Jushi Holdings Inc. (OTCMKTS: JUSHF) was not capable of end its audited fourth-quarter and full-year outcomes by the April 30 deadline. Instead, Jushi delivered unaudited outcomes stated it anticipated to ship the official numbers by May 24, 2021. Despite the numbers being unaudited, revenues elevated 30% sequentially in the fourth quarter to $32.three million and simply tops final 12 months’s income of $6 million for a similar time interval. For the total 12 months 2020, Jushi reported revenues elevated 690% to $80.eight million versus final 12 months’s $10.2 million.
“While we’re disappointed by the unexpected delay that our auditors have experienced in finalizing their work, we’re thrilled with the underlying strength of our business, the robust growth we have achieved in 2020, and the continued momentum we have seen into 2021,” stated Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “2020 was a defining year for the Company. Our strategy to rapidly build scale in the best limited license markets on both the East and West coast combined with our focus on operational excellence has driven strong financial results on both a sequential quarterly and year-over-year basis.”
The firm stated that the revenue from operations was $0.four million, a $9.6 million enchancment as in comparison with the fourth quarter of 2019. Jushi additionally famous it has $93.eight million of money, money equivalents, and investments in securities on the stability sheet as of December 31, 2020. For the total 12 months, Jushi delivered a loss from operations of $10.5 million, a $23.7 million enchancment as in comparison with 2019.
The firm continues its blistering tempo of enlargement. In the fourth quarter, it opened three new retail dispensaries and exercised an choice to buy an extra three dispensaries (two of which had been operational).
Mr. Cacioppo continued, “Together, we solidified our leadership position in Pennsylvania, by acquiring a grower-processor permit holder and two medical marijuana dispensary permit holders, each with licenses to operate three dispensaries. We also entered into three new markets, Illinois, California and Virginia, opened and/or acquired a total of nine retail stores, and launched a best-in-class, online shopping experience at Beyond-Hello.com. Furthermore, we established a deep and talented management team and strengthened the Company’s balance sheet with opportunistic debt and equity capital raises that allow us to fund the Company’s expansion plans and pursue opportunistic acquisitions.”
Mr. Cacioppo concluded, “With our not too long ago introduced deliberate acquisitions in Massachusetts and in Ohio; the beforehand introduced enlargement and build-out of our amenities in Pennsylvania and Virginia; and the continued build-out of our