Company: JUSHF
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037797
Chunk: 74

Company: Jushi Holdings Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 8
Chunk 74
---
,923. While the overall units sold in our retail channel increased by approximately 7%, average price per unit declined. The increase in retail revenue was primarily due to: 

•An increase in sales in Virginia of $3,134 due to an increase in the number of units sold by approximately 21%  driven in part by an increase in revenue generated from deliveries both within and outside our health service area, partially offset by a decline in the average price per unit; and 

•An increase in sales in Ohio of $6,627 due to the transition to adult-use during the third quarter of 2024. Additionally in Ohio, beginning in the fourth quarter of 2024, our entry into management services agreement allowed us to consolidate two co-located medical and adult-use dispensaries. These dispensaries were acquired by us in February 2025. Furthermore in Ohio, we consolidated a third dispensary which opened in February 2025, and a fourth dispensary which opened in April 2025 as a result of our gaining control through the management services agreements previously entered into. The third dispensary was acquired by us in June 2025.

These increases were partially offset by: 

•A decline in sales in Illinois of $3,584 - while the average price per unit remained relatively flat, the number of units sold decreased by approximately 14% due to new store openings by competitors in our markets since the beginning of 2024; 

•A decline in sales in Massachusetts of $2,060 - the number of units sold decreased by approximately 6% and the average price per unit declined due to continued competition and price compression;

•A decline in sales in Nevada of $1,519 - the number of units sold decreased by approximately 5% driven in part by the closure of one dispensary in May 2025, and the average price per unit declined as we increased our use of promotions due to continued competition; and

27

•A decline in sales in Pennsylvania of $470 - while the number of units sold increased by approximately 17% driven in part by the opening of one new dispensary in February 2025, the average price per unit declined due to increased competition and price compression.

Wholesale revenue decreased $3,085. The decrease is primarily attributable to a decline of $1,807 in Massachusetts due to lower bulk cannabis flower sales, and a decline of $1,812 in Virginia due to limited availability of products for third parties through our wholesale channel as we prioritized supplying our own retail stores