Jushi Holdings Reports $257.5M Revenue, Net Loss of $48.8M for Fiscal Year 2024

Jushi Holdings Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a net revenue of $257.5 million, a decrease of 4% from $269.4 million in 2023. The decline in revenue was primarily attributed to reduced retail sales across several states, including Illinois, Massachusetts, and Pennsylvania, where increased competition and pricing pressures impacted average sales prices. Despite the revenue drop, the company achieved a gross profit of $118.3 million, reflecting a slight increase in gross profit margin to 46%, up from 43% in the previous year, driven by operational efficiencies in cultivation and processing.

Operating expenses decreased by 10% to $107.4 million, down from $119.0 million in 2023. This reduction was largely due to the absence of significant impairment charges that were recorded in the previous year, alongside lower share-based compensation expenses. Jushi reported an income from operations of $10.9 million, a notable turnaround from a loss of $2.8 million in 2023. However, the company incurred a net loss of $48.8 million, an improvement from the $65.1 million loss reported in the prior year, primarily due to lower operating expenses and a gain from the deconsolidation of Jushi Europe.

In terms of strategic developments, Jushi has expanded its operations by acquiring additional dispensary licenses in Ohio and consolidating two co-located dispensaries, bringing its total to 38 dispensaries across seven states. The company continues to focus on enhancing its retail presence in limited license markets, particularly as states transition to adult-use cannabis. As of December 31, 2024, Jushi employed 1,234 individuals, maintaining a stable workforce despite the challenges faced in the competitive cannabis landscape.

Looking ahead, Jushi's management expressed optimism about future growth, particularly with the anticipated legalization of adult-use cannabis in more states and the potential rescheduling of cannabis at the federal level. The company is actively pursuing additional capital to support its expansion plans and has recently issued second lien notes to bolster its liquidity. However, the ongoing challenges of operating in a highly regulated and competitive environment, coupled with the uncertainties surrounding federal cannabis laws, remain significant factors that could impact Jushi's operational and financial performance in the coming years.