Jushi Holdings Archives - Green Market Report

StaffNovember 14, 2023


The Daily Hit is a recap of the top financial news stories for Nov. 14, 2023.

On the Site

Tryke Sues Curaleaf Over Alleged $13M Price Change to Merger Deal

Multistate operator and cannabis titan Curaleaf has been sued over allegations that it wrongly changed the deal terms of a merger after the purchase had already closed. Three-state operator Tryke Companies, which does business as Reef Dispensaries, said in a lawsuit that Curaleaf wrongly tried to drive the cash price down by $12.9 million after the deal closed, with no justification for the change. Read more here.

Recreational Cannabis Brings More Tax Revenue than Alcohol in Michigan

Recreational marijuana is bigger than beer, wine, and liquor in Michigan. During the 2023 fiscal year, which ended on Sept. 30, the state of Michigan collected nearly $100 million more in recreational marijuana excise taxes than in fiscal year 2022, according to a House Fiscal Agency report released last week. Read more here.

Ohio Republican Legislators Willing to Push Back on Issues 1, 2

Ohio voters last week supported a constitutional amendment guaranteeing basic abortion rights and a law allowing the legal use of recreational marijuana. Some Republican state lawmakers quickly went on the record pushing back against the measures, vowing to use legislative oversight and powers to upend or ignore the changes. Read more here.

Jushi Still Awash in Red Ink Despite Trimming Losses

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. Read more here.

The Cannabist Revenue Flat as Maryland Market Grows

The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF), formerly known as Columbia Care, reported its financial results for the third quarter ended Sept. 30. Revenue dropped slightly from last year’s $135 million to this year’s $129 million, it was also essentially flat from the second quarter. Read more here.

More earnings:

Body and Mind Cuts Losses to $20M in Latest Fiscal Year

BYND Sales Slip as Regional Tensions Rise

Gold Flora Financials Benefit from TPCO Merger

Goodness Growth Loses $5.2M Despite Revenue Increase

Ispire Records Net Loss Despite Strong Growth in Vape Sales

Lowell Farms Revenue Continues to Decline

MediPharm Labs Adds M&A Back to Growth Strategy

Safe Harbor Revenue, Deposits Up as Company Passes $20B Milestone

Margin Pressures, Competition Drive Schwazze’s Q3 Loss

Unrivaled Brands Sees Revenues Slip As Legal Cases Mount

Get more cannabis earnings updates here.

StaffMay 30, 2023


The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News


Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.


Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

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.

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.

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