Jushi Holdings Inc.
Jushi Holdings Inc. is a vertically integrated cannabis operator in the United States with retail, wholesale, cultivation, and processing operations. The company serves both medical and adult-use markets, with a focus on limited-license states and markets moving toward broader legalization.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDirect sales of cannabis products to medical and adult-use customers through company-operated stores.
Bulk flower and other products sold to third-party customers and partners in operating states.
Internal cultivation, grower-processing, and manufacturing that support retail and wholesale supply.
Products
Reported · share of revenue- Retail Cannabis89.6 %
- Wholesale Cannabis10.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Jushi sells primarily to adult-use consumers and medical cannabis patients who buy through its dispensaries. It also serves wholesale customers and third-party partners that purchase bulk product when supply is available. Demand is shaped by state-level legalization, local competition, product availability, and pricing pressure.
Consumers buying cannabis products from Jushi dispensaries in adult-use markets such as Ohio, Illinois, Nevada, and Massachusetts.
Patients buying regulated products in medical markets such as Pennsylvania and Virginia, where access and licensing remain important.
Third-party buyers of bulk cannabis flower and related products when Jushi has available supply.
Strategy
Jushi is focused on building a portfolio of cannabis assets in limited-license jurisdictions and markets with favorable legalization trajectories. The company is prioritizing vertical integration, branded product penetration, and supply allocation to its own retail stores to improve margin and control customer experience.
These markets can support better economics, tighter competition, and future adult-use upside.
Owning cultivation, processing, and stores helps manage supply, margins, and brand execution.
Higher branded mix can improve customer loyalty and reduce dependence on commodity pricing.
Geography
Jushi operates across multiple U.S. states, with emphasis on highly populated limited-license markets and states transitioning from medical to adult-use. Reported operating activity includes Pennsylvania, Virginia, Illinois, Nevada, Massachusetts, Ohio, and certain municipalities in California. Geography matters because each state has its own licensing regime, pricing dynamics, and pace of adult-use expansion.
Risks
Jushi faces intense competition and pricing pressure in state cannabis markets, which can compress margins and force heavier discounting. Its results also depend on state-specific regulatory changes, supply availability, and the timing of adult-use transitions, while the federal legal status of cannabis continues to create structural industry risk.
- Federal cannabis legal statusImpact: HighLikelihood: High
Cannabis remains federally restricted in the U.S., which can affect banking, taxes, and capital access.
Exposure: Liquidity and compliance
- Competitive pricing pressureImpact: HighLikelihood: Low
The company operates in fragmented state markets where rivals can match or undercut prices, forcing discounting.
Exposure: Retail margins and gross profit
- State-level regulatory and licensing riskImpact: HighLikelihood: Low
Cannabis operations depend on state rules, license limits, and conversion timelines that can change quickly.
Exposure: Market access and expansion plans
- Supply availability and operational disruptionImpact: MediumLikelihood: Low
Wholesale and retail performance can be affected when product is diverted to stores or when tracking/system changes delay shipments.
Exposure: Wholesale revenue and customer service
Accounting
Judgemental itemsRetail and wholesale revenue can shift materially based on supply allocation and store openings, affecting comparability.
Impact: Quarterly revenue and margin volatility
Higher production costs from prior periods can flow into current cost of sales as inventory turns.
Impact: Gross margin
Dispensaries and cultivation sites are typically leased, creating right-of-use assets and lease liabilities.
Impact: Balance sheet leverage and operating expense presentation
State market conditions and pricing pressure can reduce expected cash flows and trigger impairment reviews.
Impact: Operating results and asset values
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Last updated: 24/09/2026