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Jushi Holdings (TSE:JUSH)
:JUSH
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Jushi Holdings (JUSH) AI Stock Analysis

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TSE:JUSH

Jushi Holdings

(JUSH)

Rating:44Neutral
Price Target:
C$0.50
▼(-49.49% Downside)
Jushi Holdings' overall stock score is primarily impacted by its weak financial performance, characterized by high leverage and negative profitability. While technical analysis shows some positive trends, the valuation remains unattractive due to ongoing losses. The earnings call provided some optimism with revenue growth and operational improvements, but regulatory uncertainties and cash flow challenges continue to pose significant risks.

Jushi Holdings (JUSH) vs. iShares MSCI Canada ETF (EWC)

Jushi Holdings Business Overview & Revenue Model

Company DescriptionJushi 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 Pennsylvania, Virginia, Ohio, Illinois, California, Nevada, and Massachusetts. The company also offers hemp-based CBD products, including cannabidiol supplements, tinctures, capsules, softgels, and topicals under The Bank, The Lab, Nira+ Medicinals, Seche, Tasteology, and Nira brands. As of August 25, 2022, it operated 35 BEYOND/HELLO retail locations. The company was incorporated in 2007 and is headquartered in Boca Raton, Florida.
How the Company Makes MoneyJushi Holdings makes money through its diversified operations in the cannabis industry, primarily by selling cannabis products across its retail dispensaries and wholesale channels. The company's key revenue streams include retail sales from its BEYOND / HELLO branded dispensaries, where it offers a wide range of cannabis products such as flower, concentrates, edibles, and topicals. Additionally, Jushi generates revenue through wholesale distribution, selling its branded products to other dispensaries and third-party retailers. The company also benefits from vertical integration, allowing it to control the supply chain from cultivation to retail, thus optimizing margins. Partnerships with other cannabis brands and expansion into emerging markets further contribute to Jushi's revenue growth.

Jushi Holdings Earnings Call Summary

Earnings Call Date:Aug 05, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While there was notable growth in retail revenue, operational efficiency, and expansion of the brand portfolio, challenges persist in the wholesale segment and cash flow management. The company is strategically positioned for future growth, but faces ongoing regulatory uncertainties.
Q2-2025 Updates
Positive Updates
Encouraging Revenue Growth
Revenue for Q2 2025 was $65 million, up from $63.8 million last quarter and $64.6 million in Q2 of 2024, driven by increases in retail revenue from Ohio and Virginia.
Improved Gross Profit and Margin
Gross profit for Q2 2025 was $28.9 million or 44% of revenue, an increase from $25.8 million or 40% in Q1 2025, although down from $32.6 million or 50% in Q2 2024.
Reduction in Net Loss
Net loss for Q2 2025 was $12.3 million, an improvement from $17 million last quarter, although higher than the $1.9 million net loss in the prior year.
Retail Expansion Achievements
Six new locations opened since Q4 2024 as part of the retail expansion strategy, with strategic growth in Ohio and plans to enter the New Jersey market.
Operational Efficiency Gains
Labor optimization initiatives led to a 2% increase in headcount despite a 14% increase in store count, demonstrating successful cost management.
Brand and Product Portfolio Expansion
Launch of 602 new product SKUs in Q2 2025 with strong performance from Seche and The Lab brands.
Progress in Virginia's Delivery Operations
Year-over-year delivery sales growth of approximately 40% in HSA-2 and 108% out of HSA-2, with increased patient engagement.
Negative Updates
Decline in Wholesale Revenue
Wholesale revenue decreased to $5.6 million from $7.6 million in Q2 2024, driven by reduced allocation of products to third-party partners.
Cash Flow Challenges
Cash flows used in operations was $1.9 million in Q2 2025, compared to cash flows provided by operations of $7.5 million in Q1 2025 and $5.5 million in Q2 2024.
Gross Profit and Margin Reduction Year-over-Year
Gross profit and margin decreased year-over-year due to competitive pricing pressure and higher production costs.
Regulatory and Market Uncertainties
Delays and uncertainties in regulatory developments, particularly in Virginia and Pennsylvania, affecting strategic planning.
Company Guidance
During the Jushi Holdings, Inc. Second Quarter 2025 Earnings Conference Call, the company provided detailed guidance on various financial and operational metrics. The revenue for Q2 2025 was reported at $65 million, showing an increase from $63.8 million in Q1 2025 and $64.6 million in Q2 2024. The increase was primarily driven by retail revenue growth in Ohio and Virginia, with retail revenues rising $2.6 million sequentially and $2.4 million year-over-year. Gross profit improved to $28.9 million, representing 44% of revenue, up from 40% in Q1 2025 but down from 50% in Q2 2024. Net loss was reduced to $12.3 million from $17 million in the previous quarter. Adjusted EBITDA saw a sequential increase to $13.7 million from $9.8 million, although it was slightly lower than the $14.5 million reported in Q2 2024. The company also highlighted its strategic retail expansion, aiming to open 10 new stores by early 2026, with notable locations in Ohio and New Jersey. Moreover, Jushi is investing in grower-processor operations in Pennsylvania and Virginia, with plans to increase canopy space by up to 50% in Virginia and 35-45% in Pennsylvania through various phases. The company also emphasized cost management and capital structure improvements, including employee retention credit claims and selling a Nevada dispensary license for $3 million. Additionally, they are closely monitoring regulatory developments in Pennsylvania, Virginia, and at the federal level, which could significantly impact their operations.

Jushi Holdings Financial Statement Overview

Summary
Jushi Holdings faces significant financial challenges, with negative net income and high leverage. While revenue growth is positive, profitability remains elusive, and the balance sheet is strained by high debt levels. Cash flow generation is weak, further complicating financial stability.
Income Statement
45
Neutral
Jushi Holdings shows a mixed performance in its income statement. The company has a positive revenue growth rate of 17.6% TTM, indicating a growing top line. However, the net profit margin remains negative at -18.54% TTM, reflecting ongoing profitability challenges. The gross profit margin is relatively healthy at 43.67% TTM, but the negative net income suggests cost management issues. The EBIT and EBITDA margins are modest at 8.90% and 20.70% TTM, respectively, indicating some operational efficiency but insufficient to drive profitability.
Balance Sheet
30
Negative
The balance sheet of Jushi Holdings reveals significant financial leverage, with a concerning debt-to-equity ratio of -3.99 TTM, indicating high debt levels relative to negative equity. The return on equity is positive at 106.07% TTM, but this is due to the negative equity base, which distorts the metric. The equity ratio is negative, reflecting a precarious financial position with liabilities exceeding assets, posing a risk to financial stability.
Cash Flow
40
Negative
Cash flow analysis shows challenges in liquidity management. The free cash flow growth rate is significantly negative at -76.75% TTM, indicating a decline in cash generation. The operating cash flow to net income ratio is 0.37 TTM, suggesting limited cash flow relative to net losses. The free cash flow to net income ratio is 0.65 TTM, showing some ability to generate cash despite net losses, but overall cash flow remains weak.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue256.36M257.52M363.67M284.28M209.29M80.77M
Gross Profit108.11M118.30M142.49M95.48M87.37M43.07M
EBITDA44.77M50.72M40.96M-121.65M86.37M-181.90M
Net Income-57.83M-48.78M-87.87M-273.94M20.25M-211.87M
Balance Sheet
Total Assets432.37M440.32M611.03M529.34M677.91M359.28M
Cash, Cash Equivalents and Short-Term Investments23.21M19.52M38.44M26.20M94.96M93.79M
Total Debt268.83M271.13M394.04M321.20M246.09M95.07M
Total Liabilities510.21M490.56M621.08M483.45M494.82M357.53M
Stockholders Equity-78.14M-50.23M-8.22M47.28M184.48M-177.00K
Cash Flow
Free Cash Flow3.39M16.86M-18.98M-78.30M-72.74M-25.43M
Operating Cash Flow15.12M21.57M-4.48M-21.42M1.58M-3.72M
Investing Cash Flow-12.86M-7.07M0.00-80.86M-112.48M-44.73M
Financing Cash Flow-12.06M-24.46M0.0033.98M120.81M95.41M

Jushi Holdings Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.99
Price Trends
50DMA
0.74
Positive
100DMA
0.59
Positive
200DMA
0.52
Positive
Market Momentum
MACD
0.07
Positive
RSI
57.92
Neutral
STOCH
35.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:JUSH, the sentiment is Positive. The current price of 0.99 is above the 20-day moving average (MA) of 0.95, above the 50-day MA of 0.74, and above the 200-day MA of 0.52, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 57.92 is Neutral, neither overbought nor oversold. The STOCH value of 35.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:JUSH.

Jushi Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.95B-0.40-41.62%2.21%22.29%-1.85%
44
Neutral
C$186.86M155.52%0.31%-1.42%
$221.39M116.201.86%
$22.81M-19.58%
$52.11M4.8722.76%
54
Neutral
C$439.98M-45.36%-12.25%-47.36%
$22.13M16.076.23%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:JUSH
Jushi Holdings
0.99
0.28
39.44%
OGI
OrganiGram Holdings
1.65
-0.17
-9.34%
MEDIF
MediPharm Labs
0.05
0.00
0.00%
DBCCF
Decibel Cannabis Company
0.09
0.04
80.00%
TSE:TSND
TerrAscend Corp
1.19
-0.57
-32.39%
MILFF
1CM Inc
0.17
-0.09
-34.62%

Jushi Holdings Corporate Events

Product-Related AnnouncementsBusiness Operations and Strategy
Jushi Holdings and Stacey Rusch Launch New Cannabis Brand ‘Shayo’
Positive
Jun 23, 2025

Jushi Holdings Inc. has partnered with Stacey Rusch, a Real Housewives of Potomac star, to launch a new cannabis-infused wellness brand, Shayo, in Virginia’s medical cannabis market. The brand features rosin-infused fruit chews designed with specific cannabinoid profiles, offering a premium, vegan, and gluten-free edible experience. The early success of Shayo has exceeded expectations, and the products are available at Beyond Hello locations in Virginia, with plans for wider distribution.

The most recent analyst rating on (TSE:JUSH) stock is a Buy with a C$1.30 price target. To see the full list of analyst forecasts on Jushi Holdings stock, see the TSE:JUSH Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Jushi Holdings Announces Shareholder Meeting Results and Auditor Appointment
Positive
Jun 3, 2025

Jushi Holdings Inc. announced the results of its annual shareholders’ meeting, where the number of directors was set at five, and all nominated directors were elected. Additionally, Macias Gini & O’Connell LLP was appointed as the auditor for the company. These decisions are expected to strengthen Jushi’s governance and operational oversight, potentially enhancing its market position and stakeholder confidence.

The most recent analyst rating on (TSE:JUSH) stock is a Buy with a C$1.30 price target. To see the full list of analyst forecasts on Jushi Holdings stock, see the TSE:JUSH Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Jushi Holdings Reports Q1 2025 Financial Results and Expansion Plans
Neutral
May 8, 2025

Jushi Holdings Inc. reported a net loss of $17 million for the first quarter of 2025, despite a 22.8% increase in adjusted EBITDA to $9.8 million. The company continues its retail-first expansion strategy with plans to open additional stores by year-end and has strengthened its balance sheet through strategic transactions, enhancing its capital structure and liquidity to support ongoing growth. The introduction of new products and expansion in key markets like Ohio and Pennsylvania are part of Jushi’s efforts to maintain profitability and top-line growth amid industry challenges.

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.Date of analysis: Aug 20, 2025