Jushi Holdings Inc. Amends and Refiles Q1 2022 Financial Statements

BOCA RATON, Fla., June 24, 2022 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it has amended and refiled its financial statements for the first quarter ended March 31, 2022 (collectively, the “Amended Statements”) that have been reviewed by its auditor. The Amended Statements replace the previously filed unreviewed first quarter 2022 financial statements filed on SEDAR on May 27, 2022.

In the Amended Statements, the Company has revised the classification of interest payments on certain debt obligations in the consolidated statement of cash flows for the three months ended March 31, 2022. The revision resulted in an increase in net cash flows provided by operating activities from $2.3 to $3.6 million, and a corresponding decrease in net cash flows provided by financing activities from $10.8 to $9.5 million. In addition, the Company has restated its diluted earnings per share calculation to incorporate the dilutive effect of its outstanding derivative warrants. Including the impact of the outstanding derivative warrants, the net loss per diluted share increased from $0.08 to $0.13. The restatement did not affect the Company’s balance sheet or cash flows statement for the first quarter ended March 31, 2022.

About Jushi Holdings Inc.        
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, Twitter, and LinkedIn.

Forward-Looking Information and Statements        
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current conditions but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, involve estimates, projections, plans, goals, forecasts, and assumptions that may prove to be inaccurate. As a result, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or may contain statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “will continue,” “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include but are not limited to, information concerning the expectations regarding Jushi, or the ability of Jushi to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.