Jushi Holdings Inc. (OTCQX:JUSHF) (CSE:JUSH) released financial results for the fourth quarter 2021 and full year ended December 31, 2021.
Financial Highlights
Q4 2021
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Total revenue of $65.9 million, an increase of 22% sequentially and 104% year-over-year
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Adjusted gross profit of $26.4 million, an increase of 8% sequentially and 76% year-over-year
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Net income of $9.1 million, or $0.05 per basic share with net loss per diluted share of $(0.14)
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Adjusted EBITDA of $1.5 million
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Cash and cash equivalents were $95.0 million as of the quarter end
FY 2021
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Total revenue of $209.3 million increased approximately 159% year-over-year
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Adjusted gross profit of $92.1 million, an increase of 144% year-over-year
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Net income of $25.3 million, an increase of $237.2 million year-over-year
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Adjusted EBITDA of $16.9 million, or 8% of revenue, an increase of $16.3 million year-over-year
Fourth Quarter 2021 Operational Highlights
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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
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Opened four BEYOND / HELLO retail locations and the Company’s 28th store nationwide
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Secured a $100 million senior secured credit facility from a portfolio company of SunStream Bancorp Inc.
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Appointed Edward Kremer to chief financial officer
Recent Developments
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Completed the acquisition of The Apothecarium in Las Vegas, Nevada an adult-use and medical retail dispensary, establishing the company’s fourth vertically integrated state-level operation and expanded national operating store count to 29
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Debuted a series of cannabis brands and product launches in Massachusetts
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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
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Closed a non-brokered private placement, for total proceeds of approximately $13.7 million
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Announced that Jim Cacioppo, CEO, chairman, and founder, purchased 66,800 class B subordinate voting shares of the company in the open market for an approximate amount of $220,000
“We closed out the year with another quarter of solid top-line revenue growth," stated Jim Cacioppo, CEO, 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."
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