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Jushi Holdings
(JUSH)
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Rating:42Neutral
Price Target:
C$0.69
▲(4.70% Upside)
Action:Reiterated
Date:10/30/26
The score is primarily held down by weak financial fundamentals—especially negative equity with substantial debt and continued net losses—despite improving operating metrics and positive TTM cash generation. Technicals are neutral-to-soft with limited momentum, and valuation is difficult to support given negative earnings and no dividend yield.
Positive Factors
Positive Cash Generation
Positive operating and free cash flow indicate that Jushi is currently converting operations into cash, an important foundation for funding stores, production, and other business needs. If maintained, this improves internal funding capacity and reduces reliance on external capital over the next several quarters.
Negative Factors
Negative Equity and High Debt
Negative equity combined with substantial debt leaves Jushi’s capital structure financially fragile and limits flexibility. The company may have less capacity to absorb operating setbacks, fund expansion internally, or manage refinancing needs while it works toward more durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Cash Generation
Positive operating and free cash flow indicate that Jushi is currently converting operations into cash, an important foundation for funding stores, production, and other business needs. If maintained, this improves internal funding capacity and reduces reliance on external capital over the next several quarters.
Read all positive factors
Jushi Holdings (JUSH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$133.80M
Dividend YieldN/A
Average Volume (3M)65.82K
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth5.37%
EPS Growth17.78%
CountryCA
Employees1,288
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.28
Shares Outstanding199,708,270
10 Day Avg. Volume42,311
30 Day Avg. Volume65,816
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)-1.07
Price to Sales (P/S)0.47
P/FCF Ratio285.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.21
Revenue Forecast (FY)C$279.70M
Jushi Holdings Business Overview & Revenue Model
Company Description
Jushi Holdings Inc., a vertically integrated cannabis company, engages in the cultivation, processing, retail, and distribution of cannabis for the medical and adult-use markets in the United States. The company offers flowers, extracts, concentra...
How the Company Makes Money
Jushi primarily makes money by selling cannabis and cannabis-derived products in regulated U.S. state markets through two vertically integrated activities: (1) Retail sales (dispensaries): Revenue is generated from direct-to-consumer sales of cann...
Jushi Holdings Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 21, 2027
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and strategic tone: the company delivered revenue growth, meaningful margin expansion, improved adjusted EBITDA and stronger operating cash flow while expanding wholesale distribution, SKUs and branded sales. Significant strategic positives include the federal rescheduling of medical cannabis (which could materially improve tax and operating dynamics) and a refinancing that increased liquidity without equity dilution. Offsetting concerns include modest retail growth amid pricing pressure, a widened GAAP net loss driven by elevated interest and refinancing charges, a sizable debt balance, and remaining regulatory and implementation uncertainties that affect timing of upside. On balance, the operational improvements and regulatory tailwinds meaningfully outweigh the near-term financial and execution risks.Positive Updates
Modest Revenue Growth
Q1 2026 revenue of $66.4M, up 4% year-over-year from $63.8M (+$2.6M). Retail revenue $57.9M (vs $56.8M prior year) and wholesale revenue $8.6M (vs $7.0M prior year, +22.2%).
Negative Updates
Modest Retail Growth and Pricing Pressure
Retail revenue grew only modestly (+$1.1M YoY) and management cited continued pricing pressure and increased promotional activity across markets that compressed average selling prices.
Read all updates
Q1-2026 Updates
Positive
Negative
Modest Revenue Growth
Q1 2026 revenue of $66.4M, up 4% year-over-year from $63.8M (+$2.6M). Retail revenue $57.9M (vs $56.8M prior year) and wholesale revenue $8.6M (vs $7.0M prior year, +22.2%).
Read all positive updates
Company Guidance
Management's guidance focused on capital deployment, liquidity and the expected benefits of federal rescheduling: for 2026 they expect maintenance CapEx of ~$4–5M, growth CapEx of ~$5–8M (total CapEx $9–13M), with the majority of construction-related spending likely shifting to 2027; the company ended Q1 with ~$42.3M cash, $222.1M of debt subject to repayment (excluding $21.5M disputed promissory notes), and completed a $160M first‑lien term loan (4% OID, 12.5% coupon, 36‑month interest‑only) that added $13.7M of incremental liquidity and carries a single minimum‑liquidity covenant; Q1 operating metrics included revenue of $66.4M (+$2.6M, +4% YoY), retail $57.9M, wholesale $8.6M, gross profit $29.9M (45% margin vs 40.4% LY), adjusted EBITDA $11.4M (17.2% vs 15.4% LY), net loss $19.8M, cash from operations $8.6M, interest expense $10.4M, and a $5M loss on debt — and management highlighted that rescheduling (medical sales ~60% of 2025 revenue) should remove Section 280E disallowance, lowering future tax expense subject to Treasury/DEA implementation and possible retroactive relief.Jushi Holdings Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
18
Very Negative
Cash Flow
39
Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 274.25M | 262.91M | 257.52M | 269.44M | 284.28M | 207.55M |
| Gross Profit | 109.65M | 113.98M | 118.30M | 142.49M | 95.48M | 83.39M |
| EBITDA | 41.33M | 38.69M | 50.72M | 31.66M | -121.65M | 86.37M |
| Net Income | -54.85M | -68.59M | -48.78M | -87.87M | -202.32M | 20.25M |
Balance Sheet | ||||||
| Total Assets | 422.22M | 422.34M | 440.32M | 611.03M | 529.34M | 677.91M |
| Cash, Cash Equivalents and Short-Term Investments | 28.55M | 24.05M | 19.52M | 38.44M | 26.20M | 94.96M |
| Total Debt | 295.28M | 293.40M | 271.13M | 394.04M | 324.11M | 242.77M |
| Total Liabilities | 575.27M | 537.69M | 490.56M | 621.08M | 483.45M | 494.82M |
| Stockholders Equity | -153.06M | -115.34M | -50.23M | -8.22M | 47.71M | 180.85M |
Cash Flow | ||||||
| Free Cash Flow | 4.35M | 433.00K | 16.86M | -18.98M | -78.30M | -72.74M |
| Operating Cash Flow | 18.91M | 17.73M | 21.57M | -4.48M | -21.42M | 1.58M |
| Investing Cash Flow | -13.85M | -13.22M | -7.07M | -6.39M | -80.86M | -112.48M |
| Financing Cash Flow | -283.90K | 767.00K | -24.46M | 13.87M | 33.98M | 120.81M |
Jushi Holdings Technical Analysis
Neutral
0.66
Price Trends
0.77
Negative
0.70
Positive
0.70
Positive
Market Momentum
-0.02
Positive
47.07
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:JUSH, the sentiment is Neutral. The current price of 0.66 is below the 20-day moving average (MA) of 0.74, below the 50-day MA of 0.77, and below the 200-day MA of 0.70, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 47.07 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:JUSH.
Jushi Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | C$1.90B | 11.41 | 6.82% | ― | 3.81% | 344.13% | |
53 Neutral | C$3.12B | -60.93 | -4.47% | ― | 1.50% | 81.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$2.17B | -1.65 | -28.93% | ― | 0.61% | 37.92% | |
43 Neutral | C$365.32M | -1.89 | -28.27% | ― | -5.83% | -115.39% | |
42 Neutral | C$133.80M | -1.72 | 40.27% | ― | 5.37% | 17.78% |
* Healthcare Sector Average
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Jushi Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Jushi Holdings Grows Q3 Revenue as Virginia, Wholesale Operations Set Records
Positive
Oct 28, 2026
Jushi Holdings reported third quarter 2026 revenue of $70.5 million, up 7% year-over-year, with wholesale revenue surging 40% to a record $9.7 million. Retail revenue rose 3.5% to $60.8 million, driven by growth in Ohio and record retail and home ...
Business Operations and StrategyFinancial Disclosures
Jushi Holdings Sets October 28 Date for Q3 2026 Earnings Call
Neutral
Oct 14, 2026
Jushi Holdings Inc., a U.S.-based, vertically integrated multi-state cannabis operator, is building a portfolio of branded cannabis assets through acquisitions and competitive licensing, with operations spanning cultivation, processing, and retail...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.