Company: JUSHF
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037797
Chunk: 71

Company: Jushi Holdings Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 8
Chunk 71
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 23% 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 $4,112 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 agreements 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 in retail revenue were partially offset by: 

•A decline in sales in Illinois of $1,834 - while the average price per unit remained relatively flat, the number of units sold decreased by approximately 15% due to competitors opening new stores in our markets since the beginning of 2024; 

•A decline in sales in Nevada of $811 - 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

•A decline in sales in Massachusetts of $736 - the number of units sold decreased by approximately 5% 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 15% 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 Ohio dispensary that is currently being operated through a management services agreement, we ended the quarter with forty operating dispensaries in seven states, as compared to thirty-five in seven states on June 30, 2024. 

Wholesale revenue decreased $1,997. The decrease is primarily attributable to a decline of $1,518 in Virginia due to  limited availability of products available to third parties through our wholesale channel as we prioritized supplying our retail stores, and delays from the state mandated seed-to-sale inventory tracking system conversion which prevented shipments to certain customers close to the end of the quarter. Additionally,