Jushi Holdings Inc. reported a modest increase in revenue for the fiscal year ending December 31, 2025, with net revenue reaching $262.9 million, up 2% from $257.5 million in 2024. The growth was primarily driven by a 3% increase in retail cannabis sales, which totaled $235.5 million, attributed to the opening of new dispensaries in Ohio and increased customer demand in Virginia. However, wholesale cannabis revenue declined by 7% to $27.4 million, reflecting lower demand from wholesale partners and limited product availability. The company's gross profit decreased to $114.0 million, resulting in a gross profit margin of 43%, down from 46% in the previous year, largely due to competitive pricing pressures.
In terms of profitability, Jushi reported a net loss of $68.6 million for 2025, compared to a loss of $48.8 million in 2024. This increase in losses was influenced by higher interest expenses, which rose to $40.8 million, and a fair value loss on derivatives amounting to $5.1 million. Operating expenses also increased slightly to $109.1 million, reflecting ongoing investments in growth and operational efficiency. The company’s total liabilities as of December 31, 2025, stood at $537.7 million, with a significant portion attributed to debt obligations.
Strategically, Jushi has been active in expanding its operations, particularly in states with favorable cannabis regulations. As of the end of 2025, the company operated 42 dispensaries across eight states, including recent openings in Ohio and Virginia. The company also announced plans for adult-use cannabis sales in Virginia, expected to commence in January 2027, which could further enhance its market presence and revenue potential. Additionally, Jushi refinanced its existing debt in March 2026, securing a $160 million senior secured term loan to improve its liquidity and financial flexibility.
Operationally, Jushi's workforce comprised 1,288 employees as of December 31, 2025, with a focus on enhancing employee engagement and retention. The company has also implemented a loyalty program to boost customer retention and sales. Despite facing challenges such as increased competition and regulatory uncertainties, Jushi remains committed to its growth strategy, emphasizing the importance of maintaining compliance with evolving cannabis regulations and optimizing its operational efficiencies.
Looking ahead, Jushi Holdings Inc. anticipates continued growth driven by the expansion of its retail footprint and the potential legalization of adult-use cannabis in additional markets. However, the company acknowledges the inherent risks associated with the cannabis industry, including regulatory changes and market competition, which could impact its financial performance and operational strategies.
About Jushi Holdings Inc.
Jushi Holdings Inc. is a vertically integrated cannabis operator engaged in retail, cultivation, processing, and distribution across multiple U.S. states. It offers a range of products including flower, edibles, concentrates, and vapes under various brands. Serving both medical and adult-use markets, the company focuses on strategic location selection, brand development, and market expansion within highly regulated environments.
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