Jushi Holdings Inc. Expects Record Third Quarter Revenue of Approximately $24 Million

Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) is a globally focused, multi-state cannabis and hemp operator. The company announces preliminary financial results for its third quarter ending September 30, 2020 (“Q3 2020”) and provided updated guidance for its fourth quarter ended December 31, 2020 (“Q4 2020”) and fiscal year 2021. Based on a preliminary review, the Company currently anticipates:

Jushi is a globally focused cannabis and hemp company led by an industry leading management team. In the United States Jushi is focused on building a multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis and hemp ecosystem.

• Q3 2020 expected revenue of $24 million from the previously announced range of $22-25 million, representing 61% sequential growth;
• Q4 2020 total revenue to be at the high end of the previously announced range of $25-30 million and to report positive adjusted EBITDA;
• Total fiscal year 2021 revenue revised from $200-250 million to $205-255 million; adjusted EBITDA is expected to be between $40-50 million;
• On a geographic basis, fiscal year 2021 total revenue is expected to break down in each state where Jushi is currently active as follows:        
  • Pennsylvania: $95 – 110 million
  • Illinois: $70 – 80 million
  • Virginia: $17 – 25 million
  • California: $12 – 20 million
  • Nevada: $5.5 – 10 million
  • Ohio: $5.5 – 10 million
• Operating cash flow positive in fiscal year 2021

Jushi also confirmed that as of August 31, 2020, the Company had approximately $44 million of cash, as well as $7.5 million in marketable securities.

“By selectively investing our shareholders’ capital in high-growth markets with strong barriers to entry across the country, we’ve positioned Jushi for sustained, long-term profitable revenue growth,” said Jim Cacioppo, Chief Executive Officer, Chairman and Co-Founder of Jushi. “To complement our strong operating assets, we have also carefully curated a team of experienced executives with diverse backgrounds and industry experiences to lead Jushi as we continue to scale our operations and grow our market share.”

Mr. Cacioppo added, “Our projections do not include any significant changes in the regulatory environments. We’re thrilled with the great performance Jushi has achieved to date and encouraged by the immense opportunity ahead of us.”