Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 4

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 4
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 remained relatively flat, the number of units sold increased by approximately 5% driven primarily by the opening of one new dispensary in February 2025. However, the average price per unit declined due to increased competition and price compression.

Including the Parma, Ohio store that is currently being operated under a management services agreement, we ended the quarter with forty-one operating dispensaries in seven states, as compared to thirty-five in seven states on September 30, 2024. 

Wholesale revenue increased $735, which was attributable to higher wholesale revenue of $521 in Massachusetts and $406 in Pennsylvania, as the prior year was impacted by limited availability of products available to third parties as we prioritized supplying our retail stores in these two states. Additionally, increased production capacity in Ohio contributed to higher wholesale revenue of $626. These increases were partially offset by a decline of $1,007 in Virginia due to lower demand from our wholesale partners.

Gross Profit

Gross profit was $30,664 compared to $27,999, an increase of $2,665 or 10%. Gross profit margin increased to 47% compared to 45%. The increase in gross profit and gross profit margin were driven by higher production volumes, improved product quality and stronger performance at our grower-processor facilities, particularly in Massachusetts and 

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Ohio. In addition, Ohio benefited from higher gross profit and gross profit margin resulting from new dispensary openings and lower costs following the ramping up of our grower processor facility in 2024 to support the transition to adult-use. Jushi branded product sales as a percentage of total retail revenue were 56% across the Company’s five vertical markets compared to 55% in the prior year. 

Operating Expenses

Operating expenses were $28,326 compared to $27,819, an increase of $507 or 2%. The following table presents information on our operating expenses for the periods indicated:

Three Months Ended September 30,20252024$ Change% ChangeSalaries, wages and employee related expenses$14,315 $14,498 $(183)(1)%Depreciation and amortization expenses4,512 3,985 527 13 %Rent and related expenses3,184 3,053 131 4 %Professional fees and legal expenses1,804 1,320 484 37 %Share-based compensation expense357 1,082 (725)(67)%Loss on asset disposals and lease terminations306 443 (137