Jushi Holdings Inc. Expects Record Third Quarter Revenue of Approximately $24 Million
- Provides Updated Q4 2020 and Fiscal 2021 Revenue and Adjusted EBITDA Guidance;
- Company to Host Virtual Investor Day starting today at 10:00 am ET
BOCA RATON, Fla., Oct. 01, 2020 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQB: JUSHF), a globally focused, multi-state cannabis and hemp operator, announced preliminary financial results for its third quarter ending September 30, 2020 (“Q3 2020”) and provided updated guidance for its fourth quarter ended December 31, 2020 (“Q4 2020”) and fiscal year 2021. Based on a preliminary review, the Company currently anticipates:
- Q3 2020 expected revenue of $24 million from the previously announced range of $22-25 million, representing 61% sequential growth;
- Q4 2020 total revenue to be at the high end of the previously announced range of $25-30 million and to report positive adjusted EBITDA;
- Total fiscal year 2021 revenue revised from $200-250 million to $205-255 million; adjusted EBITDA is expected to be between $40-50 million;
- On a geographic basis, fiscal year 2021 total revenue is expected to break down in each state where Jushi is currently active as follows:
- Pennsylvania: $95 – 110 million
- Illinois: $70 – 80 million
- Virginia: $17 – 25 million
- California: $12 – 20 million
- Nevada: $5.5 – 10 million
- Ohio: $5.5 – 10 million
- Operating cash flow positive in fiscal year 2021
Jushi also confirmed that as of August 31, 2020, the Company had approximately $44 million of cash, as well as $7.5 million in marketable securities.
Management Commentary
By selectively investing our shareholders’ capital in high-growth markets with strong barriers to entry across the country, we’ve positioned Jushi for sustained, long-term profitable revenue growth.
Jim Cacioppo, Chief Executive Officer, Chairman and Co-Founder of Jushi
To complement our strong operating assets, we have also carefully curated a team of experienced executives with diverse backgrounds and industry experiences to lead Jushi as we continue to scale our operations and grow our market share.
Mr. Cacioppo added, “Our projections do not include any significant changes in the regulatory environments. We’re thrilled with the great performance Jushi has achieved to date and encouraged by the immense opportunity ahead of us.”
Virtual Investor and Analyst Day
Later today, Jushi will host an Investor and Analyst Day. The virtual event will include presentations by James (“Jim”) Cacioppo, Co-Founder, Chairman and Chief Executive Officer, Erich Mauff, Co-Founder, Co-President and Board Member, Jon Barack, Co-Founder, Co-President and Corporate Secretary, and Kimberly Bambach, Executive Vice President and Chief Financial Officer.
In addition, members of Jushi’s extended senior leadership team will provide updates on each of the Company’s operating divisions. The event will conclude with a Q&A session.
The event will be webcast live and all interested parties are invited to join by registering in advance using the below link:
VIRTUAL INVESTOR & ANALYST DAY DETAILS
DATE: Thursday, October 1st, 2020
TIME: 10:00 a.m. Eastern Time
REGISTRATION: Click to Access
REPLAY: A replay will be posted to Jushi’s Investor Relations website and will be available until 12:00 midnight Eastern Time Thursday, September 30th, 2021
About Jushi Holdings Inc.
We are a globally focused cannabis and hemp company led by an industry leading management team. In the United States Jushi is focused on building a multi-state portfolio of branded cannabis and hemp-derived 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 and hemp ecosystem. For more information please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.
