Jushi Holdings Inc. refinances Senior 1st Lien and Senior 2nd Lien facilities with $160 million in non-dilutive debt financing
Adds cash to balance
The company will report financial results for the fourth quarter of 2025 on March 31, 2026
BOCA RATON, Fla., March 27, 2026 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state hemp operator, announced that it has completed the refinancing (the “Refinancing”) of its former senior secured credit facility (the “Former 1st Lien Credit Facility” and the “Former Lien Credit Facility”) through the issuance of a $160 million senior secured term loan (the “Term Loan”) by FocusGrowth Asset Management. managed funds together with other members of the credit syndicate. FG Agency Lending LLC, a subsidiary of FocusGrowth Asset Management, acted as administrative agent for the Term Loan.
The term loan was issued at an initial issue discount of 4.0% and bears interest at 12.50% per annum, payable monthly and matures three years from the date of issue. The Term Loan is guaranteed by certain direct and indirect subsidiaries of the Company and is secured by senior liens on certain assets of the Company and certain direct and indirect subsidiaries of the Company. The term loan is non-amortizing and non-deductible to current shareholders.
After the issuance of the term loan and the repayment of the former 1st lien loan and the former 2nd lien loan, the Company has approximately $35 million in cash, cash equivalents and restricted cash as of March 27, 2026.
Term Loan Participation by James Cacioppo and Dennis Arsenault
Serpentine Capital Management III, LLC, an entity controlled by Jushi’s Chief Executive Officer, President and Founder James Cacciopo, participated in the Term Loan in a principal amount of approximately $28 million. Dennis Arsenault, the Company’s founder and significant shareholder, participated in the Term Loan in a principal amount of approximately $21 million.
Mr. Cacioppo, as a director and officer of the Company, and Mr. Arsenault, who owned more than 10% of the Company’s then issued and outstanding voting shares (the “Shares”) on a converted basis (calculated in accordance with MI 61-101), were deemed to own more than 10% of the Company’s shares under MI1 (the “Shares”). Parties”) at the time of termination of the Term Loan. As a result, the Refinancing, to the extent it involves Related Party participation in the Term Loan, is a related party transaction under MI 61-101.
The Company has relied on the exemptions from the official valuation and minority shareholder approval requirements under Sections 5.5(b) and 5.7(1)(f) of MI 61-101 on the basis that the Company does not have its securities listed on any of the specified markets set forth in Section 5.5. (b) of MI 61-101 and that the Term Loan is not convertible, directly or indirectly, or redeemable, directly or indirectly, into equity or voting securities of the Company or any of its subsidiaries. The Company did not file a material change report on the related party transaction 21 days prior to the closing of the Term Loan because the details of the Refinancing were not confirmed at that time. The company considered this reasonable to complete the refinancing quickly. The Refinancing was reviewed by a special committee of independent directors and the special committee recommended approval of the Refinancing to the Board. The refinancing was then discussed and approved by the board (Mr. Cacioppo abstained).
The company will report financial results for the fourth quarter of 2025
Management will host a conference call and audio webcast on Tuesday, March 31, 2026 at 4:00 PM ET to discuss the Company’s fourth quarter financial results.
Event: 2025 Fourth Quarter and Full Year Financial Results Conference Call
Date: Tuesday, March 31, 2026
Time: 4:00 PM Eastern Time
Direct Call: 1-844-676-1334 (US & Canada Toll Free)
Conference ID: 10204794
Webcast. Register
For interested individuals who are unable to join the conference call, a webcast of the call will be available through April 30, 2026 and will be available via the webcast on Jushi’s Investor Relations website.
About Jushi Holdings Inc
We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-national portfolio of branded cannabis assets through opportunistic acquisitions, distressed training and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels: Instagram, Facebook, X and LinkedIn.
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friends,
I’m a big fan of artificial intelligence, although I have many concerns about its use. Some of the areas where I think AI can help society are healthcare diagnostics and drug discovery, finance, manufacturing, retail, logistics and technology. Workday, a publicly traded HR technology company, was discussed the ways that AI can and will affect certain industries in an article last summer.
I don’t follow WDAY closely, but the stock is down 40.8% so far in 2026, although this weakness is not unique to this stock. I have been and remain bearish on stocks, especially large-cap stocks, but I bought a tech ETF, the State Street SPDR S&P 500 Software & Services ETF, which is down 23.1% for the day. It also includes some very large companies and some that I really like. The reason these stocks have fallen so much appears to be concerns about AI, which could lead to the demise of software as a service (SaaS).
As a fan of AI, but someone who is concerned about it, I’ve been paying close attention to it even though I’m not paying for any of the services. I started using ChatGPT last year and tested it with the world I know, cannabis stocks. I was not satisfied with the answers to my questions. I recently started using Claude which I like better. I’ve never written about AI and how it can help (or hurt) people trying to pick good cannabis stocks, but I’m thinking today because I don’t think the answers are quite right.
As an analyst who has followed this industry closely for over 13 years, I know a lot. What I do know is that I don’t know everything about hemp stocks, and I certainly can’t accurately predict the future. I love that people can use the internet to do their research and it’s so much better than when I was a kid. The investment world then operated by fax, and investors had to deal with stockbrokers. AI can potentially take individuals further with their stock research.
I started writing this article before seeing this example that I will discuss. I want readers to know that this is an example of how Claude can come up with some pretty smart answers to questions. Asking good questions is the right thing for investors to do, but knowing what to do with those answers can be difficult. I believe that artificial intelligence is not there yet, and I base this on the answers to certain questions. I celebrate the improvement, but for those who think that choosing the right cannabis stock will lead to great results, I urge caution. This comment, in my opinion, goes beyond hemp stocks. Stock picking in general can be helped by artificial intelligence, but it is not harmless. Here is an example of a question I asked Claude and I think the answer is very helpful.
I am not trying to influence the price of Glass House Farms because I have literally zero influence on it. I have known Mark Codes for 50 years and love and respect him. I also think Glass House Farms CEO Kyle Kazan and his staff are doing good things.
As I’ve written here for a while, the hemp industry is facing many challenges, the biggest of which is 280E taxation. Will 280E be completed? When? Hemp stock traders and hemp stock investors need to understand that no one knows. There are many other challenges facing the hemp industry, and it goes beyond the US. Can AI answer the question of which direction hemp stocks will move in the right direction? Only if it says “up or down”.
So if you’re relying on AI to tell you when to buy cannabis stocks, or which ones to buy, I urge caution. If you’ve found something that you think gives investors a solid tool for success, please let me know. I wish readers the best with hemp stocks that remain in a bear market that is now more than five years old.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Illinois released sales figures for two months recently. The data was published for the last time at the end of January. The previous report was for Cannabis for adults in May. The November document explained that the lack of data was due to the Metrc transition. Here is the updated data as of the end of February.
The state’s adult cannabis sales fell 5.1% sequentially to $110.7 million in January and then fell 5.4% sequentially in February. Annual growth was -21.0% in January and 19.8% in February, a slight improvement from the last level. Here’s a chart of adult sales over time:
After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. In 2025, they decreased by 12.5% and amounted to 1.51 billion dollars, which was lower than the total figure of 2022. Two months into 2026, sales for adults are down 20.4%.
There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
This data-driven, fact-based search engine will be continually updated based on new financial filings so readers can stay up-to-date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. When we launched this resource in May 2019, companies with more than $2.5 million in quarterly revenue qualified. As the industry has grown and as more companies have gone public, we have raised the minimum several times, including $5 million in October 2019, $7.5 million in June 2020, up to $10 million in November 2020, $12.5 million in August 2021, $12.5 million in August 2021, and $202 in September 2021. million dollars. hemp industry, we raised the minimum again in May 2024. The senior list has a minimum of US$50 million (C$68.4 million) and the junior list now has a minimum of US$25 million (C$34.2 million).
Note on adjusted operating income
In May 2019, we added an additional measure, Adjusted Operating Income, which we detailed in our newsletter. The calculation takes reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe this adjustment improves comparability between companies under IFRS and GAAP accounting. We note that operating income can often include one-time items such as stock compensation, inventory write-offs or public listing costs, and we encourage readers to understand how these non-cash items may impact quarterly financials. Many companies have moved from IFRS to US GAAP accounting, which has reduced our need to make adjustments. Please note that our rating only includes actual reported income and non pro forma income. We also note that companies with non-hemp operations must provide segment-level financial statements detailing not only revenue but also operating profit in order for their operating profit to be included in the tracking. Currently, Jazz Pharma (NASDAQ: JAZZ ) and Tilray (TSX: TLRY ) (NASDAQ: TLRY ) do not provide this information.
Tracker inclusion updates
At the time of our last update on February 17th, 19 companies were eligible for inclusion on the senior lists, including 15 in USD and 4 in Canadian currency, while there were 11 companies on the junior lists. Now, 14 companies denominated in US dollars and 4 denominated in Canadian dollars qualify for the senior lists, for a total of 18 now. The junior list includes 10 companies denominated in US dollars and 2 in Canadian dollars. Tracking public cannabis company revenue and earnings on a combined basis now includes 30 companies. US senior listing could lose Cannabist (OTC: CBSTF ) if it fails to report its Q4 financials.
Companies that have reported since mid-February are included
Most of these companies are in December year-end and the year-end reports are almost completely done. This section introduces important changes. The next big reporting season is in mid-May, although a few companies will report before then.
Senior and Junior – US Dollar Report
Q4 reports began in late February and are still ongoing, with Glass House (OTC: GLASF ) reporting Tuesday afternoon. 7 MSOs reported more than $100 million in Q4 revenue with minimal operating income or losses. Growth has been very slow for the top 5 countries, with annual growth ranging from -8% to 6%.
None of the Big 5 MSOs have yet scheduled calls for their Q1 financials in May, although GTI has changed its policy and will not be hosting any for now. Here’s the current outlook for all of them in 2026, according to Coifin.
Curaleaf (OTC: CURLF ) (TSX: CURA ) – revenue is expected to increase 5% to $1.33 billion on adjusted EBITDA of $262.6 million, up 3%.
Green Thumb Industries (OTC: GTBIF ) (CSE: GTII ) – revenue is expected to increase 3% to $1.21 billion with adjusted EBITDA up 3% to $332.5 million.
Trulieve (OTC: TCNNF ) (CSE: TRUL ) – Revenue is expected to decline 1% to $1.17 billion and adjusted EBITDA is expected to decline 6% to $400.4 million.
Verano Holdings (OTC: VRNO ) (NEO: VRNO ) – revenue is expected to rise 1% to $829.3 million, with adjusted EBITDA expected to decline 1% to $225.9 million.
Cresco Labs (OTC: CRLBF ) (CSE: CL ) – Revenue is expected to decline 5% to $622.2 million and adjusted EBITDA is expected to decline 8% to $145.5 million.
Senior and Junior – Canadian Dollar Report
High Tide (NASDAQ: HITI ) (TSXV: HITI ) recently reported its 4th quarter, and since then, the stock has taken a nosedive.
Auxly (TSX: XLY ) (OTC: CBWTF ) has yet to report Q4.
The Public Cannabis Company Earnings Tracker by New Cannabis Ventures is not a recommendation of any company, and you should not use it as investment advice. A tilde next to a date means an approximate date. All calculations are derived from SEC or SEDAR filings. Any questions or licensing inquiries please contact us.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
