Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) reported preliminary third quarter results highlighted by an increase in revenue and profits.
The US multistate operator (MSO) said it expects future growth to be delivered by its Virginia market.
Preliminary gross profits grew 18.9% to US$27.7 million year-over-year, and 4% compared to 2Q 2022.
READ: Jushi Holdings opens relocated Beyond Hello store in the greater Scranton, Pennsylvania area
CEO Jim Cacioppo believes growth in 2023 and beyond will be driven by the Virginia market, “increased production and sell-through of high quality products.”
In the three months to September 30, the multi-state cannabis operator reported preliminary revenues of US$72.8 million, a 34.9% increase on last year, although flat in comparison to the prior three months.
Operationally, the group opened its 34th and 35th retail locations and its third and fourth Beyond Hello dispensary locations in Virginia.
Jushi also expanded its canopy by 11,000 square feet (sq ft) to a total of 80,000 sq ft and increased its annual biomass capacity by 7,300 pounds (lbs) to 45,000 lbs.
Additionally, Jushi added nearly 8,000 patients in Virginia in the quarter, compared to 2,425 patients in the previous three months.
“We remain focused on executing our strategic initiatives to strengthen and expand our operating platform,” Cacioppo said.