JUSH · Jushi Holdings Inc.
Jushi Holdings Inc. engages in the retail, distribution, cultivation, and processing of cannabis for medical and adult-use markets in the United States. The company offers flower, vapes, concentrates, infused chews and chocolates, tinctures, capsules, softgels, topicals and RSO, pre-rolls, and infused chocolate bites under the Hijinks, The Bank, The Lab, Tasteology, Uncommon Kind, Nira + Medicinals, Sèche, Shayo, and Carm's Delight Bites brands. It also engages in the sale of bulk raw materials to duly licensed third parties for use in its own finished products. In addition, the company operates medical cannabis dispensaries under the Beyond Hello, Nature's Remedy, and NuLeaf brands. It serves small local dispensaries and large multi-state operators. Jushi Holdings Inc. was founded in 2018 and is headquartered in Boca Raton, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.59 |
| SO | 199.7M |
| Options | 26.9M |
| Warrants | 1.8M |
| FD SO | 228.4M |
| MC | $134.8M |
| Cash | $33.3M |
| Total debt | $293.9M ⚠ |
| EV | $395.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.5x |
| EV / EBITDA | 10.5x |
| MC / Net Income | — |
| EV / FCF | 59.4x |
| MC / FCF | 20.3x |
| Ownership & coverage | |
|---|---|
| Institutional | 11.1% |
| Insiders | 18.5% |
| # Institutions | 5 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $1.50 |
| Short % float | — |
| Days to cover | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-07-21. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-03 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.
Debt figure uncertain — $111.3M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 71.30 | 66.43 | 68.34 | 65.68 |
| Revenue YoY % | 9.6% | 4.1% | 3.8% | 6.6% |
| Cost of Revenue | 39.77 | 36.55 | 39.72 | 35.02 |
| Gross Profit | 31.53 | 29.88 | 28.61 | 30.66 |
| Gross Profit YoY % | 9.0% | 15.9% | 12.6% | 9.5% |
| Gross Margin % | 44.2% | 45.0% | 41.9% | 46.7% |
| SG&A | 29.31 | — | — | — |
| Operating Expense | 30.82 | 28.29 | 27.83 | 28.33 |
| Operating Income | 0.71 | 1.58 | 0.78 | 2.34 |
| Operating Income YoY % | (80.2%) | 184.6% | 142.5% | 1198.9% |
| Operating Margin % | 1.0% | 2.4% | 1.1% | 3.6% |
| EBITDA | 9.95 | 9.53 | 7.97 | 10.13 |
| EBITDA Margin % | 14.0% | 14.3% | 11.7% | 15.4% |
| Interest Expense | 10.10 | 10.48 | 10.47 | 10.38 |
| Other Income / (Expense) | 1.08 | (2.24) | 1.38 | (6.81) |
| Pretax Income | (8.30) | (11.13) | (8.30) | (14.86) |
| Tax Provision | (0.98) | 8.72 | 7.25 | 8.83 |
| Net Income | (7.33) | (19.85) | (15.56) | (23.69) |
| Net Margin % | (10.3%) | (29.9%) | (22.8%) | (36.1%) |
| Diluted EPS | -$0.04 | -$0.10 | -$0.08 | -$0.12 |
| Basic EPS | -$0.04 | -$0.10 | -$0.08 | -$0.12 |
| Diluted Avg Shares | 198.2 | 198.2 | — | 195.2 |
| Basic Avg Shares | 198.2 | 198.2 | — | 195.2 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 271.75 | 262.91 | 257.52 | 269.44 | 284.28 |
| Revenue YoY % | 3.4% | 2.1% | (4.4%) | (5.2%) | — |
| Cost of Revenue | 151.06 | 148.93 | 139.22 | 153.22 | 188.81 |
| Gross Profit | 120.69 | 113.98 | 118.30 | 116.23 | 95.48 |
| Gross Profit YoY % | 5.9% | (3.7%) | 1.8% | 21.7% | — |
| Gross Margin % | 44.4% | 43.4% | 45.9% | 43.1% | 33.6% |
| SG&A | — | 109.13 | 107.01 | 110.47 | 156.17 |
| Operating Expense | 115.27 | 109.13 | 107.44 | 119.05 | 315.81 |
| Operating Income | 5.42 | 4.85 | 10.86 | (2.82) | (220.33) |
| Operating Income YoY % | 11.7% | (55.3%) | 485.5% | 98.7% | — |
| Operating Margin % | 2.0% | 1.8% | 4.2% | (1.0%) | (77.5%) |
| EBITDA | 37.58 | 35.84 | 40.75 | 23.77 | (193.84) |
| EBITDA Margin % | 13.8% | 13.6% | 15.8% | 8.8% | (68.2%) |
| Interest Expense | 41.42 | 41.30 | 37.98 | 37.06 | 45.73 |
| Other Income / (Expense) | (6.59) | 2.85 | 9.97 | 6.58 | 72.19 |
| Pretax Income | (42.60) | (33.60) | (17.15) | (33.30) | (193.88) |
| Tax Provision | 23.82 | 34.99 | 31.63 | 31.81 | 8.45 |
| Net Income | (66.42) | (68.59) | (48.78) | (65.10) | (202.32) |
| Net Income to Common | — | (68.59) | (48.78) | (65.10) | (202.32) |
| Net Margin % | (24.4%) | (26.1%) | (18.9%) | (24.2%) | (71.2%) |
| Diluted EPS | -$0.34 | -$0.35 | -$0.25 | -$0.33 | -$1.44 |
| Basic EPS | -$0.34 | -$0.35 | -$0.25 | -$0.33 | -$1.06 |
| Diluted Avg Shares | 198.2 | 195.2 | 195.2 | 194.8 | 204.2 |
| Basic Avg Shares | 198.2 | 195.2 | 195.2 | 194.8 | 190.0 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 33.33 | 39.70 | 24.05 | 23.17 |
| Receivables | 4.19 | 3.73 | 2.80 | 0.87 |
| Inventory | 34.30 | 35.60 | 34.61 | 36.80 |
| Other Current Assets | 5.35 | 5.64 | 6.86 | 7.76 |
| Total Current Assets | 77.17 | 84.68 | 68.31 | 68.60 |
| Net PPE | 137.18 | 141.28 | 143.32 | 144.46 |
| Operating Lease ROU | 21.09 | 18.81 | 19.72 | 20.71 |
| Goodwill | 30.91 | 30.91 | 30.91 | 30.91 |
| Intangible Assets | 90.54 | 92.78 | 92.20 | 94.80 |
| Other Assets | 72.91 | 66.68 | 67.87 | 72.21 |
| Total Assets | 429.80 | 435.13 | 422.34 | 431.70 |
| Accounts Payable | 22.57 | 23.40 | 22.33 | 20.21 |
| Current Debt | 33.62 | 12.89 | 6.64 | 48.89 |
| Current Lease Liabilities | 6.21 | 5.77 | 6.04 | 5.63 |
| Other Current Liabilities | 30.77 | 33.03 | 31.18 | 34.47 |
| Total Current Liabilities | 93.17 | 75.08 | 66.19 | 109.19 |
| Long-term Debt | 196.38 | 218.47 | 199.19 | 155.69 |
| Long-term Lease Liabilities | — | — | 16.86 | — |
| Other Liabilities | 282.06 | 276.38 | 255.44 | 268.29 |
| Total Liabilities | 571.61 | 569.93 | 537.69 | 533.17 |
| Retained Earnings | (654.39) | (647.06) | (627.21) | (611.66) |
| Total Equity | (141.82) | (134.80) | (115.34) | (101.47) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 33.33 | 24.05 | 19.52 | 26.03 | 26.20 |
| Receivables | 4.19 | 2.80 | 1.46 | 3.38 | 4.81 |
| Inventory | 34.30 | 34.61 | 36.14 | 33.59 | 35.09 |
| Other Current Assets | 5.35 | 6.86 | 15.03 | 18.64 | 3.96 |
| Total Current Assets | 77.17 | 68.31 | 72.15 | 81.64 | 70.05 |
| Net PPE | 137.18 | 143.32 | 144.06 | 159.27 | 177.75 |
| Operating Lease ROU | 21.09 | 19.72 | 18.11 | 18.27 | 16.24 |
| Goodwill | 30.91 | 30.91 | 30.91 | 30.91 | 38.24 |
| Intangible Assets | 90.54 | 92.20 | 100.47 | 95.97 | 100.08 |
| Long-term Investments | — | — | — | — | 0.98 |
| Other Assets | 72.91 | 67.87 | 74.61 | 77.35 | 125.99 |
| Total Assets | 429.80 | 422.34 | 440.32 | 463.39 | 529.34 |
| Accounts Payable | 22.57 | 22.33 | 21.46 | 15.38 | 21.31 |
| Current Debt | 33.62 | 6.64 | 2.76 | 86.51 | 8.70 |
| Current Lease Liabilities | 6.21 | 6.04 | 4.97 | 4.69 | 2.65 |
| Other Current Liabilities | 30.77 | 31.18 | 39.71 | 55.87 | 74.96 |
| Total Current Liabilities | 93.17 | 66.19 | 68.89 | 162.46 | 107.63 |
| Long-term Debt | 196.38 | 199.19 | 183.45 | 126.04 | 180.56 |
| Long-term Lease Liabilities | — | 16.86 | 17.62 | 19.86 | 15.55 |
| Other Liabilities | 282.06 | 255.44 | 220.59 | 162.65 | 179.72 |
| Total Liabilities | 571.61 | 537.69 | 490.56 | 471.01 | 483.45 |
| Retained Earnings | (654.39) | (627.21) | (558.62) | (509.84) | (444.74) |
| Total Equity | (141.82) | (115.34) | (50.23) | (7.62) | 45.89 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (7.33) | (19.85) | (15.56) | (23.69) |
| D&A | 9.23 | 7.95 | 7.19 | 7.80 |
| Stock-Based Comp | 0.31 | 0.39 | 1.68 | 0.36 |
| Δ Working Cap & Other | (1.42) | 20.12 | 12.74 | 21.62 |
| Operating Cash Flow | 0.79 | 8.61 | 6.05 | 6.08 |
| CapEx | (3.89) | (3.03) | (3.09) | (4.87) |
| Other Investing | — | (1.05) | — | — |
| Investing Cash Flow | (3.90) | (4.08) | (3.07) | (5.32) |
| Other Financing | (3.71) | 11.12 | (2.52) | — |
| Financing Cash Flow | (3.71) | 11.12 | (2.52) | 0.17 |
| Free Cash Flow | (3.10) | 5.58 | 2.96 | 1.21 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (66.42) | (68.59) | (48.78) | (65.10) | (202.32) |
| D&A | 32.16 | 30.99 | 29.89 | 26.59 | 26.49 |
| Stock-Based Comp | 2.74 | 2.10 | 4.22 | 8.09 | 23.07 |
| Δ Working Cap & Other | 53.05 | 53.22 | 36.23 | 27.10 | 131.34 |
| Operating Cash Flow | 21.54 | 17.73 | 21.57 | (3.32) | (21.42) |
| CapEx | (14.88) | (16.09) | (4.71) | (10.74) | (56.88) |
| Acquisitions | — | — | — | 0.00 | (20.98) |
| Other Investing | (1.48) | 2.87 | (2.36) | 4.35 | (3.00) |
| Investing Cash Flow | (16.36) | (13.22) | (7.07) | (6.39) | (80.86) |
| Stock Issuance | — | — | — | 0.00 | 13.68 |
| Other Financing | 5.05 | 0.77 | (24.46) | 13.87 | 20.30 |
| Financing Cash Flow | 5.05 | 0.77 | (24.46) | 13.87 | 33.98 |
| Effect of FX on Cash | — | — | — | 0.00 | (0.05) |
| Free Cash Flow | 6.66 | 1.64 | 16.86 | (14.06) | (78.30) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.83 | 1.13 | 1.03 | 0.63 |
| Quick Ratio | 0.46 | 0.65 | 0.51 | 0.29 |
| Debt / Equity | -1.62 | -1.72 | -1.78 | -2.02 |
| EBITDA Margin % | 14.0% | 14.3% | 11.7% | 15.4% |
| Working Capital | (16.00) | 9.59 | 2.13 | (40.59) |
| Net Debt | 196.67 | 191.65 | 181.79 | 181.40 |
| ROE % | 5.2% | 14.7% | 13.5% | 23.3% |
| ROA % | (1.7%) | (4.6%) | (3.7%) | (5.5%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.83 | 1.03 | 1.05 | 0.50 | 0.65 |
| Quick Ratio | 0.46 | 0.51 | 0.52 | 0.30 | 0.32 |
| Debt / Equity | -1.62 | -1.78 | -3.71 | -27.90 | 4.12 |
| EBITDA Margin % | 13.8% | 13.6% | 15.8% | 8.8% | (68.2%) |
| Working Capital | (16.00) | 2.13 | 3.25 | (80.83) | (37.58) |
| Net Debt | 196.67 | 181.79 | 166.69 | 186.53 | 163.07 |
| ROE % | 46.8% | 59.5% | 97.1% | 854.5% | (440.9%) |
| ROA % | (15.5%) | (16.2%) | (11.1%) | (14.0%) | (38.2%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-09-01 | P | 248,000 | $0.52 | $128,712 |
| 2026-09-02 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-31 | P | 71,686 | $0.51 | $36,560 |
| 2026-09-02 | Barack Louis Jon | Officer (President) | 2026-08-31 | P | 15,000 | $0.52 | $7,800 |
| 2026-08-28 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-27 | P | 500,000 | $0.49 | $245,000 |
| 2026-08-28 | Barack Louis Jon | Officer (President) | 2026-08-27 | P | 30,000 | $0.50 | $15,000 |
| 2026-08-28 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-26 | P | 494,000 | $0.50 | $247,000 |
| 2026-08-26 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-25 | P | 322,000 | $0.49 | $157,780 |
| 2026-08-26 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2026-08-24 | P | 384,112 | $0.48 | $184,374 |
| 2026-08-04 | Barack Louis Jon | Officer (President) | 2026-08-04 | P | 10,000 | $0.43 | $4,300 |
| 2026-08-04 | Barack Louis Jon | Officer (President) | 2026-08-03 | P | 10,000 | $0.44 | $4,400 |
| 2026-08-03 | Barack Louis Jon | Officer (President) | 2026-07-31 | P | 6,400 | $0.42 | $2,688 |
| 2026-08-03 | Barack Louis Jon | Officer (President) | 2026-07-30 | P | 20,000 | $0.39 | $7,800 |
| 2026-08-03 | Barack Louis Jon | Officer (President) | 2026-07-30 | P | 10,000 | $0.40 | $4,000 |
| 2026-08-03 | Barack Louis Jon | Officer (President) | 2026-07-30 | P | 5,600 | $0.41 | $2,296 |
| 2026-06-17 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2026-06-15 | P | 22,000 | $0.49 | $10,780 |
| 2026-06-17 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2026-06-12 | P | 2,500 | $0.49 | $1,219 |
| 2026-06-17 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2026-06-12 | P | 1,000 | $0.49 | $487 |
| 2025-12-15 | Barack Louis Jon | Officer (President) | 2025-12-11 | A | 500,000 | — | $0 |
| 2025-12-15 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2025-12-11 | A | 300,000 | — | $0 |
| 2025-12-15 | Cross Benjamin | Director | 2025-12-11 | A | 100,000 | — | $0 |
| 2025-12-15 | HAHN MARINA | Director | 2025-12-11 | A | 100,000 | — | $0 |
| 2025-12-15 | Monroe Stephen | Director | 2025-12-11 | A | 100,000 | — | $0 |
| 2025-12-15 | Wafford Bill | Director | 2025-12-11 | A | 100,000 | — | $0 |
| 2025-12-15 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2025-12-11 | A | 3,000,000 | $0.50 | $1,500,000 |
| 2025-03-12 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2025-03-10 | A | 5,810,938 | — | $0 |
| 2025-03-12 | Arsenault Denis J. | 10% Owner | 2025-03-10 | A | 2,199,688 | — | $0 |
| 2024-11-15 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2024-11-14 | P | 21,500 | $0.41 | $8,815 |
| 2024-11-15 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2024-11-13 | P | 3,666 | $0.35 | $1,283 |
| 2024-09-17 | Cross Benjamin | Director | 2024-09-13 | A | 80,000 | — | $0 |
| 2024-09-17 | HAHN MARINA | Director | 2024-09-13 | A | 80,000 | — | $0 |
| 2024-09-17 | Monroe Stephen | Director | 2024-09-13 | A | 133,952 | — | $0 |
| 2024-09-17 | Wafford Bill | Director | 2024-09-13 | A | 100,806 | — | $0 |
| 2024-09-17 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2024-09-13 | A | 5,385,000 | — | $0 |
| 2024-09-17 | Cacioppo James | Director, Officer (Chief Executive Officer), 10% Owner | 2024-09-13 | A | 1,062,732 | — | $0 |
| 2024-09-17 | Barack Louis Jon | Officer (President) | 2024-09-13 | A | 370,370 | — | $0 |
| 2024-09-17 | Barack Louis Jon | Officer (President) | 2024-09-13 | A | 1,422,630 | — | $0 |
| 2024-09-17 | Lebowitz Tobi | Officer (Chief Legal Officer and Sec.) | 2024-09-13 | A | 370,370 | — | $0 |
| 2024-09-17 | Lebowitz Tobi | Officer (Chief Legal Officer and Sec.) | 2024-09-13 | A | 219,630 | — | $0 |
| 2024-09-17 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2024-09-13 | A | 175,850 | — | $0 |
| 2024-09-17 | MOSIER MICHELLE O | Officer (Chief Financial Officer) | 2024-09-13 | A | 124,150 | — | $0 |