Jushi Holdings Inc.

Revenue for Q1 2026 was $66.4 million, up from $63.8 million in the prior-year quarter. Retail revenue was $57.9 million versus $56.8 million, and wholesale revenue was $8.6 million versus $7.0 million. Gross profit was $29.9 million, or 45% of revenue, compared with $25.8 million, or 40.4% of revenue, and adjusted EBITDA was $11.4 million versus $9.8 million, with margin improving to 17.2% from 15.4%. Net loss was $19.8 million compared with $17.0 million, and cash from operations was $8.6 million versus $7.5 million. For guidance, management said 2026 maintenance CapEx is expected to be about $4 million to $5 million, and growth CapEx is expected to be $5 million to $8 million, for total projected capital expenditures of $9 million to $13 million; they also said most Virginia construction-related spending would likely occur in 2027 rather than 2026.

Jim Cacioppo framed the quarter as one of modest top-line growth and continued margin expansion, while stressing that operational improvements, product quality and disciplined execution were the main drivers. He said the Schedule III rescheduling of state-licensed medical cannabis is a historic milestone and could improve profitability over time by reducing the burden of 280E and normalizing the operating environment. Strategically, he emphasized Jushi’s focus on domestic investment in its core footprint, especially Virginia, Pennsylvania and Ohio, rather than pursuing export opportunities.

Michelle Mosier said Q1 revenue increased by $2.6 million to $66.4 million, gross profit reached $29.9 million, and adjusted EBITDA was $11.4 million, reflecting stronger operating performance despite continued pricing pressure and higher promotional activity. She noted operating expenses were $28.3 million, interest expense was $10.4 million, and the quarter included a $5 million loss on debt related to the refinancing, partially offset by a $2.3 million fair value gain on derivatives. She also said the company ended the quarter with approximately $42.3 million of cash, cash equivalents and restricted cash, had $222.1 million of debt subject to repayment as of March 31, and expects 2026 CapEx of $9 million to $13 million in total.

Analysts focused mainly on Virginia, asking how adult use would change the timeline, retail expansion and Jushi’s competitive position. Management said if the bill becomes law, adult-use sales would start on January 1, 2027, and that Jushi’s existing stores were designed for adult use, while the bigger opportunity would come from expanding cultivation and production rather than adding many new stores. Another key question was whether rescheduling changes price competition or capital allocation; Cacioppo said rescheduling itself would not materially change competitive dynamics, and that Jushi will prioritize domestic expansion in Virginia, Pennsylvania and Ohio because those projects offer attractive returns relative to other uses of capital.