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Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), a multi-state cannabis and hemp operator, announced its financial results for the fourth quarter ended December 31, 2021 yesterday, as follows:

Q4 Financial Highlights

(All financial information is provided in U.S. dollars unless otherwise indicated and in comparison to the previous quarter.)

• Total Revenue: increased +22.1% to $65.9M
• Adj. Gross Profit: increased +8.1% to $26.4M
• Net Profit: decreased -76.2% to $9.1M
• Net Profit/share: decreased -78.3% to $0.05
• Adjusted EBITDA: decreased -76.6% to $1.5M
• Cash/Cash Equiv./Securities on Hand: $95M

Q4 Operational Highlights

• Entered into a definitive agreement to acquire NuLeaf, Inc., a Nevada-based vertically integrated operator with three adult-use and medical retail dispensaries, a 27,000 sq. ft. cultivation facility, and a 13,000 sq. ft. processing facility
• Opened four BEYOND / HELLO™ retail locations and the Company’s 28 store nationwide
• Secured a $100 million Senior Secured Credit Facility from a portfolio company of SunStream Bancorp Inc.
• Appointed Edward Kremer to Chief Financial Officer

Management Commentary

Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi commented as follows:

• “Over the fourth quarter, we incurred additional operating expenses as we invested in the business to support our long-term growth outlook, which ultimately resulted in lower profitability than initially anticipated.
• The reduction in profitability in the fourth quarter was largely due to costs associated with bringing on and fostering the right talent to strengthen the organization, along with an increase in headcount associated with new store openings and the build-out of our cultivation and processing assets.”

Stock Performance

As of the close on Thursday, March 24th, Jushi's stock price has declined by 62.8% since it peaked on February 4th, 2021 but has advanced by 20.8% from its recent 52-week low on March 14th, 2022, and is now back to its 2021 year-end price of $3.20.