Jushi Holdings Inc has announced that its second-quarter 2022 revenue climbed 52.4% year over year to US$72.8 million while rising 17.6% sequentially, as the company expanded its vertically-integrated footprint in Nevada while opening its 32nd and 33rd retail locations in the US.
The vertically-integrated cannabis firm also recorded a 2Q adjusted gross profit of US$27.8 million, an increase of 19.1% year over year and 12.3% quarter over quarter, while realizing US$12.1 million in net income for the period.
“We are pleased to report solid second quarter top-line growth and improved sequential profitability, a strong indication that our strategy, capital investments and cost savings initiatives are building a strong foundation on which we can continue to execute, despite the challenging macroeconomic environment,” Jushi Holdings CEO Jim Cacioppo said in a statement.
READ: Jushi Holdings announces opening of fourth medical cannabis dispensary in Virginia
“The development of our footprint in Nevada, including the addition of NuLeaf’s high-quality assets, were meaningful contributors to our retail performance in the second quarter,” Cacioppo added.
Jushi noted that the quarter saw the completion of its NuLeaf acquisition, along with the opening of its third Beyond Hello location in California, as well as the establishment of its fifth vertically integrated state-level operation in Ohio after being awarded a medical dispensary license.
The company added that its 2Q retail revenue rose 16.1% to US$67.3 million and its wholesale revenue jumped 42.1% to US$5.5 million, as compared to 1Q 2022.
Jushi Holdings ended the quarter with US$43.2 million in cash and equivalents as of June 30, 2022.
As well, the company said it expects its 4Q 2022 annualized revenue to be between US$320 million and US$350 million, with a low double-digit Adjusted EBITDA margin, while it anticipates operating 37 retail locations and about 330,000 square feet of cultivation and processing capabilities by the end of 2022.
Jushi Holdings is a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts and competitive applications.
Contact Sean at sean@proactiveinvestors.com