Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 6

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 6
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$194,571 $191,665 $2,906 2 %

Revenue, net, was $194,571 compared to $191,665, an increase of $2,906 or 2%. 

Retail revenue increased $5,256. 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 $4,653 - while the average price per unit remained relatively flat, the number of units sold increased by approximately 16% as certain dispensaries continue to ramp-up; and 

•An increase in sales in Ohio of $10,509 driven primarily by the opening of five new dispensaries since the prior year, as well as the transition to adult-use during the third quarter of 2024. 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 in Ohio. These dispensaries were acquired by us in February 2025. Furthermore, 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 and fourth dispensaries were acquired by us in June 2025 and August 2025, respectively. The addition of the fifth dispensary opened in September 2025 and is operating under a management services agreement pending regulatory approvals of ownership transfer to the Company.

These increases were partially offset by: 

•A decline in sales in Illinois of $4,434 - the number of units sold decreased by approximately 10% and the average price per unit declined due to continued competition; 

•A decline in sales in Massachusetts of $3,042 - the number of units sold decreased by approximately 8% and the average price per unit declined due to continued competition and price compression; and

•A decline in sales in Nevada of $2,050 - the number of units sold decreased by approximately 3% 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.

Additionally, while retail revenue in Pennsylvania remained relatively flat, the number of units sold increased by approximately 13% driven in part by the opening of one new dispensary in February 2025. However, the average price per unit declined due to increased competition and price