💸 The Tape

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) closed 2025 with steady progress, posting $262.9 million in revenue and demonstrating operational improvements across its core markets despite ongoing industry pricing pressure.

For the full year, revenue increased 2% to $262.9 million, driven by contributions from new store openings and stronger performance in Ohio and Virginia. Fourth-quarter revenue reached $68.3 million, up 3.8% from Q4 2024. Gross profit was $114.0 million for the year (43.4% margin) and $28.6 million in Q4 (41.9% margin). Adjusted EBITDA rose to $50.3 million (19.1% margin) for the full year and $13.9 million (20.4% margin) in the fourth quarter. The company generated $17.7 million in operating cash flow for the year and ended with $26.6 million in cash, cash equivalents, and restricted cash.

CEO Jim Cacioppo highlighted the year’s achievements: “As we reflect on 2025, it was a year defined by execution, operational efficiency, and disciplined decision-making. We entered the year focused on stabilizing the business, improving product quality, and strengthening our operating foundation, and the progress we delivered across cultivation, retail, and commercial demonstrates that those efforts are taking hold.”

Jushi-branded products represented 58% of retail revenue across its five vertical markets in Q4, up 332 basis points year-over-year. The company expanded its retail footprint with eight new store openings since the end of Q3 2024, ending the year with 42 operating dispensaries. Continued innovation added 280 new unique SKUs.

Post-quarter developments further strengthened the balance sheet. In March 2026, Jushi refinanced its 2024 Term Loan and Second Lien Notes (aggregate principal ~$132.3 million) with a new $160 million 12.5% secured term loan due in 2029. An entity affiliated with CEO Jim Cacioppo and significant shareholder Denis Arsenault participated. Proceeds were used to repay existing debt, with excess retained for general corporate purposes. The refinancing extends maturities and improves liquidity without dilution.

Virginia adult-use legislation also advanced significantly. The General Assembly passed a bill establishing a regulated retail cannabis market with sales beginning January 1, 2027, subject to the governor’s approval. Jushi, with existing cultivation, manufacturing, and retail infrastructure in Virginia, is well-positioned to benefit from this potential expansion.

Financially, 2025 showed resilience. Retail revenue grew $7.5 million year-over-year, led by Ohio ($14.3 million increase from new stores and adult-use transition) and Virginia ($5.7 million increase). Wholesale revenue declined modestly due to strategic prioritization of internal retail supply in some markets, partially offset by gains in Ohio and Nevada. Gross margin was pressured by competitive pricing but supported by higher production volumes and operational improvements in Pennsylvania, Massachusetts, and Ohio.

Operating expenses rose slightly to $109.1 million, driven mainly by higher depreciation and amortization from business licenses, partially offset by lower share-based compensation. Other expense included interest and derivative fair value adjustments, offset by employee retention credit claims and asset sale gains.

The balance sheet remains manageable. As of December 31, 2025, the company had $6.8 million in short-term debt and $207.8 million in long-term debt (excluding certain promissory notes under dispute). Capital expenditures for the year totaled $16.1 million, focused on retail and facility enhancements.

Looking forward, Jushi is optimistic about 2026. The Virginia adult-use opportunity could represent a meaningful expansion if the bill is signed. Continued focus on branded products (already at 58% of retail revenue), operational efficiencies, and disciplined capital allocation should support further margin improvement and cash flow growth.

The refinancing completed in March provides extended runway and financial flexibility. With no immediate debt maturities and a focus on high-return investments, Jushi is better positioned to navigate near-term challenges while capitalizing on longer-term catalysts.

In a consolidating industry, Jushi’s vertical integration, brand strength, and strategic presence in growth markets like Virginia give it a solid foundation. The 2025 results reflect steady execution, and the balance sheet moves in early 2026 enhance its ability to pursue disciplined growth.

As federal rescheduling discussions continue and state-level reforms advance, companies with strong retail presence, operational scale, and clean capital structures are best placed to benefit. Jushi’s 2025 performance and post-year-end actions suggest it is moving in that direction.

📈 Dog Walkers

$GRUSF ( ▲ 8.39% ) Announces “Selected Earnings”

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported preliminary, unaudited financial results for the full year 2025, highlighting revenue growth and improved profitability despite a delay in its final audited filing.

The company announced that it is rescheduling the release of its complete 2025 financial statements and related conference call to Tuesday, April 7, 2026. The delay is attributed to the complexity of its first year-end reporting cycle as a U.S. domestic issuer, including the transition from International Financial Reporting Standards (IFRS) to U.S. Generally Accepted Accounting Principles (U.S. GAAP). Management emphasized that the postponement is not due to any material deficiencies, disagreements with auditors, or undisclosed information, but rather the administrative challenges of the conversion process.

Preliminary results show revenue of $32.4 million for 2025, a 22% increase from $26.6 million in 2024. Net income turned positive at $2.4 million compared with a $16.1 million loss the prior year. EBITDA rose 56% to $2.8 million, while adjusted EBITDA increased 39% to $5.3 million, delivering a 16.5% margin (up 170 basis points from 14.8% in 2024). Cash and cash equivalents grew 133% to $11.4 million.

CEO Obie Strickler acknowledged the filing delay but highlighted the underlying strength: “I am disappointed by the delay in filing our audited financial statements… At a high level, 2025 results were driven by the ramp of our business in New Jersey, balanced against the pricing pressure we experienced in Oregon and Michigan. We look forward to providing a comprehensive business update, including our 2026 growth initiatives in New Jersey, Illinois and Minnesota, next week on April 7.”

CFO Andrew Marchington added: “We knew this would be a challenging administrative effort… while we are close to the finish line, we now expect to be complete within the next week.”

The preliminary figures reflect Grown Rogue’s continued focus on premium flower and operational efficiency. The company noted that 2025 was shaped by growth in New Jersey offset by pricing challenges in Oregon and Michigan. Management expects to provide detailed 2026 guidance — including expansion plans in New Jersey, Illinois, and Minnesota — alongside the final audited results.

The delay, while unfortunate, appears procedural rather than substantive. With positive net income, improved margins, and a strengthened cash position, Grown Rogue enters 2026 with momentum. The company’s flower-forward strategy and disciplined execution position it well to capitalize on growth opportunities in its core markets as the U.S. cannabis industry continues to evolve.

🗞️ The News

📺 YouTube

Hemp Leaders Meet in Washington Over Federal Ban | TTB Presented by Flowhub

What we will cover:

✅The U.S. hemp industry is heading into its most critical moment since legalization in 2018.

In this episode of Trade To Black, presented by Flowhub, host Shadd Dales and Anthony Varrell are joined by Thomas Winstanley of Edibles.com following his recent trip to Washington, D.C., where hemp industry leaders met with lawmakers to address sweeping federal changes set to take effect in November 2026.

At the center of the discussion is the newly passed federal hemp definition tied to the FY2026 Agriculture Appropriations Act, which effectively bans the majority of intoxicating hemp products by imposing strict total THC limits. The implications are significant—potentially impacting billions in retail sales, hundreds of thousands of jobs, and the future structure of cannabinoid-based consumer products in the U.S.

This episode breaks down what’s actually in the legislation, why Congress moved in this direction following the 2018 Farm Bill loophole, and how states are already responding with their own restrictions and enforcement actions.