Florida-based Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) reduced its losses for the third quarter this year by 62% year-over-year, but it still lost $20.6 million, bringing its losses for the year so far to $47 million.
That’s down from a $54.7 million loss in the third quarter of 2022 and $62.3 million lost in the first nine months last year.
The multistate operator pulled in $65.4 million in revenue for the three months that ended Sept. 30, and $201.6 million for the nine months ended that date, Jushi reported. That’s down both for the quarter and the year, however, from $72.8 million in Q3 2022 and $207.4 million for the first nine months of last year.
Jushi chalked the year-over-year revenue hit up to “reduction in Illinois, Nevada, and Pennsylvania sales due to increased competition and pricing pressures, as well as the closure of three underperforming stores.”
That revenue decrease, however, was “partially offset” by new dispensary openings and increasing sales in Virginia, Jushi reported, where it just opened its sixth medical marijuana storefront.
The company also slashed operating expenses heavily year-over-year, down 67% to $25.7 million from $78.2 million in Q3 last year. It also had to endure a one-time impairment charge this quarter of $37.6 million related to its operations in Massachusetts.
Also during the quarter, Jushi paid down $2.4 million in debt to Sunstream Bancorp Inc.
The MSO is down to 34 dispensaries from 35 the same time a year ago, and Jushi is still trying to “right size” the entire company for profitability, it reported.
“Our third quarter results underscore the value of our disciplined cost management and efficiency optimization, demonstrating our progress towards achieving our long-term goal of sustained profitability and cash flow generation,” CEO Jim Cacioppo said in a release.
Cacioppo pointed to the growing popularity of Jushi-branded products, which made up “half of our retail revenue across our vertical footprint,” he said.
He also emphasized that Jushi production facilities are still ramping up in Pennsylvania and Virginia, and the company’s wholesale business division continues to grow. Q3 wholesale revenues were up by $1.1 million year-over-year, the company reported.
Also during the third quarter this year, Jushi launched a new premium cannabis flower brand in Pennsylvania and Massachusetts, dubbed Hijinks, with an anticipated launch in Nevada in the first half of 2024. The company also expanded distribution of the Kind Grind infused flower product lines in Pennsylvania and is planning a launch in Virginia for next year. Ten additional SKUs also debuted.
At the end of September, Jushi had $488.6 million in total assets, including $25 million in cash, against $480 million in total liabilities.