Jushi Holdings (OTC: JUSHF) is a U.S. multi-state cannabis operator that cultivates, produces, and retails cannabis products across eight states. Revenue comes from retail dispensary sales to adult-use and medical customers, supplemented by wholesale supply to third-party cannabis businesses. The company operates 42 dispensaries as of year-end FY2025, up from 38 at year-end FY2024, under retail brands including Beyond Hello, Nature's Remedy, and NuLeaf. Net revenue was $262.9 million in FY2025 versus $257.5 million in FY2024. Gross profit margin declined to 43% in FY2025 from 46% in FY2024, driven by competitive price compression across key markets. The company is a Canadian corporation incorporated with U.S. operating subsidiaries, and its securities trade on the OTC market. Competitors named in the FY2025 10-K include Trulieve Cannabis Corp., Curaleaf Holdings, Green Thumb Industries, Cresco Labs, Verano Holdings, TerrAscend Corp., Ascend Wellness Holdings, and MariMed Inc.
- Revenue model
- Retail dispensary sales to adult-use and medical cannabis consumers, generating the majority of net revenue. A secondary wholesale channel supplies cannabis products to third-party dispensaries and partners. Retail and wholesale revenue are both transactional, with no disclosed subscription or licensing component.
- Products and services
- Retail cannabis sold under house brands: Beyond Hello (adult-use dispensaries across multiple states), Nature's Remedy (Massachusetts), and NuLeaf (Nevada). Branded product lines include Uncommon Kind (RSO- and rosin-based cannabis chews with real fruit, vegan and gluten-free, available in Massachusetts, Pennsylvania, and Virginia as of the filing date); Nira+ Medicinals (THC- and CBD-rich medical tinctures, capsules, softgels, topicals, and RSO, available in Pennsylvania, Massachusetts, and Virginia); and Sèche (value flower and pre-rolls including Fine Grind, Fine Flower, Singles, and All Day/Select formats).
- Customers and end markets
- Adult-use cannabis consumers and registered medical cannabis patients across eight U.S. states. No customer concentration data disclosed. End-market demand is driven by state-level adult-use and medical cannabis legalization. Wholesale customers are third-party cannabis retailers and partners.
- Value-chain role
- Vertically integrated across cultivation, production, and retail. The company operates its own cultivation facilities (50,000 sq. ft. in Lakeville, Massachusetts; 27,000 sq. ft. in Sparks, Nevada; and facilities in Ohio, Virginia, and Pennsylvania) and manufactures branded products for sale through its own dispensary network and third-party wholesale accounts. Toll processing through third parties is used on an as-needed basis.
- Geographic exposure
- Eight U.S. states as of year-end FY2025: Pennsylvania (18 medical dispensaries), Ohio (6 adult-use dispensaries plus one under a management services agreement), Virginia (6 medical dispensaries), Illinois (5 adult-use dispensaries), Nevada (3 adult-use/medical dispensaries), Massachusetts (2 adult-use dispensaries with one co-located medical license), New Jersey (1 adult-use dispensary), and California (1 adult-use dispensary). Production facilities in Scranton PA, Columbus OH, Toledo OH, Manassas VA, Lakeville MA, and Sparks/Reno NV.
- Competitors
- Trulieve Cannabis Corp., Curaleaf Holdings, Inc., Green Thumb Industries Inc., Cresco Labs Inc., Verano Holdings Corp., TerrAscend Corp., Ascend Wellness Holdings, Inc., MariMed Inc.
