- Cannabis and hemp company, Jushi Holdings (CSE:JUSH) has reported a significant 1,855 per cent increase in revenue for the year ending December 31, 2019
- Total revenue grew from C$731,401 in 2018 to approximately $14.3 million in 2019
- Gross profit also jumped 821 per cent, from $731,401 to $6.7 million
- The company attributed the increases largely to the commencement of retail operations in Pennsylvania and New York
- At the end of the year, Jushi had $54.36 million in cash and $17.19 million in securities investments
- Jushi Holdings (JUSH) is currently steady at $1.25 per share, with a market cap of $109.59 million
Jushi Holdings (CSE:JUSH) has reported a significant 1,855 per cent increase in revenue for the year ending December 31, 2019.
Headquartered in Vancouver, the cannabis and hemp company is focused on building a geographically expansive portfolio of branded assets, primarily through opportunistic acquisitions.
Total revenue for the year grew from C$731,401 in 2018 to $14.3 million. Gross profit also saw a substantial increase, up 821 per cent from $731,401 to $6.7 million.
At the end of the year, the company had $54.36 million in cash and cash equivalents, as well as $17.19 million in securities investments.
Jushi attributed these improved figures largely to the commencement of retail operations in Pennsylvania and New York, which also began e-commerce operations. This was supported by the onset of cultivation and manufacturing activities at its facilities in Nevada.
In July last year, the company acquired four permits which allow for 12 medical marijuana dispensaries in Pennsylvania. Six of these locations are currently operational under the Beyond/Hello brand. A seventh outlet is expected to open in Ardmore in the second quarter of 2020.
Jim Cacioppo, Chairman and CEO of Jushi Holdings, said 2019 was an extraordinarily productive year for the company.
“In 2020, we remain focused on building out our high-quality footprint and pursuing attractive acquisition opportunities across the cannabinoid supply chain.
“We believe our strong momentum, enviable footprint, and solid balance sheet positions the Company well to execute on its current plans and drive long-term shareholder value through 2020 and beyond,” he said.
Jim also noted a strong start to this year, posting a 43 per cent increase in revenue for the first quarter. As things stand, the company is currently on track to achieve an annualised revenue run-rate of approximately $70 million.
Jushi Holdings (JUSH) is currently steady at $1.25 per share, as of 2:15pm EDT.