Company: JUSHF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023749
Chunk: 2

Company: Jushi Holdings Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 2
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 the Three Months Ended March 31, 2024

(Amounts expressed in thousands of U.S. dollars, unless otherwise stated)

Revenue, Net

The following table presents revenue by type for the periods indicated:

Three Months Ended March 31,20252024$ Change% ChangeRetail$56,844 $57,369 $(525)(1)%Wholesale7,002 8,090 (1,088)(13)%Total revenue, net$63,846 $65,459 $(1,613)(2)%

Revenue, net, was $63,846 compared to $65,459, a decrease of $1,613 or 2%. 

Retail revenue decreased $525. While the overall units sold in our retail channel increased 6.1%, average price per unit declined. The results are primarily due to: 

•a decline in sales in Illinois of $1,750 - while the average price per unit remained stable, the number of units sold decreased by approximately 13% due to increased competition as a result of new store openings by competitors in our markets since the prior quarter; 

•a decline in sales in Massachusetts of $1,323 - the number of units sold decreased approximately 7% and the average price per unit declined due to continued competition and price compression;

•a decline in sales in Nevada of $708 - the number of units sold decreased by approximately 5% and the average price per unit declined which was driven by increased competition and price compression; and

•a decline in sales in Pennsylvania of $479 - while the number of units sold increased by approximately 20% driven in part by the opening of one new store in February 2025, the average price per unit declined due to increased competition and price compression.

These declines were partially offset by an increase in sales in Virginia of $1,355 primarily due to an increase in the number of units sold by approximately 19%, and an increase in sales in Ohio of $2,515 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 during the current quarter. Furthermore, we consolidated a third dispensary in Ohio which opened in February 2025 as a result of our gaining control through the management services agreement previously entered into. Including this new Ohio store, we had forty operating