Jushi Holdings Inc. Announces Certain Unaudited 2020 Fourth Quarter and Full Year 2020 Financial Results and Advises on Timing of Filing Annual Audited Financial Statements and Management's Discussion and Analysis

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Fourth Quarter 2020 Revenue Increased 30% Sequentially to Revenue of $32.3 million;

Gross Profit Increased 44% Sequentially to $17.6 million;

Announces First Quarter Revenues of $41.6 million
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BOCA RATON, Fla., April 21, 2021 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020, and is announcing its unaudited first quarter 2021 revenue.

The Company previously announced that its auditor is not able to complete their audit procedures in advance of the April 30, 2021 deadline. The Company anticipates filing its 2020 audited financial statements on or before May 24, 2021.

As a result of today’s announcements, Jushi has elected to reschedule its previously announced conference call to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The Company expects to reschedule the call before the end of May 2021.

In the interim, Jushi is announcing the following certain unaudited 2020 fourth quarter and full year 2020 financial results.

All financial information is provided in U.S. dollars unless otherwise indicated.

Certain Unaudited Fourth Quarter 2020 Highlights

• Total revenue increased 30 percent sequentially to $32.3 million
• Gross profit of $17.6 million, an increase of 44 percent sequentially
• Income from Operations of $0.4 million, a $9.6 million improvement as compared to the fourth quarter of 2019
• $93.8 million of cash, cash equivalents and investments in securities on the balance sheet as of December 31, 2020
• Opened three new retail dispensaries and exercised an option to purchase an additional three dispensaries (two of which were operational)
• Dalitso LLC, the Company’s 100 percent owned Virginia based pharmaceutical processor permit holder, commenced operations at its cultivation, manufacturing, processing, and retail facility in Manassas, Virginia

Certain Unaudited Full Year 2020 Highlights

• Total revenue increased 690 percent year-over-year to $80.8 million
• Gross profit of $41.5 million, an increase of 760 percent year-over-year
• Loss from Operations of $10.5 million, a $23.7 million improvement as compared to 2019
  

Announces Certain Unaudited First Quarter 2021 Highlights

• Total revenue of $41.6 million, an increase of 29 percent sequentially
• $168 million of cash, cash equivalents and short-term investments on the balance sheet as of March 31, 2021

Management Commentary