Jushi Holdings (TSE:JUSH)
:JUSH
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Jushi Holdings
(JUSH)
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Rating:47Neutral
Price Target:
C$0.66
▼(-14.29% Downside)
Action:Reiterated
Date:05/15/26
The score is held down primarily by weak financial strength (ongoing losses and negative equity with high debt) and poor technical trend (trading below major moving averages). The earnings call adds support due to improving margins/cash flow and regulatory tailwinds, but valuation remains constrained by unprofitability and lack of dividend support.
Positive Factors
Gross margin expansion
A near 4.6pp gross margin improvement reflects better product economics across cultivation, processing and retail. Durable product-level margin expansion supports cash generation and reinvestment capacity, making unit economics more resilient to pricing swings across states.
Negative Factors
Negative equity & high leverage
Negative equity combined with a large gross debt load constrains financial flexibility and heightens refinancing and covenant risk. Even with positive cash flow, the impaired capital structure may force dilutive financings or limit strategic investments if cash generation falters.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin expansion
A near 4.6pp gross margin improvement reflects better product economics across cultivation, processing and retail. Durable product-level margin expansion supports cash generation and reinvestment capacity, making unit economics more resilient to pricing swings across states.
Read all positive factors
Jushi Holdings (JUSH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$119.82M
Dividend YieldN/A
Average Volume (3M)104.97K
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth3.04%
EPS Growth-47.28%
CountryCA
Employees1,234
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.36
Shares Outstanding199,696,600
10 Day Avg. Volume128,959
30 Day Avg. Volume104,975
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)-1.47
Price to Sales (P/S)0.65
P/FCF Ratio392.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)C$274.35M
Jushi Holdings Business Overview & Revenue Model
Company Description
Jushi Holdings Inc., a vertically integrated cannabis company, engages in the cultivation, processing, retail, and distribution of medical and adult-use products. It focuses on building a portfolio of cannabis assets in various jurisdictions in Pe...
How the Company Makes Money
Jushi makes money primarily by selling cannabis products through a vertically integrated model that combines (1) retail dispensary sales and (2) wholesale/distribution to other licensed operators, with revenue and margins influenced by the specifi...
Jushi Holdings Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and strategic tone: the company delivered revenue growth, meaningful margin expansion, improved adjusted EBITDA and stronger operating cash flow while expanding wholesale distribution, SKUs and branded sales. Significant strategic positives include the federal rescheduling of medical cannabis (which could materially improve tax and operating dynamics) and a refinancing that increased liquidity without equity dilution. Offsetting concerns include modest retail growth amid pricing pressure, a widened GAAP net loss driven by elevated interest and refinancing charges, a sizable debt balance, and remaining regulatory and implementation uncertainties that affect timing of upside. On balance, the operational improvements and regulatory tailwinds meaningfully outweigh the near-term financial and execution risks.Positive Updates
Modest Revenue Growth
Q1 2026 revenue of $66.4M, up 4% year-over-year from $63.8M (+$2.6M). Retail revenue $57.9M (vs $56.8M prior year) and wholesale revenue $8.6M (vs $7.0M prior year, +22.2%).
Negative Updates
Modest Retail Growth and Pricing Pressure
Retail revenue grew only modestly (+$1.1M YoY) and management cited continued pricing pressure and increased promotional activity across markets that compressed average selling prices.
Read all updates
Q1-2026 Updates
Positive
Negative
Modest Revenue Growth
Q1 2026 revenue of $66.4M, up 4% year-over-year from $63.8M (+$2.6M). Retail revenue $57.9M (vs $56.8M prior year) and wholesale revenue $8.6M (vs $7.0M prior year, +22.2%).
Read all positive updates
Company Guidance
Management's guidance focused on capital deployment, liquidity and the expected benefits of federal rescheduling: for 2026 they expect maintenance CapEx of ~$4–5M, growth CapEx of ~$5–8M (total CapEx $9–13M), with the majority of construction-related spending likely shifting to 2027; the company ended Q1 with ~$42.3M cash, $222.1M of debt subject to repayment (excluding $21.5M disputed promissory notes), and completed a $160M first‑lien term loan (4% OID, 12.5% coupon, 36‑month interest‑only) that added $13.7M of incremental liquidity and carries a single minimum‑liquidity covenant; Q1 operating metrics included revenue of $66.4M (+$2.6M, +4% YoY), retail $57.9M, wholesale $8.6M, gross profit $29.9M (45% margin vs 40.4% LY), adjusted EBITDA $11.4M (17.2% vs 15.4% LY), net loss $19.8M, cash from operations $8.6M, interest expense $10.4M, and a $5M loss on debt — and management highlighted that rescheduling (medical sales ~60% of 2025 revenue) should remove Section 280E disallowance, lowering future tax expense subject to Treasury/DEA implementation and possible retroactive relief.Jushi Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
18
Very Negative
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 262.91M | 257.52M | 363.67M | 284.28M | 209.29M |
| Gross Profit | 113.98M | 118.30M | 142.49M | 95.48M | 87.37M |
| EBITDA | 38.69M | 50.72M | 40.96M | -121.65M | 86.37M |
| Net Income | -68.59M | -48.78M | -87.87M | -273.94M | 20.25M |
Balance Sheet | |||||
| Total Assets | 422.34M | 440.32M | 611.03M | 529.34M | 677.91M |
| Cash, Cash Equivalents and Short-Term Investments | 24.05M | 19.52M | 38.44M | 26.20M | 94.96M |
| Total Debt | 293.40M | 271.13M | 394.04M | 321.20M | 246.09M |
| Total Liabilities | 537.69M | 490.56M | 621.08M | 483.45M | 494.82M |
| Stockholders Equity | -115.34M | -50.23M | -8.22M | 47.28M | 184.48M |
Cash Flow | |||||
| Free Cash Flow | 433.00K | 16.86M | -18.98M | -78.30M | -72.74M |
| Operating Cash Flow | 17.73M | 21.57M | -4.48M | -21.42M | 1.58M |
| Investing Cash Flow | -13.22M | -7.07M | 0.00 | -80.86M | -112.48M |
| Financing Cash Flow | 767.00K | -24.46M | 0.00 | 33.98M | 120.81M |
Jushi Holdings Technical Analysis
Negative
0.77
Price Trends
0.68
Positive
0.73
Negative
0.79
Negative
Market Momentum
0.01
Negative
49.13
Neutral
42.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:JUSH, the sentiment is Negative. The current price of 0.77 is above the 20-day moving average (MA) of 0.69, above the 50-day MA of 0.68, and below the 200-day MA of 0.79, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 49.13 is Neutral, neither overbought nor oversold. The STOCH value of 42.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:JUSH.
Jushi Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.10B | 23.97 | 6.59% | ― | 4.14% | 146.77% | |
65 Neutral | C$3.63B | 6.09 | -12.61% | ― | -2.25% | 55.22% | |
59 Neutral | C$1.92B | 114.35 | -6.88% | ― | -2.05% | 52.34% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | C$119.82M | -1.83 | 75.97% | ― | 3.04% | -47.28% | |
47 Neutral | C$2.17B | ― | -33.23% | ― | -6.05% | 25.65% | |
46 Neutral | C$505.02M | -6.31 | -35.26% | ― | -9.65% | -55.41% |
* Healthcare Sector Average
TSE:JUSH
Jushi Holdings
0.60
0.14
30.43%
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4.69
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290.83%
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Green Thumb Industries
9.60
1.71
21.67%
TSE:TRUL
Trulieve Cannabis
10.05
3.82
61.32%
TSE:CL
Cresco Labs
1.12
0.12
12.00%
TSE:VRNO
Verano Holdings
6.32
0.00
0.00%
Jushi Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Jushi Posts Modest 2025 Revenue Growth, Extends Debt Maturities to 2029
Positive
Apr 1, 2026
Jushi Holdings reported 2025 revenue of $262.9 million, up 2% year over year, with gross profit of $114 million and an Adjusted EBITDA margin of 19.1%, while still posting a net loss of $68.6 million. Management highlighted operational gains in cu...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Jushi Refinances Debt With $160 Million Term Loan, Bolstering Cash and Balance Sheet
Positive
Mar 27, 2026
Jushi Holdings Inc. has refinanced its former first and second lien credit facilities with a new US$160 million senior secured term loan led by funds managed by FocusGrowth Asset Management, providing non-dilutive financing that matures in three y...
Business Operations and StrategyLegal Proceedings
Jushi Reaches First Settlement in Crackdown on Unregulated Hemp-Derived THC
Positive
Mar 25, 2026
Jushi Holdings’ subsidiaries have reached a settlement with Revelry Supply in Pennsylvania, marking the first resolution in a broader legal campaign against the sale of unregulated intoxicating hemp-derived THC products. The company argues s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.