Jushi Holdings Reports Q2 2025 Financial Results

LOS ANGELES – Jushi Holdings Inc. reported its Q2 2025 financial results, reflecting modest revenue growth and operational advances as it expands its retail footprint and refines its cultivation strategy.

The company posted revenue of $65 million, a slight increase from $64.5 million in Q2 2024, driven by retail gains in Ohio and Virginia. Ohio’s retail revenue rose $4.1 million year-over-year, fueled by the state’s adult-use market transition and the opening of a fifth dispensary, Beyond Hello™ Mansfield. Virginia added $1.8 million in retail sales through higher unit sales and expanded delivery. However, wholesale revenue dipped $2.0 million due to product availability constraints in Virginia.

Gross profit reached $28.9 million, with a 44.5% margin, down from 50.4% in Q2 2024, as competitive pricing pressures reduced average selling prices. Adjusted EBITDA was $13.7 million, yielding a 21.1% margin, while the net loss improved to $12.3 million from $17.0 million in Q1 2025. Cash flow challenges persisted, with operations using $1.9 million, though $4 million from Employee Retention Credit claims and $3 million from non-core Nevada asset sales provided a financial cushion.

Operationally, Jushi maintained brand strength, with its products comprising 56% of retail sales across five markets. Expansion plans remain robust, with a sixth Ohio store in Parma and two New Jersey locations targeted for 2025, marking Jushi’s first new market entry in over two years. Cultivation upgrades in Pennsylvania and Virginia aim to boost canopy by up to 45%, with initial phases operational by October 2025.

In a complex market, Jushi is balancing growth and financial discipline. Challenges include margin pressure from competition, wholesale declines and regulatory uncertainties in key markets like Pennsylvania and Virginia. Jushi is also navigating competition from hemp-derived THC products, allocating resources to address this issue.