Jushi Holdings Inc (OTCMKTS:JUSHF) reported a growth of 43% to $8.6 million in Q1 2020. The company also pre-announced revenues of $15 million (up 74%) in Q2 2020. It realized a profit of $4.2 million in Q1 2020.
Jushi entered a binding accord to acquire equity in Pennsylvania based growing processor. It sourced funds of $16.2 million through a debt financing deal. The company also took over a medical marijuana dispensary – Agape Total Health Care Inc based in Pennsylvania.
Acquires two medical dispensaries
Jushi acquired two medical dispensaries based in Illinois. It commenced the sales of adult-use cannabis and rebranded the stores to Beyond/Hello. The company also reintroduced the Beyond-Hello site to provide real-time access to the inventory in the store and live menus.
Jushi implanted curbside pickup in Pennsylvania and Illinois and kept operating its dispensaries during the ongoing coronavirus crisis. To carry out repairs due to break-ins, the company temporarily closed two dispensaries in Pennsylvania.
Jushi said the governor of Virginia – Ralph Northam approved the decriminalization of offenses related to possessing marijuana. The new law will be active with effect from July 1, 2020, after incorporation technical amendments and legislature’s nod for the same.
The VA bill 976 approved in April 2020 permits the opening of additional dispensaries of up to five in each health service with a cap of six licenses for each license. In Ardmore, Pennsylvania, Jushi inaugurated 7th dispensary.
CEO and Chairman of Jushi, Jim Cacioppo, said Beyond/Hello Stores contributed with strong sales to its 43% growth in Q1 2020. Despite the shutdown of two stores in Philadelphia, the company has a strong growth of 74% to $15 million in Q2 2020 revenues.
To strengthen profitability in the long term and boost finances, the company is initiating several cost reduction strategies across its retail stores. Jushi also implements several measures at its dispensaries to improve customer experience.
The web-based system plays an important role in preordering online and helps to book several large orders to enhance revenues. It also promotes the safety of employees and customers while improving efficiencies. The retail brand Beyond/Hello is well reputed in providing excellent customer service in Pennsylvania.
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