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Jushi Holdings Inc. (OTC:JUSHF) has announced its financial results for the second quarter ended June 30, 2024, showcasing significant operational improvements and strategic developments.
The company reported a net loss of $1.9 million, a considerable improvement from a $14.0 million loss in Q2 2023.
“Our second quarter performance underscores our efforts to strengthen our asset base while maintaining prudent cost-saving measures, ” stated Jim Cacioppo, CEO, chairman and founder of Jushi. “Our organization-wide operational improvement plan is yielding promising results, with gross margin reaching 50.4% and Adjusted EBITDA further improving to 22.4% of revenue for the quarter. These successes were driven by efficiencies achieved mainly at our Virginia grower-processor facility.”
During the quarter, Jushi continued to expand its product offerings, debuting 308 new SKUs and enhancing its market presence in Nevada and Pennsylvania.
Jushi has been actively expanding its market presence, particularly in Ohio and Virginia, with the introduction of new products and the enhancement of product quality and potency.
The company's wholesale business experienced a year-over-year increase of 11.6% to $7.6 million, driven mainly by growth in Virginia.
“Our commercialization strategy remains a pivotal driver of our performance improvements, (...) we launched an additional 308 new, high-margin SKUs across our footprint, bringing our year-to-date total to an impressive 751 new SKUs. (...) Our wholesale business also continues to perform well, particularly in Ohio which saw a 110% sequential and 76% year-over-year sales increase,” Cacioppo said.
“We will continue to scale our operations in Ohio, with plans to expand our capacity by approximately 15,000 square feet of double-stacked cultivation,” he added.
After the quarter, Jushi strengthened its balance sheet through strategic refinancing and debt reduction, positioning it well for upcoming market expansions in key states like Ohio, Pennsylvania, and Virginia.
Jushi Holdings completed the refinancing of its first lien debt with SunStream Bancorp Inc. through the issuance of $48.5 million in secured term loans and $4.3 million in cash, significantly strengthening its balance sheet. This strategic financial maneuver also facilitated additional debt repayments, reducing the company's short-term debt from $10.0 million to less than $1.0 million.
“We’ve successfully refinanced our Acquisition Facility debt with a new term loan of $48.5 million and payments in July of $6.8 million from cash on hand. In addition, we repaid $3.6 million of promissory notes,” Cacioppo concluded.
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