Jushi Co-Founder: COVID-19 Is Causing A Shift From The Illegal Cannabis Market To The Legal One

The sustained cannabis buying activity many states reported this summer is now showing up in the bottom lines of companies. Multi-state cannabis and hemp operator Jushi Holdings (Pink: JUSHF), who reported Q2 earnings last week, is the latest example. 

Financial Highlights

Jushi reported Q2 revenue of $14.9 million, up 73% quarter-over-quarter and over 6500% year-over-year. Earnings per share also increased, to $(0.10) from $(0.17) a year ago. 

In terms of forward-looking statements, the company provided Q3 revenue guidance of $22-25 million and expects adjusted EBITDA “to be close to breakeven.”

Previously issued revenue guidance of $25-30 million for Q4 and $200-250 million for FY2021 were both reaffirmed. The company expects adjusted EBITDA between $40-50 million for next year as well. 

Jushi also announced a preliminary short form shelf prospectus, which will allow them to offer up to C$200 million subscription receipts, debt securities, convertible securities, warrants, subordinate voting shares, and units over the next two years. 

Themes Of The Quarter

Jushi extensively extended its presence in Pennsylvania during the second quarter. The company opened two more BEYOND/HELLO retail locations, bringing its total in the state to 10. It also closed a pair of acquisitions—Pennsylvania Medical …

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