Jushi Holdings Inc. Announces certain unaudited financial results for the fourth quarter and full year 2020 and provides information on the timing of the release of the audited financial statements and MD&A.
Fourth Quarter 2020. Revenue increased 30% from the previous quarter to $32.3 million;
Gross profit increased 44% from the previous quarter to $17.6 million;
Revenue in the first quarter was $41.6 million.
BOKA RATON, FL, 21. April 2021. (GLOBE NEWSWIRE) – Jushi Holdings Inc. (Jushi or the Company) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated multinational cannabis operator, announced its unaudited financial results for the fourth quarter and full year ended December 31. December 2020 and announces unaudited earnings for the first quarter of 2021.
The company had previously stated that its auditor would not be able to complete its audit procedures before the 30th anniversary of the audit. April 2021 to the end. The company expects to release the audited financial statements for 2020 by the 24th. May 2021.
Following today’s announcements, Jushi has decided to hold the previously announced conference call to discuss its fourth quarter and full year financial results for the year ended December 31. December 2020. The company plans to postpone the appeal until the end of May 2021.
Meanwhile, Jushi announced the following unaudited financial results for the fourth quarter and full year 2020.
All financial information is expressed in U.S. dollars unless otherwise indicated.
Some unaudited highlights for the fourth quarter of 2020.
Total revenues increased 30% from the previous quarter to $32.3 million.
Gross profit of $17.6 million, up 44% from the previous quarter.
Operating income of $0.4 million. Total consolidated cash costs were $9.6 million, an increase of $9.6 million over the prior year. Quarter 2019 increased by
,93.8 million from the fourth quarter. Quarter 2019. Cash and cash equivalents and investments in securities on the balance sheet at 31.
Opened three new pharmacies and took the opportunity to acquire a further three pharmacies (two of which were in operation).
Dalitso LLC, a Virginia pharmaceutical processing licensee, has begun operating its cultivation, manufacturing, processing and retail facilities in Manassas, Virginia.
Some non-verified achievements for 2020
Total revenues increased 690% over the prior year to $80.8 million.
Gross profit was $41.5 million, up 760% from the prior year.
Operating loss of $10.5 million, up $23.7 million from 2019.
Non-audited highlights for the first quarter of 2021 include
Total revenues were $41.6 million. The total increase is $13.9 million, up 29% from the previous year.
168 million in cash, cash equivalents and short-term investments. March 2021.
Remark of the management
While we are disappointed by the unexpected delay in completing the work of our auditors, we are pleased with the underlying strength of our business, the strong growth we achieved in 2020 and the continued momentum we saw in 2021.
Jim Cacioppo, CEO, president and founder, Juicy
The year 2020 was a pivotal year for the company. Our strategy of rapid expansion in the most challenging license markets on the East and West Coasts, combined with our commitment to operational excellence, has resulted in strong financial results on both a quarterly and annual basis.
Sir, I’m sorry. Cacioppo continued: I am incredibly proud of the work our team did in 2020. Together, we strengthened our leadership position in Pennsylvania with an agricultural processing license and two medical marijuana dispensary licenses, each allowing for three dispensaries. We also entered three new markets (Illinois, California and Virginia), opened or acquired a total of nine stores and launched Beyond-Hello.com, the industry’s best online shopping experience. In addition, we have built a skilled and talented management team and strengthened the Company’s balance sheet through opportunistic capital raisings, allowing us to fund the Company’s expansion plans and make opportunistic acquisitions.
Mr. Cacioppo closed by saying: With recently announced planned acquisitions in Massachusetts and Ohio, previously announced expansions and additions to our Pennsylvania and Virginia facilities, and the continued expansion of our high-quality retail presence in California, Pennsylvania and Virginia, Jushi remains well positioned to continue delivering solid growth through 2021 and beyond.
Balance sheet and liquidity
As of 31. As of December 2020, the Company had $93.8 million of cash, cash equivalents and short-term investments. As of 31. As of December 2020, the Company had total debt of approximately $89 million, excluding lease obligations and property and equipment financing.
After year-end, the company collected a total of about $91 million in two separately marketed overnight offerings. Booth: 31. March 2021. The Company had cash and short-term investments of approximately $168 million. It is fully funded to grow its current portfolio and has additional cash to make opportunistic acquisitions. In addition, at year-end, the Company repaid a total of $8.1 million of its 10% Senior Notes due January 2023 and prepaid $1.5 million of the Seller Notes, resulting in an outstanding balance of approximately $82 million.
Management’s Discussion and Analysis and the Company’s consolidated financial statements for the fourth quarter and year ended December 31, 2020 are expected to be due on or before December 24, 2020. May 2021 filed with SEDAR at www.SEDAR.com and can be found with all of the Company’s prior public filings.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the US, Jushi is focused on building a multi-state portfolio of branded cannabis products through opportunistic acquisitions, intensive training and competitive applications. Jushi is dedicated to maximizing shareholder value and delivering high quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com, twitter.com/wearejushi and beyond-hello.com.
Original press release
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