Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 75

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 8
Chunk 75
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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)(31)%Other expenses (1)3,848 3,438 410 12 %Total operating expenses$28,326 $27,819 $507 2 %

(1)     Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and licensing fees, software and technology costs, travel, entertainment and other.

The increase is primarily driven by higher depreciation and amortization expense resulting from higher operating expenses relating to new dispensary openings and manufacturing facility build-outs, as well as an increase in professional and legal fees. These increases were partially offset by lower share-based compensation expense which reflects higher forfeitures as well as lower value of share-based compensation granted. 

Other Income (Expense)

Interest Expense, Net

Interest expense, net was $10,267 compared to $9,382, an increase of $885, or 9%. The increase in interest expense, net is primarily due to the $48,500 in secured