Generated $3.6 Million in Revenue from Operations in Pennsylvania , Nevada , and New York ;
Net Income of $4.2 Million or $0.04 Diluted EPS, Due to $13.2 Million Net Gain in Other Income;
Net Working Capital of $36.6 Million at Quarter-End;
BOCA RATON, Fla. , Nov. 15, 2019 /PRNewswire/ — Jushi Holdings Inc. (“Jushi” or the “Company”) (NEO:JUSH.B) (OTCQX:JUSHF), a globally-focused, multi-state cannabis and hemp operator, today is providing a shareholder update and reporting its financial results for the third quarter ended September 30, 2019. All financial information is provided in U.S. dollars unless otherwise indicated.
“During the third quarter of 2019, we generated revenue of $3.6 million , an increase sequentially from $0.2 million , due primarily to commencement of retail operations in Pennsylvania and New York , and cultivation and manufacturing in Nevada . Additionally, we reported a net gain of $13.2 million in other income primarily from sale of our minority stake in Gloucester Street Capital resulting in net income of $4.2 million for the quarter,” stated Jim Cacioppo , CEO and Chairman of Jushi.
“In the five months since becoming a public company and the related financing, we have methodically invested our capital targeting attractive adult-use and limited license medical markets that today include Pennsylvania , Virginia , California , New York , Nevada , Ohio and Illinois . In Pennsylvania , for example, our BEYOND/HELLO™ brand has established a major footprint in a limited license medical state with five retail dispensaries operational today and at least one to two more projected before the end of the year with three to five more projected to open in the first half of 2020. We continue to explore further growth opportunities, increasing our applications pipeline to ten pending and over 30 planned application submissions in 2019 and 2020. The pipeline includes applications in existing states