Jushi Holdings Inc.

Revenue was $66.4 million in Q1 2026, up 4% from $63.8 million in Q1 2025. Gross profit was $29.9 million, or 45% of revenue, versus $25.8 million, or 40.4%, last year. Adjusted EBITDA was $11.4 million, up from $9.8 million, with margin expanding to 17.2% from 15.4%; operating cash flow was $8.6 million versus $7.5 million. Net loss was $19.8 million versus $17 million, and interest expense was $10.4 million with a $5 million debt-related loss and a $2.3 million derivative gain. Cash and cash equivalents plus restricted cash were approximately $42.3 million at quarter-end, and debt subject to repayment was $222.1 million as of March 31. For 2026, maintenance CapEx is expected to be about $4 million to $5 million, growth CapEx about $5 million to $8 million, and total CapEx about $9 million to $13 million.

Jim Cacioppo framed the quarter as steady execution: modest top-line growth, margin expansion, and better operating performance across cultivation and retail. He said federal rescheduling to Schedule III is a major milestone that should lower tax burden over time, while also emphasizing that Jushi’s biggest opportunities remain domestic, especially in Virginia, Pennsylvania, and Ohio. His tone was constructive and highly confident on future capacity expansion, saying the company is preparing to “hit the market very hard” if regulatory changes unfold as expected.

Michelle Mosier focused on the quarter’s financial improvement, citing $66.4 million of revenue, $29.9 million of gross profit, 45% gross margin, and $11.4 million of adjusted EBITDA. She highlighted the refinancing impact: $42.3 million of cash, cash equivalents and restricted cash at quarter-end, $222.1 million of debt subject to repayment, and $13.7 million of incremental liquidity from the new facility. She also guided to 2026 CapEx of $9 million to $13 million total, including $4 million to $5 million of maintenance spending and $5 million to $8 million of growth spending, with most Virginia construction-related spending expected in 2027 rather than 2026.

Analysts focused on Virginia’s adult-use timing, where management said the bill would take effect on January 1, 2027 if signed, with current medical operators expected to have an advantage because new licenses would need to go through the licensure process. Management also said it is expanding cultivation capacity in Virginia through additional rooms and a larger warehouse build-out that could roughly double production. Another key topic was rescheduling and capital allocation: Jim said rescheduling itself may not change competitive dynamics much, but the closing of the hemp loophole could help regulated operators, and he described Jushi’s highest-return uses of capital as Virginia, Pennsylvania, and Ohio rather than exports or other new markets. He also addressed Pennsylvania and Ohio, saying Pennsylvania could move quickly if adult use passes, while Ohio is being verticalized to raise Jushi-branded product sell-through.