Jushi Holdings Inc (CSE: JUSH, OTCQX: JUSHF) released preliminary third-quarter results highlighted by an increase in revenue and profit.
The US multistate operator (MSO) said it expects future growth to come from its Virginia market.
Preliminary gross profit increased 18.9% to US$27.7 million year-over-year, and 4% from 2Q 2022.
CEO Jim Cacioppo believes growth in 2023 and beyond will be driven by the Virginia market, “increased production and sales of high-quality products.”
In the three months to Sept. 30, the multistate cannabis operator reported preliminary revenue of $72.8 million, a 34.9% increase from a year ago, though they are stable compared to the previous three months.
Operationally, the group opened its 34th and 35th outlets and its third and fourth Beyond Hello dispensaries in Virginia.
Jushi also expanded its canopy from 11,000 square feet (sq ft) to a total of 80,000 square feet and increased its annual biomass capacity from 7,300 pounds (lbs) to 45,000 pounds.
Additionally, Jushi added nearly 8,000 patients in Virginia during the quarter, compared to 2,425 patients in the prior three months.
“We remain focused on executing our strategic initiatives to strengthen and expand our operating platform,” Cacioppo said.