Company: JUSHF
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048797
Chunk: 74

Company: Jushi Holdings Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 8
Chunk 74
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61,611, an increase of $4,068 or 7%. 

Retail revenue increased $3,333. While the overall units sold in our retail channel increased by approximately 7%, the average price per unit declined. The increase in retail revenue was primarily due to:

•An increase in sales in Ohio of $3,882 due to the opening of five new dispensaries since the prior year, including the newest co-located medical and adult-use location in Parma which is currently operating under a management services agreement pending regulatory approvals of ownership transfer to the Company; and 

•An increase in sales in Virginia of $1,519 primarily due to an increase in the number of units sold by approximately 7% as certain dispensaries continue to ramp-up, as well as an increase in the average price per unit driven by a shift in sales mix toward higher-priced product offerings. 

These increases in retail revenue were partially offset by: 

•A decline in sales in Illinois of $851 - while the number of units sold remained relatively flat, the average price per unit declined as we increased our use of promotions due to continued competition; 

•A decline in sales in Nevada of $531 - while the number of units sold remained relatively flat, 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 $982 - while the number of units sold decreased by approximately 12% due to continued competition, the average price per unit remained relatively flat.  

Additionally, while retail revenue in Pennsylvania remained relatively flat, the number of units sold increased by approximately 5% 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 Parma, Ohio store that is currently being operated under a management services agreement, we ended the quarter with forty-one operating dispensaries in seven states, as compared to thirty-five in seven states on September 30, 2024. 

Wholesale revenue increased $735, which was attributable to higher wholesale revenue of $521 in Massachusetts and $406 in Pennsylvania, as the prior year was impacted by limited availability of products available to third parties as we prioritized supplying our retail stores in these two states. Additionally, increased production capacity in Ohio contributed to higher wholesale revenue of $626. These increases were partially offset by a decline of $1,007 in Virginia due to lower demand from our wholesale partners.

Gross Profit

Gross profit was $