Jushi Holdings Inc. reported a net revenue of $66.4 million for the first quarter of 2026, marking a 4% increase from $63.8 million in the same period last year. The company's gross profit rose to $29.9 million, up 16% from $25.8 million, resulting in a gross profit margin of 45%, compared to 40% in the prior year. Despite these gains, Jushi recorded a net loss of $19.8 million, widening from a loss of $17.0 million in Q1 2025. The loss per share was $0.10, compared to $0.09 in the previous year.
The company experienced notable changes in its operational metrics, with retail revenue increasing by 2% to $57.9 million, driven by new dispensary openings in Ohio and increased sales in Virginia. However, this was partially offset by declines in sales in Illinois, Pennsylvania, Massachusetts, and Nevada due to competitive pricing pressures. Wholesale revenue saw a more significant increase of 22%, reaching $8.6 million, primarily due to higher sales in Massachusetts and Ohio. Jushi ended the quarter with 42 dispensaries across eight states, up from 40 dispensaries in seven states a year earlier.
Strategically, Jushi completed a significant refinancing on March 27, 2026, issuing a $160 million senior secured term loan to replace its previous 2024 Term Loan and Second Lien Notes. This refinancing is expected to enhance the company's liquidity and operational flexibility, with excess proceeds retained for general corporate purposes. Additionally, the company is seeking shareholder approval for a proposed arrangement to move its corporate domicile from British Columbia to Nevada, which is not anticipated to materially affect its operations.
Operationally, Jushi's cash and cash equivalents increased to $39.7 million as of March 31, 2026, up from $24.0 million at the end of 2025. The company reported net cash provided by operating activities of $8.6 million, a 14% increase from the previous year. However, total liabilities rose to $569.9 million, up from $537.7 million, primarily due to increased debt obligations. The company continues to navigate a competitive landscape, with ongoing pricing pressures and market conditions impacting its performance.
Looking ahead, Jushi remains focused on expanding its market presence and adapting to evolving regulatory environments, particularly with the recent federal cannabis rescheduling that may open new opportunities for the industry. The company is also monitoring developments in Virginia regarding adult-use cannabis legislation, which could further enhance its growth potential. However, management cautions that the extent and timing of these opportunities remain uncertain and will depend on various market dynamics and regulatory actions.
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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