Jushi Holdings Inc. Annual Report - How They Did This Year

I’m writing this guide to help you understand how Jushi Holdings performed this year. Think of this as a "cheat sheet" to help you decide if they’re a company you want to watch.

1. What does this company do?

Jushi is a cannabis company that handles everything from "seed-to-sale." They grow, manufacture, and sell cannabis products. Their retail stores operate under the Beyond Hello name. By controlling the entire process, Jushi keeps more profit at every step. They also build brand loyalty through their own product lines, such as The Lab, Nira, and Hijinks.

2. Business Strategy & Footprint

Jushi focuses on states where it is difficult to get a business license. This limits competition and protects their market share. As of December 31, 2025, they ran 42 dispensaries across eight states. Most of their stores are in Pennsylvania, Virginia, Illinois, Ohio, and Massachusetts. They also have operations in Nevada, California, and New York. By targeting states moving from medical to recreational sales, Jushi aims to grow its revenue quickly.

3. Financial Performance

In 2025, Jushi earned about $285 million in revenue. They reported an adjusted profit (EBITDA) of roughly $45 million. However, they continue to spend heavily on building new facilities. The company carries over $250 million in long-term debt and lease payments. While they generate cash, they prioritize infrastructure investment, leaving them with about $35 million in cash at the end of the year.

4. Major Wins and Challenges

• Wins: Jushi improved its retail lineup, including opening its 7th Ohio store in early 2026. Their Hijinks brand now takes up 15% more shelf space in their own stores, which helped increase their profit margins by about 2%.
• Challenges: High-interest debt puts pressure on their finances. They rely on loans from company insiders, which often come with interest rates of 10% to 12%. They also closed an underperforming store in Illinois to boost their average store profit margin, which currently sits at 22%.

5. Key Risks

The biggest risk is the company’s debt. With major payments due in 2027, they may face challenges refinancing in today’s high-interest environment. Cannabis remains illegal at the federal level, which creates constant regulatory risk. Additionally, over 60% of their revenue comes from just two states: Pennsylvania and Virginia. Any legal or supply issues in those states would impact their ability to service their debt.

6. Future Outlook

Through 2027, Jushi plans to pay down debt and improve efficiency. They are shifting away from rapid expansion to focus on generating more cash, with plans to cut spending on new projects by 20% compared to last year. Management is monitoring federal banking reforms, which could potentially lower their borrowing costs.

Investor Tip: To gauge their progress, watch their upcoming quarterly reports for two specific signals: evidence that they are successfully reducing their total debt load and confirmation that store-level profits are growing at a faster pace than their interest expenses.