Jushi Holdings Inc. (CSE: JUSH) released its third quarter 2026 financial results on October 28, 2026, reporting net revenue of $70.5 million, a 7% increase year-over-year. The multi-state cannabis operator posted a gross profit of $32.3 million and an Adjusted EBITDA of $13.6 million for the three months ended September 30, 2026. Wholesale revenue surged 40% year-over-year to $9.7 million, marking the second consecutive quarterly record, a milestone investors in the cannabis sector may be watching closely.

Key Points

  • Jushi Holdings Inc. (CSE: JUSH) reported Q3 2026 financial results on October 28, 2026
  • Net revenue rose 7% year-over-year to $70.5 million, marking a second consecutive quarter above $70 million
  • Wholesale revenue reached a record $9.7 million; gross profit margin was 45.9%; net loss was $12.5 million
  • Virginia's adult-use sales are scheduled to begin July 1, 2027, representing a stated near-term growth opportunity

Retail and Wholesale Revenue Drivers Across Jushi's Eight-State Network

Retail revenue grew 3.5% year-over-year to $60.8 million, with Ohio and Virginia identified as the primary contributors. Ohio retail revenue increased $3.1 million following the addition of two new dispensaries since the end of Q2 2025. Virginia retail revenue grew $0.9 million, driven by an 11.5% increase in units sold across all six dispensary locations. The company ended Q3 2026 operating forty-two dispensaries across eight states. Jushi-branded products represented 56% of retail revenue in both Q3 2026 and Q3 2025 across the company's five vertical markets, reflecting consistent brand penetration.

Gross Profit and Cost Structure in the Third Quarter

Jushi reported a gross profit of $32.3 million at a margin of 45.9%, compared to $30.7 million and 46.7% in Q3 2025. The company attributed gross profit dollar growth to higher sales volumes, particularly in Ohio, while improvements in production efficiency helped offset the impact of lower average selling prices resulting from competitive pricing pressure. Operating expenses were $28.8 million, up slightly from $28.3 million in Q3 2025, driven by higher employee-related costs tied to expanded operations and elevated professional fees. Net loss narrowed substantially to $12.5 million from $23.7 million in the prior-year quarter.

Virginia Adult-Use Preparations and Corporate Continuance to Nevada

The company's CEO Jim Cacioppo described Virginia as the most significant near-term growth opportunity, with adult-use sales scheduled to begin July 1, 2027. The release states that Jushi is advancing cultivation and processing projects and exploring financing alternatives to support these investments. Separately, on July 30, 2026, Jushi completed its corporate continuance from British Columbia, Canada to Nevada, United States, following shareholder approval on June 24, 2026. The company indicated this structural change aligns its corporate domicile with its existing operations and long-term strategy.

Liquidity and Share Capital as of Quarter-End

As of September 30, 2026, Jushi held approximately $30.9 million in cash, cash equivalents, and restricted cash. Capital expenditures during Q3 2026 totalled approximately $2.9 million. Cash provided by operations was $3.5 million, compared to $6.1 million in Q3 2025. As of October 22, 2026, the company had 199,708,263 issued and outstanding shares and 306,233,602 fully diluted shares outstanding. The immediate share price impact was not clear from available public information.