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.

13,6 %

43,4 %

−26,1 %

+2,1 %

1.03

0.51

— Jushi Holdings Inc.
%
Retail dispensary sales90% Direct sales of cannabis products to medical and adult-use customers through company-operated stores.
Wholesale cannabis10% Bulk flower and other products sold to third-party customers and partners in operating states.
Cultivation and processing0% Internal cultivation, grower-processing, and manufacturing that support retail and wholesale supply.

Jushi sells primarily to adult-use consumers and medical cannabis patients who buy through its dispensaries...

  • Adult-use retail customersprimary

    Consumers buying cannabis products from Jushi dispensaries in adult-use markets such as Ohio, Illinois, Nevada, and Massachusetts.

  • Medical cannabis patientsprimary

    Patients buying regulated products in medical markets such as Pennsylvania and Virginia, where access and licensing remain important.

  • Wholesale partnerssecondary

    Third-party buyers of bulk cannabis flower and related products when Jushi has available supply.

Jushi operates across multiple U.S. states, with emphasis on highly populated limited-license markets and states...

  • •Operations are concentrated in U.S. state cannabis markets
  • •Pennsylvania and Virginia are key medical and transition markets
  • •Ohio, Illinois, Nevada, and Massachusetts are core adult-use markets
  • •Certain California municipalities add selective operating exposure
  • •State-by-state regulation drives pricing, supply, and expansion timing

Jushi is focused on building a portfolio of cannabis assets in limited-license jurisdictions and markets with favorable...

01
Expand in limited-license and transitioning marketsmedium-term

These markets can support better economics, tighter competition, and future adult-use upside.

02
Strengthen vertical integration and retail controlshort-term

Owning cultivation, processing, and stores helps manage supply, margins, and brand execution.

03
Grow branded product salesmedium-term

Higher branded mix can improve customer loyalty and reduce dependence on commodity pricing.

Jushi faces intense competition and pricing pressure in state cannabis markets, which can compress margins and force...

high

Competitive pricing pressure

The company operates in fragmented state markets where rivals can match or undercut prices, forcing discounting.

Scope
Retail margins and gross profit
Materiality
high
high

State-level regulatory and licensing risk

Cannabis operations depend on state rules, license limits, and conversion timelines that can change quickly.

Scope
Market access and expansion plans
Materiality
high
high

Federal cannabis legal status

Cannabis remains federally restricted in the U.S., which can affect banking, taxes, and capital access.

Scope
Liquidity and compliance
Materiality
high
medium

Supply availability and operational disruption

Wholesale and retail performance can be affected when product is diverted to stores or when tracking/system changes delay shipments.

Scope
Wholesale revenue and customer service
Materiality
medium
Revenue mix and timing
Quarterly revenue and margin volatility
Inventory costing
Gross margin
Lease accounting
Balance sheet leverage and operating expense presentation
Impairment of licenses and long-lived assets
Operating results and asset values

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: 28.4.2026