Jushi Corporation (Jushi) (Tokyo, Japan) is a leading manufacturer of cannabis oil-based medications for the treatment of cancer. Jushi has developed and is planning to market a new dosage form of cannabidiol (CBD), a non-psychoactive cannabinoid, to meet the growing demand for natural, safe and effective formulations of pharmaceutical grade CBD.
Jushi Corporation, a Chinese producer of tobacco, paper, and plants has recently announced revenue increases of 30.6% compared to last year’s Q1. The company has been growing steadily and has now become one of the most notable tobacco companies in China. The Jushi Company was recently launched in the year 2000 and has been focusing on growing its business in the tobacco industry. One of the main focuses of the Jushi Corporation is on growing its product range, which is now made up of four different kinds of tobacco products. Jushi Corporation has been making plans to grow its business and has recently announced its intention to increase its revenues by 30% in the next quarter. The Jushi Corporation has been working hard to
Jushi Cannabis Corp (CSE: JUS) (OTCQB: JQSIF) (FRA: F1Z) (“Jushi” or the “Company”), a diversified Canadian cannabis company is pleased to provide an update on its financial results for the first quarter ended March 31, 2018.. Read more about jushi holdings and let us know what you think.
Jushi Holdings Inc. reports financial results first quarter 2021 and defers filing of annual report and report first quarter 2021
Key indicators for the first quarter of 2021
- Total revenues were $41.7 million, a 29.0% increase over the prior year.
- Gross profit was $20.1 million, up 14.1% from the prior year.
- The net loss of $26.1 million is primarily due to an increase in liabilities related to derivative warrants, interest expense, income taxes and losses on debt repayments.
- Adjusted EBITDA1 of $3.0 million.
- 167.9 million of cash, cash equivalents and securities on the balance sheet at 31. March 2021
1 Adjusted EBITDA, which is a non-IFRS measure, excludes certain elements detailed in the accompanying reconciliation of non-IFRS measures at the end of this press release to the most comparable IFRS measure. BOKA RATON, FL, 28. May 2021. (GLOBE NEWS) -Jushi Holdings Inc.(Jushi or the Company) (CSE:JUSH) (OTCMKTS:JUSHF), a vertically integrated multi-state cannabis operator, announced its financial results for the first quarter of 2021 ended December 31. March 2021 announced. All financial information is expressed in U.S. dollars unless otherwise indicated. The Company also provides an update regarding the filing of the Company’s audited financial statements for the year ended December 31. December 2020, the related management’s discussion and analysis, the related CEO and CFO certifications, and the annual information form for the year ended December 31, 2020. year ended December 31, 2020 (the Documents). As previously reported, the company’s auditor, MNP, has informed the company that it will continue the audit and filing through 28. May 2021. Last night, the NPM again informed the company that it needs more time to complete its review procedures. MNP currently informs the Company that it expects to receive the results of the audit by Friday the 4th. June 2021, after which the Company plans to file with SEDAR. The Company is not aware of any significant matters that would require an audit by the auditor and expects an unqualified opinion. This additional time will also delay the filing of the Management’s Discussion and Analysis and the consolidated financial statements for the first quarter ended December 31. March 2021, which the Company expects to file concurrently with the filing. The Company’s previous public documents are available on the SEDAR website atwww.SEDAR.com. Latest events
- Completed the acquisition of a 93,000 square foot facility and nine acres of adjacent land owned by Dalitso LLC, a Virginia-based subsidiary that processes pharmaceutical products.
- Acquisition of a 100% interest in Organic Solutions of the Desert, LLC, a pharmacy in Palm Springs, California, and an approximate 78% interest in a retail licensee in Grover Beach, California, with the right to acquire the remaining interest in the future
- Signing of a definitive agreement to acquire Nature’s Remedy of Massachusetts, Inc. a vertically integrated, Massachusetts-based operator of two adult pharmacies and a 50,000 square foot cultivation and manufacturing facility.
- Completion of previously announced acquisition of a well-known operator in Nevada
- The first phase of a previously announced expansion project at an agricultural processing plant in Pennsylvania has begun.
Remark of the management In the first quarter of 2021, we delivered another strong operational and financial performance.
Jim Cacioppo, CEO, Chairman and Founder, Jushi
In the first quarter, we were able to significantly increase revenue and gross margin and report positive adjusted EBITDA for the third consecutive quarter. We also strengthened our balance sheet with two successful equity transactions that generated gross proceeds of approximately $86 million. Mr Cacioppo continued: Looking ahead to the end of 2021, we are focusing on three key growth areas: First, the continued expansion of our BEYOND/HELLO™ retail network, including the planned opening of up to 10 new stores by year-end; second, the optimization and expansion of our processing facilities in Pennsylvania and Virginia, which we believe will allow the Company to expand its operations in anticipation of future market demand; and third, the pursuit of merger and acquisition opportunities, which we believe will allow us to add attractive assets to our portfolio in new and existing markets. Financial results for the first quarter ended 31 December 2021 Revenue for the first quarter of 2021 (Q1 2021) increased 29.0% to $41.7 million from $32.3 million in Q4 2020. The 29.0% increase in revenues is primarily due to strong revenue growth in the BEYOND/HELLOTM markets in Pennsylvania and Illinois, an early increase in revenue from retail operations in Virginia, and increased activity in the PAMS and Nevada facilities. Gross margin in Q1 of Q4 2021 was $20.1 million, or 48.2% of revenues, compared to $17.6 million, or 54.5% of revenues, in Q4 2021. Quarter 2020. The increase in gross profit was primarily due to strong sales growth in the BEYOND/HELLOTM stores in Pennsylvania and Illinois, early sales growth in the Virginia retail business, and increased activity in the PAMC and Nevada stores. Net loss for the first quarter of 2021 was $26.1 million, or $0.17 per diluted share. The improvement in net loss in the first quarter is primarily due to fluctuations in the fair value of the Company’s derivative liability associated with changes in the fair value of the Company’s subordinate voting shares and the number of warrants associated with the warrant liability. Adjusted EBITDA1 for the first quarter of 2021 was $3.0 million, compared to adjusted EBITDA of $2.0 million in the fourth quarter of 2020. The increase in adjusted EBITDA on a sequential quarterly basis was due to increased sales and gross margin, partially offset by increased personnel costs resulting from the opening of new stores, the start-up of the Ohio plant and the expansion of the Pennsylvania and Virginia processing plants. Balance sheet and liquidity As of 31. At March 2021, the Company had $167.9 million in cash and short-term investments. Total current assets are $197.0 million and current liabilities are $48.6 million at December 31. March 2021. Net working capital as of December 31, 2009 was $148.3 million. The Company incurred approximately $10 million in capital expenditures in the first quarter of 2021. As of 31. At March 2021, the Company had total outstanding debt of $82.4 million, excluding lease obligations and fixed asset financing obligations. About Jushi Holdings Inc. We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a portfolio of cannabis brand assets in several states through opportunistic acquisitions, distressed sales and competitive bidding. Jushi is committed to maximizing shareholder value by providing high quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com, twitter.com/wearejushi and beyond-hello.com. JUSHI HOLDINGS INC. ÜBERLEITUNG DER NICHT-IFRS-FINANZKENNZAHLEN EBITDA and adjusted EBITDA are non-IFRS financial measures. Management believes that EBITDA is a useful measure for evaluating the Company’s performance because it reflects meaningful operating performance by excluding the impact of costs not reflected in our operating results. Management defines EBITDA as net income (loss) or earnings before interest, income taxes, depreciation and amortization. We believe that adjusted EBITDA is a useful measure of company performance because it is a more meaningful measure of company performance by excluding the impact of costs that do not reflect company performance and other one-time or variable costs. We define adjusted EBITDA as EBITDA before: (i) changes in fair value of inventory sold and changes in fair value of biological assets; (ii) equity compensation expense; (iii) changes in fair value of derivative instruments; (iv) net gains on business combinations ; (v) gains and losses on investments and financial assets; (vi) net losses on changes in bonds and warrants; (vii) gains and losses on valuations; (viii) pre-acquisition costs; (ix) listing costs; and (x) goodwill impairment. The financial measures above are measures adjusted against IFRS net income (loss) to provide readers with a standardized measure that makes comparison to the overall cannabis industry more meaningful and to remove one-time, non-recurring items that would otherwise distort IFRS net income. Other companies in the industry in which Jushi operates may calculate this measure differently, limiting its usefulness as a comparative measure. Adjusted EBITDA is not an IFRS recognized performance measure, has no standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is included in the supplemental information because we believe this measure is a better measure of the Company’s current performance by excluding certain significant non-cash items and other adjustments that we believe are not representative of the Company’s current operations and performance. Adjusted EBITDA has limitations as an analytical tool because it excludes from reported net income or loss interest, taxes, depreciation and amortization, certain non-cash expenses, listing fees, certain other income, changes in fair value on the sale of inventory and biological assets. Due to these limitations, Adjusted EBITDA should not be considered the sole indicator of the Company’s performance and should not be considered in isolation or as a substitute for an analysis of the Company’s results as reported under IFRS. The most comparable measure of adjusted EBITDA under IFRS is operating profit (loss). Jushi counts a store as the same store stock when the store has been in operation for two full consecutive quarters. A shop is not included in the turnover of the same shop if it was closed for a week or more during the specified period, for example during a business interruption, restructuring. The increase in retail sales is mainly due to a change in the number of customer transactions and a change in the average transaction size. The increase in same-store sales at Jushi was primarily influenced by greater brand awareness, constant menu updates and the use of technology. Jushi’s revenue growth is also influenced by external factors, including the macroeconomic situation, which may affect consumer spending. Reconciliation of non-IFRS key figures Original press release For the latest information on Jushi Holdings, visit the company’s sponsored investor panel. Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.
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