Jushi Holdings Inc. (OTCQB: JUSHF) announces rising revenue after releasing preliminary financial results. The company is estimating revenue of $24 million for its third-quarter ending September 30, 2020, a change from its previous guidance of $22-$25 million and a sequential increase of 61%. The guidance for revenue in the fourth-quarter ending December 31 is now expected to be at the high end of the previously announced range of $25-30 million and Jushi said it expects to report positive adjusted EBITDA. The total fiscal year 2021 revenue has been revised from $200-250 million to $205-255 million and the adjusted EBITDA is expected to be between $40-50 million.
“By selectively investing our shareholders’ capital in high-growth markets with strong barriers to entry across the country, we’ve positioned Jushi for sustained, long-term profitable revenue growth,” said Jim Cacioppo, Chief Executive Officer, Chairman and Co-Founder of Jushi. “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.”
The company detailed the revenue by state in a release as follows:
On a geographic basis, the fiscal year 2021 total revenue is expected to break down in each state where Jushi is currently active:
- Pennsylvania: $95 – 110 million
- Illinois: $70 – 80 million
- Virginia: $17 – 25 million
- California: $12 – 20 million
- Nevada: $5.5 – 10 million
- Ohio: $5.5 – 10 million
- Operating cash flow positive in fiscal year 2021
Jushi also confirmed that as of August 31, 2020, it had approximately $44 million of cash, as well as $7.5 million in marketable securities.
In August, Jushi attributed the increase in revenue to its acquisition of two medical marijuana dispensaries in Illinois, one of which began serving adult-use customers in March and the other in May. There was also strong organic revenue growth at the BEYOND/HELLO stores in Pennsylvania, and successful procurement of product in these two supply-constrained markets.
Mr. Cacioppo added, “Our projections do not include any significant changes in the regulatory environments. We’re thrilled with the great performance Jushi has achieved to date and encouraged by the immense opportunity ahead of us.”