Jushi Holdings Inc. (OTCQX:JUSHF), (CSE:JUSH) released its financial results for the first quarter 2022 ended March 31, 2022, revealing revenue of $61.9 million, an increase of 48.5% year-over-year.
Q1 2022 Highlights
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Adjusted gross profit of $25.5 million, an increase of 33.1% year-over-year
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Net loss of $14.3 million
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Adjusted EBITDA of $1.1 million, or 1.7% of revenue
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Cash and cash equivalents were $76.2 million as of the quarter end
Q1 2022 Operational Highlights
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Completed the acquisition of The Apothecarium in Las Vegas, Nevada, an operating adult-use and medical retail dispensary
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Debuted a series of cannabis brands and product launches in Massachusetts, beginning with the launch of flower brands The Bank and Sèchè
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Closed a non-brokered private placement, for total proceeds of approximately $13.7 million
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Placed on The Globe and Mail’s Third-Annual Women Lead Here benchmark of executive gender diversity
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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
Recent Developments
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Awarded a provisional medical marijuana dispensary license in Ohio, establishing the company's fifth vertically integrated state-level operation
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Expanded the company’s vertically integrated footprint in Nevada with the completion of the NuLeaf, Inc. acquisition, adding a 27,000 sq. ft. cultivation facility, 13,000 sq. ft. processing facility, and three adult-use and medical retail dispensaries in the state
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Launched the company’s first line of solventless cannabis extracts in the Pennsylvania market under its The Lab brand, comprised of high-quality live rosin vapes and concentrates
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Opened the 32nd retail location nationwide and 3rd BEYOND / HELLO dispensary in California
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Closed on the purchase of land adjacent to the company's Toledo Ohio grow facility which will allow Jushi to significantly expand its cultivation footprint at the Ohio grow facility, subject to regulatory approvals
Cacioppo stated, "Looking ahead to the remainder of the year, we expect to open an additional four dispensaries and continue to build-out the grow rooms in our Pennsylvania and Virginia grower-processor facilities, which will increase our margins and substantially grow our wholesale sales in 2022 and beyond." Cacioppo continued, “We are modestly revising our fourth quarter 2022 annualized revenue to be between $340 to $380 million, and our 2022 annualized Adjusted EBITDA to be between $60 to $80 million on an IFRS basis. The slight reduction in revenue and Adjusted EBITDA guidance was driven by weakening in the macro environment; ongoing regulatory delays; and supply chain issues. We want to be conservative in regard to our projected revenue ramp through the remainder of the year. By the end of 2022, we are targeting 50 retail licenses across seven markets, including 36 operating retail locations and approximately 330,000 sq. ft. of cultivation and processing capacity.”
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