# Jushi Holdings Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Jushi Holdings Inc.).

## Overview

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.

## Products & services

• Retail cannabis sales through dispensaries
• Wholesale cannabis flower and branded products
• Cultivation and grower-processing operations
• Cannabis processing and product manufacturing
• Medical and adult-use market operations

- **Retail dispensary sales** (90%) — Direct sales of cannabis products to medical and adult-use customers through company-operated stores.
- **Wholesale cannabis** (10%) — Bulk flower and other products sold to third-party customers and partners in operating states.
- **Cultivation and processing** (0%) — Internal cultivation, grower-processing, and manufacturing that support retail and wholesale supply.

- Retail cannabis sales through dispensaries
- Wholesale cannabis flower and branded products
- Cultivation and grower-processing operations
- Cannabis processing and product manufacturing
- Medical and adult-use market operations

## 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.

- **Adult-use retail customers** (primary) — Consumers buying cannabis products from Jushi dispensaries in adult-use markets such as Ohio, Illinois, Nevada, and Massachusetts.
- **Medical cannabis patients** (primary) — Patients buying regulated products in medical markets such as Pennsylvania and Virginia, where access and licensing remain important.
- **Wholesale partners** (secondary) — Third-party buyers of bulk cannabis flower and related products when Jushi has available supply.

- Adult-use consumers buying cannabis for recreational use
- Medical patients seeking regulated cannabis products
- Wholesale buyers purchasing bulk flower and finished goods
- Local dispensary customers in limited-license states
- Third-party partners needing supply when Jushi has excess production

## 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.

- 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

## 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.

- **Expand in limited-license and transitioning markets** (medium-term) — These markets can support better economics, tighter competition, and future adult-use upside.
- **Strengthen vertical integration and retail control** (short-term) — Owning cultivation, processing, and stores helps manage supply, margins, and brand execution.
- **Grow branded product sales** (medium-term) — Higher branded mix can improve customer loyalty and reduce dependence on commodity pricing.

- Target limited-license markets with attractive long-term economics
- Expand in states transitioning from medical to adult-use
- Use vertical integration to control supply and retail execution
- Increase Jushi-branded product mix to support pricing power
- Prioritize retail supply over wholesale when product is constrained

## 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.

- **Competitive pricing pressure** [high] — The company operates in fragmented state markets where rivals can match or undercut prices, forcing discounting.
- **State-level regulatory and licensing risk** [high] — Cannabis operations depend on state rules, license limits, and conversion timelines that can change quickly.
- **Supply availability and operational disruption** [medium] — Wholesale and retail performance can be affected when product is diverted to stores or when tracking/system changes delay shipments.
- **Federal cannabis legal status** [high] — Cannabis remains federally restricted in the U.S., which can affect banking, taxes, and capital access.

- Retail discounting can compress gross margin in competitive markets
- Oversupply in state markets can trigger price pressure and lower revenue
- State regulatory changes can disrupt wholesale and retail operations
- Adult-use transition timing affects growth in key markets like Virginia
- Federal cannabis illegality creates banking, tax, and compliance constraints

## Accounting

Jushi’s results are sensitive to revenue mix between retail and wholesale, as well as the timing of product availability and store openings across states. Cannabis operators also face judgment-heavy accounting around inventory costs, fair value of biological assets where applicable, lease accounting for dispensaries, and impairment testing for licenses and other long-lived assets.

- **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

- Retail versus wholesale mix affects revenue and gross margin timing
- Inventory cost flow matters when older production costs hit current sales
- Lease accounting is important for dispensary and facility locations
- Impairment risk exists for licenses, goodwill, and other intangibles
- Seasonality and state openings can make quarterly comparisons uneven

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*Last updated: 2026-04-28T20:19:11.797669+00:00*