Oct 28, 2026 earnings call — Preparing for Virginia adult-use launch
Wholesale revenue reached an all-time quarterly record of $9.7 million.
Revenue $0.1B (est $0.1B) · EPS $-0.06 (est $-0.04)
Key quotes
"We are preparing for the commencement of adult-use sales on July 1, 2027."
"Wholesale revenue was $9.7 million compared to $6.9 million in the prior year quarter, representing a 40% year-over-year increase and marking our second consecutive quarter of record wholesale revenue."
"That change removed the Section 280E deduction disallowance for qualifying medical cannabis activities and remains an important development for our business."
Analyst Q&A 2
wholesale and store relocations
Q (Frederico Yokota Gomes · ATB): The analyst asked how much more wholesale growth runway exists and whether to model roughly $10 million as a new baseline. He also asked about the payback, ramp speed, and sales/profit upside from 5–7 planned store relocations.
A: Management said there is more wholesale availability to add in Pennsylvania and they are bringing 1 of the 3 smaller rooms up to 100% capacity beginning of next year and could bring on the other rooms with minor capital. They said Massachusetts may increase yields and convert bulk to packaged goods, Ohio expansion needs capital and shouldn’t be modeled in the next few quarters, and for relocations they had 2 near-term moves with one in July a “home run”; relocations replace low-sales stores and tend to add sales and profitability though payback periods were not specified.
"So there's definitely growth in Pennsylvania that we should hopefully be able to capture, assuming there's demand." — James Cacioppo (CEO·CHAIR)
Pennsylvania/Virginia impact and term sheet
Q (Kenric Tyghe · Canaccord Genuity): He asked how Democratic control in Pennsylvania would change the company’s opportunity and what a twin tailwind from Virginia and Pennsylvania would do through 2027. He also asked whether the Virginia bank term sheet will be finalized soon and when.
A: They avoided deep political detail but said Pennsylvania is "long overdue" for adult-use and that Jushi is positioned to accelerate a capital program to take full advantage with their grower-processor; they have space, electricity work in process, and are preparing facilities to add grow rooms. On the term sheet Louis said they won’t give confidential details but are targeting completing it during Q4.
"I mean we're not going to give specific details around confidential term sheets, except to say, generally, we're targeting completing it during Q4." — Louis Barack