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Jushi Holdings Inc. (OTCMKTS: JUSHF) was not capable of end its audited fourth-quarter and full-year outcomes by the April 30 deadline. As a substitute, the corporate delivered unaudited outcomes mentioned it anticipated to ship the official numbers by Could 24, 2021. Regardless of the numbers being unaudited, revenues elevated 30% sequentially within the fourth quarter to $32.3 million and simply tops final yr’s income of $6 million for a similar time interval. For the total yr 2020, Jushi reported revenues elevated 690% to $80.8 million versus final yr’s $10.2 million.
“Whereas we’re disillusioned by the sudden delay that our auditors have skilled in finalizing their work, we’re thrilled with the underlying energy of our enterprise, the sturdy progress we’ve achieved in 2020, and the continued momentum we’ve seen into 2021,” mentioned Jim Cacioppo, Chief Govt Officer, Chairman and Founding father of Jushi. “2020 was a defining yr for the Firm. Our technique to quickly construct scale in the most effective restricted license markets on each the East and West coast mixed with our deal with operational excellence has pushed robust monetary outcomes on each a sequential quarterly and year-over-year foundation.”
The corporate mentioned that the earnings from operations was $0.4 million, a $9.6 million enchancment as in comparison with the fourth quarter of 2019. Jushi additionally famous it has $93.8 million of money, money equivalents, and investments in securities on the stability sheet as of December 31, 2020. For the total yr, Jushi delivered a loss from operations of $10.5 million, a $23.7 million enchancment as in comparison with 2019.
Market Enlargement
The corporate continues its blistering tempo of growth. Within the fourth quarter, it opened three new retail dispensaries and exercised an choice to buy a further three dispensaries (two of which have been operational).
Mr. Cacioppo continued, “Collectively, we solidified our management place in Pennsylvania, by buying a grower-processor allow holder and two medical marijuana dispensary allow holders, every with licenses to function three dispensaries. We additionally entered into three new markets, Illinois, California and Virginia, opened and/or acquired a complete of 9 retail shops, and launched a best-in-class, on-line procuring expertise at Past-Howdy.com. Moreover, we established a deep and proficient administration workforce and strengthened the Firm’s stability sheet with opportunistic debt and fairness capital raises that permit us to fund the Firm’s growth plans and pursue opportunistic acquisitions.”
Mr. Cacioppo concluded, “With our just lately introduced deliberate acquisitions in Massachusetts and in Ohio; the beforehand introduced growth and build-out of our amenities in Pennsylvania and Virginia; and the continued build-out of our
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