Jushi Reports Q2 2026 Financial Results

BOCA RATON – Jushi Holdings Inc. released its second-quarter 2026 financial results, posting revenue of $71.3 million, a 10% year-over-year gain, with growth spread across both the retail and wholesale channels.

The wholesale segment set the headline. Revenue from that channel climbed 68% to $9.4 million, the first time in company history that a single quarter cleared $9 million. Higher production volumes, improved product quality, and expanded dispensary placement drove the increase, with the sharpest gains coming from Massachusetts and Pennsylvania through new distribution placements and higher facility output.

Retail reached $61.9 million, up 4%, though the quarter illustrated a tension common across the U.S. market: units sold rose 11.4% year-over-year while average selling prices fell under competitive and promotional pressure. Ohio was the primary retail contributor, adding $4.6 million in revenue following three new dispensary openings since early 2025. Virginia posted a quarterly revenue record across six stores, driven by a 10% jump in units sold. Jushi closed the quarter with 42 dispensaries in 8 states, up from 40 across 7 states a year earlier.

On the product side, the company introduced 501 new SKUs during Q2 2026, including the launch of live resin products in Pennsylvania, while house-branded items edged up to 57% of retail revenue across five vertical markets, from 56% in Q2 2025.

Gross profit landed at $31.5 million on a 44.2% margin, against $28.9 million and 44.5% in Q2 2025. Adjusted EBITDA was $13.3 million at an 18.7% margin, compared to $13.7 million and 21.1% in the prior-year period. Net loss narrowed to $7.3 million from $12.3 million.

Two regulatory shifts defined the quarter’s backdrop. Federal rescheduling of state-licensed medical Cannabis to S III removed the Section 280E tax burden from qualifying medical Cannabis activities. Jushi recognized a $6.4 million discrete income tax benefit tied to a reassessment of certain deferred tax balances. Separately, Virginia enacted adult-use Cannabis legislation with commercial sales set for July 1, 2027; the company said cultivation and processing investments are underway in anticipation.

The balance sheet closed the quarter with $35.5 million in cash and equivalents against $219.8 million in gross debt. Operating cash flow turned positive at $0.8 million, compared to negative $1.9 million in Q2 2025. Capital expenditures totaled $3.9 million. Shareholders also approved a corporate continuance from British Columbia to Nevada, aligning the parent entity’s domicile with its U.S. operating base.

For a company servicing a nine-figure debt load in a market defined by pricing compression, Jushi’s Q2 2026 results represent deliberate, execution-focused progress. Credible rather than transformational. The rescheduling and the resulting 280E relief on the medical side are structural gains, not one-time noise. Virginia’s adult-use clock is now formally set, adding real optionality to the long-term investment case. The test over the next several quarters is managing production build-out, debt service, and retail optimization at the same time, with little margin for execution slippage between now and July 2027.