BOCA RATON, Fla. — Jushi Holdings Inc., a vertically integrated, multistate cannabis operator, reported its financial results for the second quarter ended June 30, 2025 (Q2 2025). All financial information is unaudited and provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (GAAP).
Second Quarter 2025 Financial Highlights
- Total revenue of $65.0 million
- Gross profit and gross profit margin of $28.9 million and 44.5%, respectively
- Net loss of $12.3 million
- Adjusted EBITDA and Adjusted EBITDA margin of $13.7 million and 21.1%, respectively
- Cash, cash equivalents, and restricted cash of $25.2 million as of quarter end
- Net cash flows used in operations of $1.9 million
Second Quarter 2025 Company Highlights
Jushi-branded product sales accounted for 56% of total retail revenue in Q2 2025, consistent with the levels maintained in Q1 2025 and Q2 2024 across the Company’s five vertical markets, demonstrating strong brand equity and sustained consumer demand.
Expanded Ohio footprint with the opening of Beyond Hello Mansfield, the Company’s fifth location in the state, which is currently operating under a management services agreement.
Continued advancing the retail expansion strategy with four additional planned store openings by the end of the year or early next year, positioning the Company to achieve its target of 10 new stores since the initiative launched in the fourth quarter of 2024.
Late in the third quarter or early in the fourth quarter of 2025, the Company expects to open its first New Jersey dispensary in Little Ferry and a sixth Ohio location in Parma, both pending regulatory approvals. An additional two locations are expected to open in the fourth quarter of 2025 or early first quarter of 2026, including one in New Jersey and one in Ohio, both subject to regulatory approval.
As part of the strategy to optimize retail performance, the Company is also planning several store relocations, targeting the move of underperforming stores to higher performance locations.
Received approximately $4.0 million in Employee Retention Credit (“ERC”) claims, including interest. This amount included both factored and non-factored claims, with approximately $1 million representing incremental cash, further strengthening the balance sheet.
Enhanced product offering with the launch of 602 new, unique SKUs across a diverse range across our portfolio, including flower, pre-rolls, vapes, concentrates, and edibles during the quarter.
Bolstered products with the launch of Shayo, a lifestyle brand developed in partnership with Real Housewives of Potomac star Stacey Rusch featuring rosin-infused fruit chews crafted with targeted cannabinoid profiles and curated flavor pairings, including Rise (1:2 THC:CBG) in Blood Orange Pomegranate, and Rest (1:2 THC:CBN) in Berry Vanilla. The brand is available at all Beyond Hello locations in Virginia and may expand to additional medical dispensaries across the commonwealth in the near term.
Management Commentary
“The topline growth we achieved this quarter both sequentially and year-over-year is an early but encouraging sign that our disciplined cost controls and targeted platform enhancements are taking hold,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “This performance reinforces confidence in our strategic direction as we remain focused on driving profitability, expanding margins, and achieving continued sequential reductions in net loss. Operational improvements across our grower-processor network are translating into stronger yields and greater efficiency, supported by the ongoing ramp-up of high-margin product lines. During the second quarter, we also strengthened our balance sheet and streamlined our footprint with approximately $3 million in proceeds from the sale of non-core assets in Nevada. This reflects our broader strategy to concentrate our retail presence in the most profitable, high-potential markets.”
Cacioppo continued, “Our retail expansion strategy remains firmly on track, with four new locations expected to open by year-end or early 2026 and a strong pipeline of additional opportunities. Ohio has become an increasingly important market for us, driven by the recent addition of new stores. We are expanding our footprint and strengthening our position across both the retail and wholesale channels in the state. As part of our continued strategic expansion, we are excited to announce the upcoming opening of our first store in New Jersey, subject to regulatory approvals. Entering New Jersey represents a major milestone as our first new market in over two years and underscores our belief that the proven appeal of our brands in other markets will translate well into this new state. Our robust retail footprint has always been a cornerstone of our growth strategy, and with that foundation in place, we are now directing capital toward high-return investments in our grower-processor operations. While we remain open to opportunistic retail expansion beyond our current pipeline, this shift reflects a disciplined capital allocation strategy designed to strengthen our operational capabilities ahead of potential regulatory catalysts and broader market maturity, particularly in Pennsylvania and Virginia. As we continue to bolster our platform, we remain focused on driving sustainable growth, expanding our market reach, and delivering long-term value for our shareholders.”
Financial Results for the Second Quarter Ended June 30, 2025
Revenue in Q2 2025 increased by $0.5 million to $65.0 million as compared to the second quarter of 2024 (“Q2 2024”).
Retail revenue for Q2 2025 increased by $2.4 million as compared to Q2 2024, primarily attributed to strong performance in Virginia and Ohio. Retail revenue in Virginia grew by $1.8 million for Q2 2025 as compared to Q2 2024 driven by an increase in the number of units sold and an increase in revenue generated from deliveries both within and outside our health service area. In Ohio, retail revenue increased $4.1 million in Q2 2025 as compared to Q2 2024, due to the Ohio market’s transition to adult-use in Q3 2024 and the addition of four new dispensaries, including the newest co-located medical and adult-use location in Mansfield which opened in Q2 2025 and is currently operating under a management services agreement pending regulatory approvals of ownership transfer to the Company. The increases in retail revenue were partially offset by the ongoing impact of competitive pricing pressure across various markets. Including the Mansfield, Ohio store that is currently being operated through a management services agreement, we ended Q2 2025 with forty operating dispensaries in seven states, as compared to thirty-five in seven states at the end of Q2 2024.
Wholesale revenue for Q2 2025 decreased $2.0 million as compared to Q2 2024. The decrease is primarily attributable to a decline of $1.5 million in Virginia due to limited availability of products for sale to third parties through our wholesale channel as we prioritized supplying our retail stores, and delays from the state mandated seed-to-sale inventory tracking system conversion which prevented shipments to certain customers close to the end of the quarter. Additionally, bulk cannabis flower sales declined $0.5 million in Massachusetts.
Gross profit and gross profit margin decreased to $28.9 million and 44.5%, respectively, for Q2 2025 as compared to $32.6 million and 50.4%, respectively, for Q2 2024. The decreases in gross profit and gross profit margin were driven by continued competitive pricing pressure, leading to lower average selling prices despite higher unit sales. These decreases were partially offset by higher gross profit and gross profit margin in Ohio as a result of new store openings, and lower costs following the ramping up of our grower processor facility in 2024 to support the transition to adult-use. The increased production volume allowed for better absorption of fixed costs, improving overall cost efficiency.
Jushi-branded product sales as a percentage of total retail revenue were 56% in Q2 2025 across the Company’s five vertical markets, remaining relatively flat with both Q2 2024 and Q1 2025.
Operating expenses for Q2 2025 were $25.3 million as compared to $24.2 million in Q2 2024. The year-over-year increase was due primarily to amortization of our business licenses which commenced in June 2024, as we concluded that our business licenses no longer have indefinite useful lives, and higher operating expenses in relation to new dispensary openings. These increases were partially offset by higher gains on the sale of non-core assets.
Other expense, net for Q2 2025 included interest expense of $10.2 million and fair value loss on derivatives of $0.2 million, which was partially offset by other, net of $4.4 million. Other, net for Q2 2025 includes $4.0 million in employee retention refund claims received from the IRS, including interest and $1.0 million gain on the sale of non-core assets.
Net loss for Q2 2025 was $12.3 million compared to $1.9 million for Q2 2024.
Adjusted EBITDA in Q2 2025 was $13.7 million compared to $14.5 million in Q2 2024.
Balance Sheet and Liquidity
As of June 30, 2025, the Company had approximately $25.2 million of cash, cash equivalents and restricted cash. During Q2 2025, the Company paid approximately $4.1 million in capital expenditures. As of June 30, 2025, the Company had approximately $7.9 million and $205.6 million of short-term and long-term total gross debt, respectively, excluding leases and property, plant, and equipment financing obligations. Excluding the $21.5 million notes payable to Sammartino, as we currently have no obligation to repay these notes, the total gross principal amount of debt subject to scheduled repayments was $192.0 million.
As of July 30, 2025, the Company’s issued and outstanding shares were 196,696,597 and its fully diluted shares outstanding were 300,877,845.
About Jushi Holdings Inc.
Jushi is a vertically integrated cannabis company focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem.
