BOCA RATON, Fla., March 13, 2024 - PRESS RELEASE -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced its financial results for the fourth quarter (“Q4 2023”) and full year ended Dec. 31, 2023 (“FY 2023”). All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”).
Financial Highlights
Q4 2023
Total revenue of $67.8 million
Gross profit of $27.2 million, an increase of 24% year-over-year
Net loss of $18 million
Adjusted EBITDA1 of $11.3 million, an improvement of $5.3 million year-over-year
Adjusted EBITDA1 margin of 16.7%
Cash, cash equivalents and restricted cash were $31.3 million
Net cash flows provided by operations of $4.5 million
FY 2023
Total revenue of $269.4 million
Gross profit of $116.2 million, an increase of 21.7% year-over-year
Net loss of $65.1 million
Adjusted EBITDA1 of $40.8 million, an improvement of $33.7 million year-over-year
Adjusted EBITDA1 margin of 15.1%
1 See “Use of Non-GAAP Financial Information” and “Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA and Calculation of Adjusted EBITDA Margin” below.
Fourth Quarter 2023 Company Highlights
Achieved Jushi-branded product sales of approximately 53.4% of total retail revenue in Q4 2023 across the company's five vertical markets.
Increased wholesale revenue in Q4 2023, a 30% improvement over Q3 2023.
Launched 175 new unique SKUs throughout the Company’s footprint, including the debut of a differentiated line of troches in Pennsylvania, which are vegan and utilize natural ingredients responsibly sourced from France.
Received $2 million in cash proceeds from the sales of non-core assets in Q4 2023.
Post Quarter-End Developments
Opened relocated dispensary in Mount Pocono, Pennsylvania, marking the 17th operational Beyond Hello™ storefront in Pennsylvania.
Refinanced approximately $9.9 million of unsecured debt with $4.8 million principal amount of Second Lien Notes, fully detached warrants to purchase an aggregate of 1,800,000 of the Company’s Subordinate Voting Shares ("SVS"), with each warrant having an exercise price of $1 per SVS, and $2.8 million in cash.
Further reduced debt with scheduled payment of approximately $2.4 million on the company’s first lien financing with SunStream Bancorp Inc.
Management Commentary
“Our fourth quarter was a strong finish to an incredible year for Jushi as we successfully increased our margins through our commitments to reducing operating expenses and driving operational efficiencies across the business,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “Looking ahead we expect to continue to strengthen our profitability through further optimization of our grower processor facilities, including reducing green waste, increasing our yields and potency, and introducing higher margin products in our vertical markets. In addition to our improved profitability, we continue to focus on de-levering our balance sheet.”
Mr. Cacioppo continued, “During the year, we launched new SKUs into the market that were developed using the proprietary retail data and consumer insights we have gathered across our footprint. Focusing on proprietary retail data and consumer insights during the development process has helped us develop products that are in demand and fit into the marketplace enabling us to add more Jushi-branded products on shelves. These new products, including Sѐchѐ Kind Grind and Fine Grind, have been performing exceptionally well and have helped grow our Jushi-branded sales to approximately 53% of our total retail revenue across our vertical footprint in Q4 2023.”
Mr. Cacioppo concluded, "I am incredibly proud of what our team has accomplished this past year, and we believe we are extremely well-positioned and ready for potential new adult-use markets to come online in key states such as Virginia and Pennsylvania."
More details from the full year financial results report are available on Jushi's investor website.
