost-savings by reducing employee headcount from approximately 1,570 total employees at its peak in 2022 to approximately 1,310 total employees today.

“We expect to move to a new labor model resulting in a total estimated 50% labor hour savings since April of 2022,” read the company statement.

Cash Levels

At the end of 2022, Jushi had approximately $27.1 million of cash, cash equivalents, and restricted cash.

In 2022, it spent roughly $55 million on expansion projects in Pennsylvania and Virginia. The company believes this is expected to lead to a reduction in capital expenditure in fiscal 2023.

Looking ahead, the company expects capital expenditures for new projects to be roughly $13 million, of which approximately $6 million is discretionary growth capital.

The company has approximately $206.4 million in principal amount of total debt, excluding leases and property, plant, and equipment financing obligations.

The company cautioned that these results are only preliminary and that final results will be posted to the SEC once the accounting is fully completed.

Debra BorchardtMarch 30, 2023


SHF Holdings, Inc., d/b/a/ Safe Harbor Financial  (NASDAQ: SHFS) announced certain preliminary (unaudited) financial results for the fourth quarter and year ended December 31, 2022. Safe Harbor reported that its fourth-quarter total revenue increased to $3.6 million versus $1.7 million in the prior year period, primarily due to higher investment and loan interest income. The net loss for the quarter was $37.0 million versus last year’s net income of $718,000 million in the prior year period.

The company said the loss was attributed to the loss in value of several of the financial instruments placed in connection with the Business Combination. The business combination was the deal with Northern Lights Acquisition Corp. which allowed the company to begin trading on the Nasdaq Capital Markets.

For the full year, the company reported revenue increased 34% to $9.4 million versus $7.0 million in 2021. The net loss for the year ended December 31, 2022, was $35.1 million, compared to a net income of $3.2 million in 2021.

“Safe Harbor had a pivotal year: we completed our go-public transaction to list on the Nasdaq exchange, executed on the strategic acquisition of Abaca, and significantly grew our client base to establish a solid foundation for success in 2023 and beyond,” said Sundie Seefried, Chief Executive Officer at Safe Harbor. “During the year, we expanded topline revenue by 34% and increased our client base by approximately 82%, demonstrating the considerable industry need for the services we provide. We are committed to providing essential banking services to cannabis-related businesses, or CRBs, using the most sophisticated fintech to optimize our customers’ experience. Our recent acquisition of Abaca is perfectly aligned with this goal as it meaningfully enhanced and added key elements to our fintech platform to expedite transactions with our banking partners.”

Payment Settlement

In addition to reporting its earnings, Safe Harbor entered into agreements with Partner Colorado Credit Union, the company’s largest stockholder, resulting in the settlement of the approximately $64.7 million deferred payable owed to PCCU. Safe Harbor said it has agreed to resolve approximately $64.7 million of total payment obligations owed from the September 28, 2022 business combination in exchange for a 5-year, $14.5 million senior secured note bearing a 4.25% annual interest rate and issuance of 11.2 million shares of Class A common stock in the company.

Company Details

Safe Harbor also told investors that it increased the number of active accounts by 82% to 1040, compared to 572 at the end of 2021. It originated $15.8 million in loans, compared to $4.3 million in 2021, and ended 2022 with $8.4 million in cash.

“This momentum has continued in 2023, and we are pleased to have reached an agreement with Partner Colorado Credit Union to resolve our payment obligations to them, which removes a considerable financial constraint and further enhances our ability to execute on our growth strategy. The cannabis industry is maturing, and the fully compliant cannabis banking infrastructure we provide is vital to CRBs as they navigate this complex and dynamic industry. We are excited about the opportunities ahead and look forward to continuing to expand our services to meet the needs of CRBs across the country, while enhancing value for our shareholders.”

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

@GreenMarketRpt – 1 day

Goodness Growth Earnings Benefit from Arizona Exit, Minnesota Market Changes

@GreenMarketRpt – 2 days

Kentucky Becomes 38th State to Legalize Medical Marijuana

@GreenMarketRpt – 2 days

Clever Leaves Ekes Past Expectations, Losses Rise

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.


By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.