Jushi Holdings Inc. (CSE:JUSH) (OTCQX:JUSHF), a vertically integrated, multi-state cannabis operator released preliminary financial results for the third quarter of 2022, with revenue of $72.8 million, up by 34.9% year-over-year, and flat sequentially.
The Boca-Raton, Florida-based company also announced that it is in the process of completing its interim asset impairment assessment and expects to record a non-cash, indefinite-lived asset impairment charge in the range of $35.0 to $49.0 million (after-tax of $24.8 to $34.7 million).
“We remain focused on executing our strategic initiatives to strengthen and expand our operating platform,” stated Jim Cacioppo, chief executive officer, chairman and founder of Jushi. “During the third quarter, we bolstered our retail portfolio with the addition of two new stores in Virginia, moved closer to full-scale production at our grower-processor facilities in Pennsylvania and Virginia, and expanded our Jushi branded product portfolio across our operational vertically integrated markets. As we approach the end of the year, we expect to begin realizing the benefits of our efforts as we transform the business from substantially retail only and selling mostly third party product, to a company that is vertically integrated.”
Q3 2022 Financial Highlights
-
Gross profit of $27.7 million, an increase of 18.9% year-over-year and 4.0% as compared to Q2 2022.
-
Net loss was in the range of $52.9 to $62.8 million, compared to net loss of $39.7 million in the same period year ago.
-
Adjusted EBITDA of $0.7 million, which was flat as compared to $0.7 million in Q2 2022, and a decrease of $5.5 million compared to $6.2 million in Q3 2021.
-
Cash and cash equivalents were $31.1 million as of the quarter end.
Q3 2022 Operational Highlights
-
Opened the 34th and 35th retail locations nationwide and third and fourth Beyond Hello dispensary locations in Virginia.
-
Expanded overall canopy by 11,000 sq. ft. to a total of 80,000 sq. ft. and increased annual biomass capacity by 7,300 lbs. to a total of 45,500 lbs.
-
Added nearly 8,000 new patients in Virginia in Q3 2022, compared to approximately 1,950 patients in Q2 2022. In October, the company added 2,425 new patients.
Price Action
Jushi shares closed Friday market session 3.55% at $1.59 per share.
Photo: Courtesy of Esteban Lopez on Unsplash
