Company: JUSHF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023749
Chunk: 31

Company: Jushi Holdings Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 31
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241 27,653,611 Warrants (derivative liabilities and equity)75,033,779 88,052,437 Unvested restricted stock awards— 1,861 100,712,020 115,707,909 

 12.   REVENUEThe Company has two revenue streams: (i) retail and (ii) wholesale. The Company’s retail revenues are comprised of cannabis sales from its dispensaries. The Company’s wholesale revenues are comprised of cannabis sales to its wholesale customers for resale through their dispensaries. Any intercompany revenue and costs are eliminated to arrive at consolidated totals.The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream:Three Months Ended March 31,20252024Retail$56,844 $57,369 Wholesale7,002 8,090 Total revenue, net$63,846 $65,459 

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Table of ContentsJUSHI HOLDINGS INC. Notes to the Unaudited Condensed Consolidated Financial Statements(Amounts Expressed in Thousands of U.S. dollars, Except Share and Per Share Amounts)

 13.   OPERATING EXPENSESThe major components of operating expenses are as follows:Three Months Ended March 31,20252024Salaries, wages and employee related expenses$14,149 $14,147 Depreciation and amortization expense4,597 3,278 Rent and related expenses3,197 2,914 Professional fees and legal expenses1,925 2,575 Share-based compensation expense (forfeiture)(307)1,524 Other expenses (1)4,085 3,773 Total operating expenses$27,646 $28,211 (1)     Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and licensing fees, software and technology costs, travel, entertainment and conferences and other.

 14.   INCOME TAXESThe following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2025 and 2024:Three Months Ended March 31,20252024Loss before income tax$(8,037)$(8,608)Income tax expense$8,978 $9,747 Effective income tax rate111.7 %113.2 %The Company has computed its provision for income taxes based on the actual effective rate for the three months ended March