Jushi Holdings Reports Q3 2025 Financial Results

LOS ANGELES – Jushi Holdings Inc., a vertically integrated Cannabis operator with footprints in six states, disclosed third-quarter 2025 financials that showed revenue climbing 6.6% year-over-year to $65.7 million, driven by higher wholesales and customer traffic at its dispensaries.

Gross profit climbed to $30.7 million, lifting the margin to 46.7% [a 125 basis-point improvement year-over-year and 220 basis points sequentially] fueled by higher yields at processing facilities in Massachusetts and Ohio.

Adjusted EBITDA advanced 23.7% to $12.8 million, topping the $12.4 million forecast and marking the company’s strongest quarterly profitability metric to date.

Those gains, however, masked a net loss of $23.7 million, or 12 cents per share, wider than the $16 million loss from the prior year, driven by $10.3 million in interest expenses and a $6.3 million hit from derivative fair-value changes. Operating expenses edged up 1.8% to $28.3 million, reflecting higher depreciation from recent store builds and legal fees, though offset by reduced share-based compensation.

Retail sales, which account for the bulk of revenue, grew 6% year-over-year to support the topline, with Ohio contributing $3.9 million more from five new locations, including the Beyond Hello Parma site now running under a temporary management agreement. Virginia added $1.5 million via same-store gains at its six outlets. Wholesale revenue rose 12%, or $0.7 million, across most states, though Virginia saw a $1 million dip from softer partner demand. Jushi-branded items held steady at 56% of retail mix, up 110 basis points annually.

Chief Executive Jim Cacioppo credited facility upgrades for 13% higher yields and THC potency exceeding targets by over 10%. “Higher yields, enhanced product quality, and more efficient operations are allowing us to serve both our retail network and wholesale partners more effectively,” he said, adding plans for three more stores by mid-2026, including an Ohio debut and two in New Jersey.

The balance sheet showed $26.2 million in cash and equivalents at quarter-end, with $6.1 million generated from operations [a positive shift] and $4.9 million spent on capital projects. Total debt stood at $194.3 million, excluding certain notes, and the company recently amended a loan for $4 million in fresh proceeds at lower rates, pushing maturity to 2030. Term loans totaling $47.3 million come due next year, but refinancing talks are underway for completion by September 2026.

Jushi’s financial results reveal the company methodically building scale in a fragmented sector. The margin lift and positive cash flow offer a counterweight to persistent net losses and debt loads, but execution on New Jersey entry and refinancing will test that progress as federal tax reforms remain stalled. In a business where efficiency often separates survivors from also-rans, Jushi’s focus on yields and store-level discipline looks like a bet worth watching.