Jushi Reports Q1 2026 Financial Results

BOCA RATON – Jushi Holdings Inc. delivered a quarter of steady operational progress while facing ongoing industry pressures. The multi-state operator recorded year-on-year improvements in revenue and profitability metrics, and completed a significant refinancing of its debt.

Revenue came in at $66.4 million for the quarter, a 4% increase year-over-year, with gross profit of $29.9 million translating to a 45% gross margin. Gross profit margin expanded 460 basis points year-over-year, reflecting improved operational performance at the company’s grower-processor facilities. Adjusted EBITDA reached $11.4 million, representing a 17.2% margin, while the company posted a net loss of $19.8 million for the quarter.

Retail revenue growth was primarily attributed to Ohio and Virginia. Ohio saw a $4.4 million lift from four new dispensaries added since Q1 2025, while Virginia’s six-store network posted gains through strong same-store sales. On the wholesale side, revenue growth was driven by higher bulk sales and expanded distribution in Massachusetts, including placement in new dispensaries. Jushi ended Q1 2026 operating 42 dispensaries across eight states, compared to 40 dispensaries in seven states at the close of Q1 2025.

Jushi-branded products grew to 58% of retail revenue across the company’s five vertical markets, up from 56% in Q1 2025. That kind of mix shift tends to support margins over time; it signals that the company’s in-house portfolio is earning shelf space on its own merits rather than relying on third-party fill.

The most significant development of the quarter occurred on the balance sheet. In March 2026, Jushi refinanced both its 2024 senior secured term loan and its second lien secured notes, instruments carrying an aggregate principal balance of approximately $132.3 million as of year-end 2025, through the issuance of a new $160 million secured term loan at 12.5%, due in 2029.

CEO Jim Cacioppo framed the move as strengthening the balance sheet by enhancing liquidity and extending maturities while preserving financial flexibility. Notably, Cacioppo personally invested $28 million into the refinancing deal, a move that speaks louder than any press release boilerplate about management confidence.

Looking ahead, the Virginia market sits at the center of Jushi’s near-term strategic calculus. Virginia’s potential January 2027 adult-use market is the primary driver of Jushi’s investment plans and facility expansion, with most near-term capital directed there. Jushi holds exclusive retail rights to the Northern Virginia region [home to roughly a third of the state’s population] and is actively expanding cultivation capacity to meet anticipated demand.

Jushi’s Q1 2026 results don’t point to a company chasing explosive growth. They point to one building infrastructure for the next leg: tightening margins, clearing the debt runway through 2029, and positioning itself in a state that could become one of the more significant adult-use markets on the East Coast. Add the 280E relief to that picture, and the operating environment Jushi will be working in by mid-2027 looks materially different from the one that defined the past three years. The pieces are in place. Execution, as always, is what comes next.