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Jushi Holdings Inc.: A Glimpse Into Q4 2023 Financial Results and Product Strategies

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dalle 2024 03 13 18.52.55

Jushi Holdings Inc.JUSHJUSHF upheld strong gross profit margins of 40.2% in Q4 2023 and 43.1% for the fiscal year 2023.

Jim Cacioppo, CEO of Jushi, emphasized operational efficiencies and innovative product launches driven by exclusive retail data and consumer insights.

Cacioppo highlighted, β€œThroughout the year, our product launches were guided by proprietary retail data and consumer insights accumulated across our operations. By centering our development process on this invaluable information, we have been able to introduce sought-after products that resonate with the market, leading us to expand our Jushi-branded product offerings.”

Insights from Q4 2023 Performance

During Q4 2023, Jushi achieved a total revenue of $67.8 million, with a commendable 24.0% year-over-year increase in gross profit, reaching $27.2 million.

Despite a net loss of $18.0 million for the quarter, the company saw positive Adjusted EBITDA of $11.3 million, boasting a margin of 16.7%.

Moreover, in this period, Jushi successfully launched a new dispensary in Mount Pocono, Pennsylvania, while also managing to refinance nearly $9.9 million of unsecured debt. The debt reduction efforts continued with a scheduled payment of $2.4 million on first-lien financing.

Highlights from 2023 Financial Performance

For the fiscal year 2023, Jushi reported total revenue of $269.4 million, showcasing a significant 21.7% year-over-year escalation. The company recorded a gross profit of $116.2 million during this period, demonstrating robust performance.

Despite the positive financial results, Jushi closed the year with a net loss of $65.1 million. Adjusted EBITDA stood at $40.8 million, with a margin of 15.1%.

Throughout 2023, Jushi hit notable milestones, such as achieving 53.4% of total retail revenue from the sale of Jushi-branded products in Q4 2023. The company also introduced 175 new unique SKUs and generated $2.0 million in cash from non-core asset sales.

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