Jushi Reports Q3 2026 Financial Results

BOCA RATON – Jushi Holdings Inc. released its third-quarter 2026 financial results, reporting $70.5 million in revenue, a 7% YoY gain driven by record wholesale volume and retail growth across several key states, even as pricing pressure continued to compress margins.

The company’s wholesale segment led the quarter, surging 40% YoY to $9.7 million and marking the second consecutive quarterly record for that channel. In Massachusetts and Pennsylvania, wholesale revenue grew through expanded distribution into additional dispensaries, supported by improved product quality and higher production volumes. Virginia’s wholesale partners also stepped up demand.

Retail revenue reached $60.8 million, up 3.5% from the year-ago quarter, while total units sold across the retail business rose 8.4% YoY. Ohio stood out on the retail side, adding $3.1 million in retail revenue following the addition of two new dispensaries since the end of Q2 2025. Virginia delivered its second consecutive quarter of record retail sales, with all six dispensary locations posting YoY revenue growth and home delivery hitting an all-time high, driven by an 11.5% increase in units sold.

On the margin side, gross profit came in at $32.3 million, or 45.9% of revenue, compared to $30.7 million and 46.7% a year ago. To shore up retail differentiation, the company introduced 665 new, unique SKUs during Q3 2026, spanning flower, pre-rolls, vapes, concentrates, and edibles, including offerings launched in certain states for the first time.

The net loss narrowed sharply to $12.5 million from $23.7 million in Q3 2025, though the company missed consensus EPS estimates, reporting a loss of $0.06 per share against an expected $0.05. Adjusted EBITDA held relatively steady at $13.6 million, for a 19.3% margin compared to 19.5% in the prior-year quarter. Cash from operations came to $3.5 million, down from $6.1 million in Q3 2025, with management attributing the change to working capital timing.

Total gross debt, subject to scheduled repayments stood at $215.6 million as of September 30, with $32.4 million classified as current is a near-term maturity stack that management will need to address as it funds Virginia’s buildout in parallel.

CEO Jim Cacioppo called Virginia “our most significant near-term growth opportunity,” pointing to active cultivation and processing investments and a retail network originally designed with adult-use in mind. Adult-use sales in the state are scheduled to begin July 1, 2027, and the company is currently exploring financing alternatives to support those preparations.

In terms of corporate structure, Jushi completed the re-domiciliation of its parent entity from British Columbia, Canada to Nevada in July 2026, following shareholder approval in June, aligning its legal structure with its U.S. operational footprint.

Overall, Jushi’s Q3 reflects a company making genuine operational progress, but under real financial constraint. The wholesale surge and Virginia’s unit-volume growth are the kind of leading indicators that can precede a broader recovery. That said, $215 million in gross debt, a slight margin pull-back, and a capital-intensive adult-use buildout ahead mean that the next twelve months will test management’s capacity for disciplined allocation. The Virginia catalyst is credible, but it is eight months out, and the financing questions surrounding it remain very much open.