Jushi Holdings Inc. Reports Second Quarter 2021 Financial Results
My add - looks good, nice to turn a profit
Second Quarter 2021 Revenue Increases 14.6% to $47.7 million as Compared to the First Quarter 2021
Net Income of $4.8 million, a $31.6 million Improvement as Compared to the First Quarter 2021
Reports Adjusted EBITDA(A) of $4.6 million
Updates Full Year 2021 Guidance and Initiates Full Year 2022 Guidance
BOCA RATON, Fla., Aug. 25, 2021 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced its financial results for the second quarter 2021 (“Q2 2021”) ended June 30, 2021 financial results. All financial information is provided in U.S. dollars unless otherwise indicated.
Second Quarter 2021 Highlights
Total revenue of $47.7 million, an increase of 14.6% sequentially and 219.7% year-over-year
Gross profit of $21.9 million, an increase of 9.2% sequentially and 193.7% year-over-year
Net income of $4.8 million, a $31.6 million sequential improvement, was primarily driven by an increase in revenue, gross profit and a gain on fair value derivative liabilities.
Adjusted EBITDA(A) of $4.6 million, or 9.6% of revenue
$126.8 million of cash and short-term investments in securities on the balance sheet as of June 30, 2021
See “Reconciliation of Non-IFRS Financial Measures” at the end of this press release for more information regarding the Company’s use of non-IFRS financial measures.
Second Quarter 2021 Operational Highlights
Opened its 19th and 20th BEYOND/HELLOTM retail locations nationwide with its 12th and 13th store in Pennsylvania
Completed the acquisition of 100% of the equity of Organic Solutions of the Desert, LLC, an operational retail dispensary in Palm Springs, California
Completed the acquisition of the 93,000 sq. ft. facility and surrounding nine acres of land operated by its wholly-owned subsidiary and Virginia based pharmaceutical processor, Dalitso LLC
Signed a definitive agreement to acquire Nature’s Remedy of Massachusetts, Inc., a vertically integrated, single-state operator in Massachusetts, operating two retail dispensaries and a 50,000 sq. ft. cultivation and production facility
Announced the appointment of Leonardo Garcia-Berg as Chief Operations Officer
Announced the appointment of Marina Hahn to the Board of Directors
Commenced the first phase of the expansion project at the Pennsylvania grower-processor facility
Completed the previously announced acquisition of an established Nevada operator
Recent Developments
Announced that Jushi's partner, Northern Cardinal Ventures, LLC, was awarded a conditional retail dispensary license in Illinois via the state’s lottery process
Plan to open the 21st BEYOND/HELLOTM retail location nationally and 14th store in Pennsylvania on August 31, 2021
Completed the acquisition of a licensed cultivator in Ohio
Debuted a series of cannabis brands and product launches in Virginia and Ohio
Announced that the Company's founders had converted super and multiple voting shares into subordinate voting shares
Announced the appointment of Brendon Lynch as Executive Vice President of Retail Operations
Received a ~$14.4 million interim arbitration award plus legal fees and accumulated interest
Announced the transition to domestic issuer status in the United States
Announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“the HSR Act”) waiting period for the proposed acquisition of Nature’s Remedy of Massachusetts, Inc.
Management Commentary
“I’m very pleased with our performance in the second quarter; we achieved strong sequential revenue growth, industry leading year-over-year revenue growth, and maintained Adjusted EBITDA profitability, while continuing to invest in our strategic growth initiatives,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “With our strong balance sheet we are well positioned to execute on our plans, which includes expanding our national retail footprint as well as building out our cultivation and processing assets to support increased demand from both patients and consumers for our high-quality products."
Mr. Cacioppo continued, “Our performance has been driven by our commitment to delivering a differentiated customer shopping experience both in-store and online, by bringing to market innovative and exciting new brands and products, and by leveraging cutting edge technologies and data analytics to improve customer engagement. As we look out to the second half the of the year, we plan on building on our recent successes and driving continuous improvement across all of our operating assets."
Financial Results for the Second Quarter Ended June 30, 2021
The following is a tabular summary and commentary of revenue, gross profit, net income (loss) and net income (loss) per share for the three-month periods ended June 30, 2021 and March 31, 2021.
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