Jushi Holdings (TSE:JUSH)
:JUSH
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Jushi Holdings
(JUSH)
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Rating:49Neutral
Price Target:
C$0.84
▲(8.57% Upside)
Action:ReiteratedDate:04/07/26
The score is primarily held back by weak financial performance—persistent losses, negative equity, and high leverage—despite positive operating cash flow. Technicals are supportive with improving momentum, but valuation remains challenged due to ongoing losses and no dividend. The latest earnings call adds cautious support via refinancing and regulatory catalysts, but high interest costs and market pricing pressure remain material risks.
Positive Factors
Vertical integration and expanding retail/brand mix
Owning cultivation, processing and more stores increases control of assortment, supply reliability and capture of retail margins. A higher share of branded revenue and modest store growth with limited headcount expansion shows scalable retail economics and durable downstream margin capture.
Negative Factors
High leverage and negative shareholders' equity
A structurally weak capital base with substantial debt and negative equity constrains options for growth and increases default risk under stress. Negative equity reduces lender and investor flexibility, making future capital raises pricier or dilutive and limiting the company's ability to absorb shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration and expanding retail/brand mix
Owning cultivation, processing and more stores increases control of assortment, supply reliability and capture of retail margins. A higher share of branded revenue and modest store growth with limited headcount expansion shows scalable retail economics and durable downstream margin capture.
Read all positive factors
Jushi Holdings (JUSH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$141.78M
Dividend YieldN/A
Average Volume (3M)104.97K
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth4.15%
EPS Growth-42.90%
CountryCA
Employees1,234
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.11
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$291.68M
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 primarily makes money by selling cannabis products in U.S. state-legal markets through a vertically integrated model that combines (1) retail dispensary sales and (2) cultivation/processing-driven product supply.
1) Retail dispensary revenu...
Jushi Holdings Earnings Call Summary
Earnings Call Date:Mar 31, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call communicated clear operational progress — including meaningful yield and quality improvements, expanding adjusted EBITDA margins, targeted retail growth, and a refinancing that extends maturities without equity dilution — positioning the company to benefit from favorable regulatory developments (notably Virginia adult use). However, these positives are tempered by only modest revenue growth, full-year margin compression, a larger Q4 net loss, substantial debt and high interest costs (new 12.5% term loan), reliance on employee retention credits to boost results, and ongoing pricing pressure across markets. The balanced mix of notable operational momentum and material financial / market headwinds suggests cautious optimism but no decisive swing to a broadly positive outlook.Positive Updates
Revenue Growth (Q4 and Full Year)
Q4 2025 revenue was $68.3M, up ~4% YoY from $65.9M; full year 2025 revenue was $262.9M, up just over 2% YoY, reflecting stabilization across the retail footprint and contributions from new stores.
Negative Updates
Modest Top-Line Growth Overall
Full-year revenue growth was only just over 2% YoY and Q4 growth was ~4% YoY, indicating top-line expansion remains modest amid competitive, price‑constrained markets.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth (Q4 and Full Year)
Q4 2025 revenue was $68.3M, up ~4% YoY from $65.9M; full year 2025 revenue was $262.9M, up just over 2% YoY, reflecting stabilization across the retail footprint and contributions from new stores.
Read all positive updates
Company Guidance
The company provided clear near-term financial and operational guidance: 2026 capital expenditures are expected to be $9–13 million total (maintenance CapEx $4–5 million; growth CapEx $5–8 million), with most construction-related spending pushed into 2027 and larger Virginia build‑outs likely financed via a mortgage or expanded facility debt; Jushi also completed a $160 million first‑lien term loan (12.5% coupon, interest‑only for 36 months, due 2029) on March 27, 2026, which repaid prior term loan (~$46.1M) and second‑lien notes (~$86.2M), added about $13 million of incremental liquidity and imposes a single covenant to maintain a minimum cash balance (cash was $26.6M at 12/31/25). On regulatory timing, Virginia license applications are expected on/before September 1, 2026 with converted licenses issued on/before December 1, 2026 (a $10 million conversion fee per operator payable under an agreed plan, first payment due by December 1, 2026) and retail adult‑use sales anticipated to begin January 1, 2027; management noted prior market transitions (e.g., New Jersey) saw ~3.2x growth comparing annualized medical to the first four full quarters of adult‑use, which they would expect to be a comparable uplift for Virginia.Jushi Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
41
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 |
|---|---|---|---|---|---|---|---|
69 Neutral | C$2.28B | 16.23 | 6.29% | ― | 5.40% | 62.80% | |
62 Neutral | C$2.28B | -13.95 | -9.71% | ― | 1.59% | 29.84% | |
58 Neutral | C$3.50B | -8.05 | -28.58% | ― | -2.90% | -4.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | C$141.78M | -2.48 | 75.97% | ― | 4.15% | -42.90% | |
48 Neutral | C$2.17B | -1.75 | -30.10% | ― | -4.56% | 25.73% | |
45 Neutral | C$610.10M | -3.01 | -33.00% | ― | -7.58% | -79.11% |
* Healthcare Sector Average
TSE:JUSH
Jushi Holdings
0.71
0.29
69.05%
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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.