Jushi Holdings Archives - Green Market Report

StaffDecember 12, 2022


The Daily Hit is a recap of cannabis business news for Dec. 12, 2022.


Experts Predict New York Cannabis Taxes Will Undercut Legal Market

Prices of legal recreational cannabis across New York will likely be at least twice as much as marijuana sold by unlicensed dealers and smoke shops, which will lead to a struggle for survival for much of the industry, according to a white paper authored by a pair of tax attorneys. Read more here.

Personal Liability for Cannabis Business Debts? Maybe, Says Tax Expert

Since business bankruptcy protections aren’t available to cannabis companies, executives don’t have the same personal protections they do in other industries, and it means their personal bank accounts could get ravaged by tax collectors, if they’re not careful. Read more here.

MariMed CEO Bob Fireman Passes Away Unexpectedly

MariMed Inc.  (CSE: MRMD) (OTCQX: MRMD) announced that Chairman, CEO, and co-founder Robert Fireman died unexpectedly on Dec. 11, 2022. The company said it will provide further information on succession once the board has had an opportunity to determine the best path forward. Read more here.

Kansas Lawmakers to Revisit Medical Cannabis Legalization Next Year

A Republican state senator in Kansas plans to introduce a bill in January to legalize medical marijuana, putting the state on the list of potential new U.S. cannabis markets that could be on the horizon. Read more here.

Jushi Makes Money Moves

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced the second closing of its previously announced private offering of 12% second lien notes and detached warrants to purchase the company’s subordinate voting shares at an exercise price of $2.086. Jushi also entered into a sale-leaseback situation on equipment. Read more here.


Health Canada

Health Canada announced amendments to the Cannabis Act and its regulations concerning cannabis research and testing, and cannabis beverages. The updates include an increase to the public possession limit for cannabis beverages that will now allow adults in Canada to possess up to 17.1 litres (equal to 48 cans of 355 ml each) of cannabis beverages in public for nonmedical purposes. Read more here.


Workers laid off by Trulieve Inc. (CSE: TRUL) (OTCMKTS: TCNNF), Florida’s largest medical marijuana operator, have filed a potential class-action lawsuit alleging the Tallahassee-based company failed to give adequate notice before letting them go. Read more here.

Debra BorchardtMay 25, 2022


Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) released its financial results for the first quarter of 2022 ending March 31, 2022, with revenue increasing 48% over last year to $61.9 million. Jushi said sales fell 6% from the fourth quarter’s revenue of $65.9 million. The company delivered a net loss of $14.3 million, which was trimmed from last year’s net loss of $26 million.

“Despite the seasonal weakness in the first quarter and a series of challenges including the loss of store hours due to Omicron, snowstorms, and the Pennsylvania distillate cartridges recall, I am pleased with our first-quarter performance and the progress we have made in positioning our business for the long term,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “We remain focused on investing in our businesses, including building out our store base, significantly expanding our cultivation and processing facilities in both Pennsylvania and Virginia, scaling our wholesale channel in Massachusetts, Pennsylvania, and Virginia, and integrating our two recently acquired businesses in Nevada. At the same time, we have taken decisive steps to manage our costs across all operating units and are encouraged by the initial results.”

Jushi said that the revenue was driven by the expansion of its retail footprint from 17 to 29 stores, the acquisition of Nature’s Remedy of Massachusetts, and increased wholesale sales at our Pennsylvania and Virginia grower-processor facilities. The sequential decrease in revenue was driven primarily by a seasonal slowdown in activity, industry headwinds, such as continued inflationary pressures on consumer spending, regulatory delays impacting the expansion and sale of product offerings in select states, and temporary store closures related to the pandemic and snowstorms.

Jim Cacioppo concluded, “I am very encouraged by what we have accomplished to date and remain confident that we are creating one of the most robust and exciting platforms to capitalize on the growth in the U.S. cannabis industry. I am incredibly proud of our people and their contributions and look forward to scaling our operations in 2022 and beyond.”

Julie AitchesonApril 20, 2022


The “4/20 Cannabis Insights Poll”, a national poll commissioned by Jushi Holdings, Inc. (OTC: JUSHF) surveyed 1,100 cannabis and non-cannabis consumers in the U.S. (ages 21 years+) and found that not only did more than half of cannabis consumers try cannabis for the first time in the last year, but that a majority also believe that cannabis has an overall positive impact on society, economic growth and the job market. Jushi founder and CEO Jim Cacciopo attributes this growing consumer confidence to spreading state legalization and misconceptions about cannabis gradually getting debunked. “The latest data shows more people are not only embracing cannabis in their own lives but also seeing the value it brings to their communities.”

The success of the legal cannabis industry (present and future) is as beholden to politics as politicians are to their constituents. Those in office as well as aspiring candidates might want to sit up and take notice of the fact that 61% of respondents stated that they were more likely to support pro-legalization politicians. Contrary to some worn assumptions about the cannabis consumer demographic, only 33.4% of these respondents identified as Democrats, while 25.4% were Republican, 24% independent, 12.5% unaffiliated and 4.8% identified as “other”. Garnering even stronger support was the position that The Department of Veteran Affairs should update its rules to allow veterans to access medical cannabis with a doctor’s prescription, with 76.1% in favor. 

The “4/20 Cannabis Insights Poll” also looked at top consumer products and emerging cannabis consumption trends, uncovering a wealth of insights about which products consumers are using most frequently and why. Medical use topped the list for the most common driver of cannabis consumption at 31.4%, with stress (22.4%), general wellness (17.5%), recreation (15.9%) and sleep (12.8%) rounding out the list.

Non-cannabis users were asked to give the primary reason that they might try cannabis, and medical use (26.1%) was their first pick as well, followed by stress (23.4%), though 23.1% of non-cannabis users maintained that they would not be interested in trying cannabis at all. If they did elect to try cannabis, non-users stated that they would be most interested in edibles (32.7%) with the second most popular answer being “not sure” at 27.8%. The poll also showed that one to two days a week is the most common consumption rate for those that do partake, and that evening (28.8%) is the most popular time to unwind with a favorite product. “Whenever I need it” (26.9%) came in a close second, and judging by this poll’s numbers, that need is steadily on the rise.

Debra BorchardtApril 7, 2022


Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its acquisition of Nevada-based NuLeaf, Inc. in a deal valued at $53.6 million. NuLeaf operates two high-performing adult use and medical retail dispensaries in the Las Vegas area and  one in Lake Tahoe. NuLeaf also owns a third licensed retail dispensary located directly on the Las Vegas Strip that is expected to open in the second quarter. The company also has a 27,000 sq. ft. cultivation facility in Sparks, NV, and a 13,000 sq. ft. processing facility in Reno, NV.

“We are excited to announce the closing of our third acquisition in Nevada, a milestone accomplishment for our team,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi Holdings Inc. “The acquisition of NuLeaf sets the tone for our growth plans in the state as we continue to scale and strengthen our operations in this limited license market. With our newly established vertically integrated footprint in the state, we look to gain market share of our brands and further capitalize on the significant opportunity in this market, aided by NuLeaf’s premier retail, cultivation and manufacturing assets. We look forward to the immediate revenue and EBITDA contribution this acquisition will bring as we fully integrate NuLeaf into our business.”

This is the latest move by Jushi to seriously establish itself in the Nevada market, which is valued at $1 billion. The NuLeaf deal follows the recently closed Apothecarium Nevada2 acquisition. Jushi’s retail footprint is now four dispensaries, three of which are located in the tourist-friendly Las Vegas area. Jushi also sees the opportunity to sell its own branded products in these dispensaries as well.

Just a couple of weeks ago, Jushi reported its total revenue rose 104% in the fourth quarter to $65.9 million over last year and increased 22% sequentially. However, Cacioppo said the company was experiencing a slowdown in revenue as it began the year. No doubt the addition of NuLeaf will help bolster those revenue numbers.

Debra BorchardtMarch 24, 2022


Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced its financial results for the fourth quarter of 2021 and the full year ended December 31, 2021. Jushi said its total revenue rose 104% to $65.9 million over last year and increased 22% sequentially. The company attributed the sequential growth in revenue to the acquisition of Nature’s Remedy in Massachusetts, strong revenue growth at the company’s BEYOND / HELLO stores in Virginia and Illinois, and increased wholesale activity at the Company’s grower-processor facilities in Pennsylvania and Virginia. The net income was $9.1 million, or $0.05 per basic share with net loss per diluted share of $(0.14).

For the full year, total revenue of $209.3 million increased approximately 159% year-over-year. The net income was $25.3 million, an increase of $237.2 million year-over-year. Jushi said its cash and cash equivalents were $95.0 million as of the quarter-end.

“We closed out the year with another quarter of solid top-line revenue growth,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. Throughout 2021, we made significant progress scaling our operations and positioning our platform for sustained growth and market leadership. During the year, we nearly doubled our operational retail store count through organic and inorganic expansion opportunities and bolstered and expanded our cultivation and processing capabilities with the addition of various assets across both our core and developing markets.”

The company noted it was selected in the retail lottery for a provisional medical marijuana dispensary license in Clermont County, Ohio located in the Tri-State area of Cincinnati, awaiting certification as well as issuance of licenses by The Ohio Board of Pharmacy. It has also made strides in the Nevada market as the company has completed the acquisition of The Apothecarium in Las Vegas, Nevada making this the company’s fourth vertically integrated state-level operation and expanded national operating store count to 29. Jushi also entered into a definitive agreement to acquire NuLeaf, Inc., a Nevada-based vertically integrated operator with three adult-use and medical retail dispensaries, a 27,000 sq. ft. cultivation facility, and a 13,000 sq. ft. processing facility.

Jim Cacioppo continued, “Over the fourth quarter, we incurred additional operating expenses as we invested in the business to support our long-term growth outlook, which ultimately resulted in lower profitability than initially anticipated. The reduction in profitability in the fourth quarter was largely due to costs associated with bringing on and fostering the right talent to strengthen the organization, along with an increase in headcount associated with new store openings and the build-out of our cultivation and processing assets. Along with investing in the business, we have also begun executing several cost-savings measures that are expected to result in significant savings in the coming quarters.”


Mr. Cacioppo commented, “After reporting strong sequential revenue growth in the fourth quarter of 2021, we are experiencing a slowdown in revenue as we begin the year. Additionally, due to a combination of headwinds, including seasonality, macroeconomic factors, regulatory delays, and supply chain issues, we are revising our previously provided guidance range to an annualized fourth quarter 2022 run rate. We now expect fourth-quarter revenue on an annualized basis to be between $375 to $425 million and Adjusted EBITDA to be between $70 to $90 million on an IFRS basis.”

Debra BorchardtJanuary 10, 2022


Even as cannabis companies are making lots of noise about their social equity actions, Republicans are quickly moving to strip out any efforts to level the playing field. The latest move is by Virginia’s legislation. The state’s SB107 was filed on January 6 and is scheduled to be offered on January 12, 2022. What is notable about the legislation is that 30% of the tax revenue was originally carved out to go to the Cannabis Equity Reinvestment Fund established pursuant to § 2.2-2499.8 and instead is being directed to the general fund. Sources told Green Market Report that legislators were calling the program, “give a felon a license.”

Paul McLean of the Virginia Minority Cannabis Coalition one of the most respected new voices within the Virginian cannabis industry said, “The SB107 appears to be the first move in dismantling social equity in Virginia. Having funding is essential to the success of an equity program, and eliminating that funding is a slap in the face to those who have worked so hard to ensure Virginia has a healthy and equitable cannabis market. Part of what VMCC is doing with our boot camps is providing funding connections to graduates because of the systemic lack of funding opportunities overall and primarily Black and Brown entrepreneurs, especially those impacted by the war on drugs. We know that our elected officials can do better, and Virginians must demand they do what is fair for their constituents.”

The fund was created in the state treasury as a special nonreverting fund that was to be used to help those affected by the drug wars and that any leftover money was specifically not to go to the general fund. The language initially the money for the purposes of:

1. Supporting persons, families, and communities historically and disproportionately targeted and affected by drug enforcement;

2. Providing scholarship opportunities and educational and vocational resources for historically marginalized persons, including persons in foster care, who have been adversely impacted by substance use individually, in their families, or in their communities;

3. Awarding grants to support workforce development, mentoring programs, job training and placement services, apprenticeships, and reentry services that serve persons and communities historically and disproportionately targeted by drug enforcement.

4. Contributing to the Virginia Indigent Defense Commission established pursuant to § 19.2-163.01; and

5. Contributing to the Virginia Cannabis Equity Business Loan Fund established pursuant to § 4.1- 1501.

Democrats had passed the original legislation, but Republican Glenn Youngkin won a hard-fought race to become the new Governor. Activists had become concerned that Youngkin might slow roll the efforts to begin legal adult-use sales that were slated for 2024, although there have also been some efforts to speed the timeline. Republicans in the state did not vote for legalization, while the Democrats did. Youngkin said in April that he’s “never met anybody who habitually used marijuana and was successful.” In May he described legalization as “another problem that’s going to be dumped at my feet” if he were elected. Yet, cannabis companies were hopeful that legalization would proceed.

Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi (OTC: JUSHF) said in November, “With Governor-elect Youngkin previously stating that he would uphold the will of the people, and focus on creating a ‘rip-roaring economy,’ we are fully confident that he and the people of Virginia will continue to make progress as we look to bring thousands of new well-paying jobs, drive hundreds of millions in taxable infrastructure development and generate hundreds of millions in new tax dollars through a safe, regulated program at a time when the Commonwealth is ready to prosper.”

Virginia Medical Marijuana Companies

While Virginia has only legalized medical marijuana, some large MSO’s have targeted the state for growth. Jushi and Columbia Care (OTC: CCHWF) are both located in the state. Dalitso LLC dba Beyond / Hello (retail brand for Jushi) operates in the state, along with Green Leaf Medical and Dharma Pharmaceuticals. MedMen’s approval was rescinded in June of 2021. In September, Columbia Care said that it teamed up with three organizations – BIPOCANN, Virginia Minority Cannabis Coalition, and Nolef Turns to offer social equity-driven resources for the developing cannabis community in Virginia.

“Undoing the harms of prohibition requires more than laws–it takes community, outreach and resources,” said Ngiste Abebe, Vice President of Public Policy at Columbia Care in September. “As the market leader in Virginia, we want to see a thriving cannabis economy in which everyone can take part, especially those who have been disproportionately affected by cannabis prohibition. While Virginians wait for adult use laws to be finalized, partnerships like this can help prepare impacted communities to benefit from economic opportunities that have been explicitly created for them. We look forward to working with these partners and local officials to support an expanded, more diverse, more impactful cannabis community in Virginia.”


In  November, Congresswoman Nancy Mace (R-SC) sponsored The States Reform Act (SRA), filed in the U.S. House saying, “This bill supports veterans, law enforcement, farmers, businesses, those with serious illnesses, and it is good for criminal justice reform. Furthermore, a super-majority of Americans support an end to cannabis prohibition, which is why only 3 states in the country have no cannabis reform at all.” Her bill did offer expungement for those convicted of cannabis crimes, but it did not include any social equity language. Mace is a freshman Congressional member with less power than others. She is also a proponent of the “Big Lie,” which didn’t seem to deter cannabis industry leaders who sang her praises in November.

Many in the cannabis industry have become frustrated with Democratic leadership that has not been able to pass any legislation. Senator Chuck Schumer has insisted on holding out for legislation that includes some sort of social equity component, but that issue seems to be the line in the sand for Republicans. Expungement looks to be palatable, as does banking language, but offering to level the playing field is apparently a bridge too far.

New York Dems Create $200M Fund

While Virginia is stripping out the social equity fund, New York’s Democratic governor Kathy Hochul is taking a different approach. In the “State of the State” book released last week, it said “In support of that goal, Governor Hochul will create a $200 million public-private fund to support social equity applicants as they plan for and build out their businesses. Licensing fees and tax revenue will seed the fund and leverage significant private investment.”

It went on to say, “While New York has committed to making its cannabis industry more equitable, this action will put that commitment into practice. New York will lead where many other states have fallen short,” it continues. “The governor is focused on providing more than basic business supports and training for our future cannabis entrepreneurs, and this fund will provide direct capital and startup financing to social equity applicants as the State takes meaningful steps to ensuring that New York’s cannabis industry is the most diverse and inclusive in the nation.”

Social Equity Programs

While states have had hopes of creating programs to level the playing field, the results haven’t been as promising. The Diversion, Inclusion, and Social Equity (DISE) Committee of the California Cannabis Industry Association (CCIA) released a detailed accountability report in November. The report carefully examined California’s social equity program, specifically, the state’s initial seven districts that received grant funds from the California Cannabis Equity Act passed in 2018. The California Cannabis Equity Act of 2018 was designed to empower minority business owners who have been most impacted by the War on Drugs. Children of those incarcerated for non-violent crimes were among the applicants who applied to benefit from the program, which is about as close to “impacted by the War on Drugs” as it gets. 

Many people believe California’s social equity program isn’t living up to what was promised when the bill was passed. The accountability report released by the CCIA proved that to be true. 

Here are some key findings: 

  • In Oakland, 90% of respondents said lack of capital is a major problem plaguing their business 
  • In Los Angeles, as of October 1, 2021, only 28 of the 200 identified social equity applicants have received temporary approval
  • In Mendocino, the County has not yet approved any Equity Eligible Applications

In Closing

It’s tremendously difficult to engineer social progress. Some states are very focused on the effort, while others are less so. Some have implemented programs to varying levels of success. Most have faced great criticism as no one strategy has proven to be the most effective. Cannabis companies often seem caught between trying to address the issues on their own versus wanting to support legislation that financially benefits the companies, but has no interest in social equity.


Debra BorchardtJanuary 6, 2022


Cannabis data providers have weighed in on the 2021 holiday sales for dispensaries with some surprising results. The data included the Thanksgiving holiday and then tracked sales through to the end of Christmas. Most agreed that sales increased in 2021 despite the resurgence of the new Covid fear with the variant Omicron. Consumers upped their cannabis shopping throughout the month of December causing Christmas week comparisons to be less strong than in the past. Still, sales remained elevated leading up to Christmas in both the Canadian and U.S. markets.

Increased Sales

Headset said that its data showed that Canada saw a rise in sales of more than 26% while the US saw an increase of 17% during the holiday month. Headset reported that in Canada, sales were up by 8.9% versus the previous four Fridays. In the US, sales increased by 6.0%. In Canada, Saskatchewan had the largest increase in sales, up 12% over the previous four Fridays. In the US, Michigan had the strongest showing with a 13.7% increase in total sales. 

LeafLink is a wholesale cannabis platform and as such has visibility into orders that licensed retailers place from the brands they carry. In December, sales through LeafLink increased by 6.8% when compared to the average growth rate over the prior three months – signaling that the holiday season positively impacted sales this year. 

Cannabis delivery company Lantern said it saw consumers start stocking up their holiday stashes earlier this season. Specifically the company noted that sales started to increase the second weekend of December with a +56% increase in daily order volume. “That trend continued through December, a +26% lift in order volume and +7% increase in AOV the week before Christmas, peaking the day before Christmas Eve with a +51% lift compared to our daily average. Lantern reported a +110% lift in order volume the three days before New Year’s Eve vs. three days prior, peaking three days before NYE with a +56% lift in daily order volume.

Springbig reported that starting from a week before Christmas and going into New Year’s Day, it saw (excluding Christmas day) $276 million in total sales with a daily average gross of $20.82mm. This was an 11% increase over the same period last year.In terms of how big the increase was, as compared to normal days of the year, we see that last year had a roughly 50% increase over normal while this year we only saw 21%. This could be due to the major Covid outbreak that has occurred recently. Another hint that this may be the cause is the fact that last year Jan 1st saw $15 million in sales while this year only saw $13 million.”

Flower Power

While some of the ingestible categories got big lifts, flower continues to command the market. Leaflink said that flower was the most popular category, making up around 32% of sales through LeafLink in the month prior to the holidays. Cartridges were the second most popular, at around 24% market share. Leaflink said that both were relatively consistent with the previous month, showing that buyers did not significantly change their purchase habits into different categories for the holiday season. The most popular Flower subcategory in the month leading up to the holidays in 2021 was Packaged Flower at 15% of sales, and the second most popular was Bulk Flower at 14.7%.

Jushi (OTC: JUSHF) also reported that Flower remains the number one category leader in demand and interest from patients and consumers. “However, we saw an aggressive uptick trend in disposable and edible sales in 2021,” said the company. 

Discreet products were also big winners. Perhaps consumers wanted to have their cannabis but not be obvious about it when visiting friends and relatives. Lantern said, “What’s interesting about our trending products in Boston for the holiday season, was that our most popular products were discreet and designed to share – predominantly edibles, drinkables, and pre-rolls (typically flower products are our best-sellers). Similarly in Detroit, pre-rolls were our most popular holiday product (party-ready for individual sharing and more discreet).” 

Headset’s data seemed to agree. Their data from Canada showed that the categories that saw the largest sales increase on New Year’s Eve were: Tincture & Sublingual (+30%), Concentrates (+23%), and Beverages (+21%). In the US, the categories with the largest sales response were: Beverages (+18%), Flower (+8.5%), and Concentrates (+7.8%).

Jane Technologies noted that edibles online sales were up over 10% in December 2021 compared to the previous three months and topicals online sales were up over 9% in December 2021 compared to the previous three months. They noted that Airo Black Mamba Specialty Pod online sales were up over 290% in December 2021 compared to the previous three months and Incredibles Cookies & Cream 100mg chocolate online sales were up over 200% in December 2021 compared to the previous three months

Christmas Coupons

With so many shoppers, it was a wonder why anyone would offer a discount, but then people love a bargain. Plus competition is heating up in some markets. Flowhub said that dispensaries were discounting for the holidays, but the discounts themselves weren’t huge.

Flowhub reported the following discount data:

  • Typical Day = 18% of transactions include a discount 
  • Christmas Eve = 39% of transactions included a discount 
  • Christmas Day = 40% of transactions included a discount 
  • New Years Eve = 39% of transactions included a discount 
  • New Years Day = 38% of transactions included a discount
  • Across the Christmas and New Years’ holidays, the average discount amount stayed consistent at $5.00 off their total amount. 

Headset’s discount data found a modest increase in discounting on New Year’s Eve in both Canadian and US cannabis markets. Noting that tThe average discount in Canada on New Year’s Eve was 4.0%, up by about 10% over an average of the previous four Fridays(3.6%). The average discount in the US on New Year’s Eve was 21.1%, up by about 13% over the previous four Fridays (18.6%).

Cali Sober

After all that holiday drinking, many people look at January as a month to sober up and give their bodies a break from all that alcohol. Lantern said, “As we head into the new year, we’re seeing consumers really embrace “Dry January” with our record-best Monday, +29% lift in daily order volume.”



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