JUSHI HLDGS INC CL B - JUSHF STOCK NEWS

Jushi Holdings Inc., a multi-state cannabis operator, announced that the holders of its 12% Second Lien Notes and detached warrants have consented to certain amendments. The amendments include the removal of a covenant allowing holders to require the repurchase of the Notes upon a change of control, and a reduction in the exercise price of the Warrants. The Company expects to enter into definitive documentation and complete the amendments in the near term.

Jushi Holdings Inc. (OTCQX: JUSHF), a multi-state cannabis operator, expressed its support for the Virginia General Assembly's recent passage of medical cannabis bills, effective July 1, 2023. These measures aim to enhance patient accessibility and regulatory efficiency, with oversight shifting to the Virginia Cannabis Control Authority on January 1, 2024. CEO Jim Cacioppo noted the disappointment over missed opportunities to advance adult-use cannabis legislation while acknowledging these developments as positive steps. He emphasized that addressing public safety issues related to unregulated cannabinoid products requires a legal adult-use market. Cacioppo remains optimistic about future legislative changes due to the significant turnover expected in the upcoming elections.

Jushi Holdings has successfully closed a secured loan of $20 million with FVCbank, aimed at enhancing its financial stability and supporting growth initiatives in 2023. This non-dilutive financing is a strategic move to bolster working capital without diluting shareholder equity. The loan has a term of five years and is secured against the company's cultivation and manufacturing facility in Manassas, Virginia. The interest rate on the loan is tied to the 30-day average secured overnight financing rate plus 3.55%, with a minimum rate of 8.25%. CEO Jim Cacioppo emphasized that this financing will significantly strengthen Jushi's position as it executes its operational goals this year.

Jushi Holdings Inc. reported a Q4 2022 revenue of $76.8 million, marking a 16.6% increase year-over-year. The company achieved a record FY 2022 revenue of $284.3 million, a 35.8% growth. However, net losses ballooned to $139.9 million for Q4 and $202.3 million for the full year, largely due to significant asset impairment charges of $122 million in Q4. The company reduced inventory by $7 million in Q4 and is focused on cost-saving measures, having also secured $73.1 million in debt financing. Jushi expanded its retail footprint, concluding FY 2022 with 35 operational dispensaries nationwide.

Jushi Holdings Inc. (CSE: JUSH, OTCQX: JUSHF), a multi-state cannabis operator, will announce its fourth quarter and full year 2022 financial results on March 31, 2023, before the market opens. Management will host a conference call at 8:00 a.m. ET to discuss these results. The call can be accessed via a U.S. toll-free number, and a webcast will be available for a year afterwards. Jushi aims to maximize shareholder value by building a multi-state portfolio of branded cannabis assets. More details can be found on their Investor Relations website.