Jushi Holdings Inc. (OTCMKTS: JUSHF) was not able to finish its audited fourth-quarter and full-year results by the April 30 deadline. Instead, Jushi delivered unaudited results said it expected to deliver the official numbers by May 24, 2021. Despite the numbers being unaudited, revenues increased 30% sequentially in the fourth quarter to $32.3 million and easily tops last year’s revenue of $6 million for the same time period. For the full year 2020, Jushi reported revenues increased 690% to $80.8 million versus last year’s $10.2 million.
“While we’re disappointed by the unexpected delay that our auditors have experienced in finalizing their work, we’re thrilled with the underlying strength of our business, the robust growth we have achieved in 2020, and the continued momentum we have seen into 2021,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “2020 was a defining year for the Company. Our strategy to rapidly build scale in the best limited license markets on both the East and West coast combined with our focus on operational excellence has driven strong financial results on both a sequential quarterly and year-over-year basis.”
The company said that the income from operations was $0.4 million, a $9.6 million improvement as compared to the fourth quarter of 2019. Jushi also noted it has $93.8 million of cash, cash equivalents, and investments in securities on the balance sheet as of December 31, 2020. For the full year, Jushi delivered a loss from operations of $10.5 million, a $23.7 million improvement as compared to 2019.
The company continues its blistering pace of expansion. In the fourth quarter, it opened three new retail dispensaries and exercised an option to purchase an additional three dispensaries (two of which were operational).
Mr. Cacioppo continued, “Together, we solidified our leadership position in Pennsylvania, by acquiring a grower-processor permit holder and two medical marijuana dispensary permit holders, each with licenses to operate three dispensaries. We also entered into three new markets, Illinois, California and Virginia, opened and/or acquired a total of nine retail stores, and launched a best-in-class, online shopping experience at Beyond-Hello.com. Furthermore, we established a deep and talented management team and strengthened the Company’s balance sheet with opportunistic debt and equity capital raises that allow us to fund the Company’s expansion plans and pursue opportunistic acquisitions.”
Mr. Cacioppo concluded, “With our recently announced planned acquisitions in Massachusetts and in Ohio; the previously announced expansion and build-out of our facilities in Pennsylvania and Virginia; and the continued build-out of our