In this episode of the Trade To Black Podcast, host Anthony Varrell sits down with Jim Cacioppo, CEO of Jushi Holdings Inc (CSE: JUSH) (OTCQX: JUSHF), to unpack the company’s latest Q2 2025 earnings print and discuss what’s ahead. Ayr Wellness Interim CEO Scott Davido shares the company’s major restructuring plan and the future of its assets. Also on today’s show: Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) released its earnings this morning. We break down the key takeaways.
Ayr Wellness Interim CEO Scott Davido confirmed that Ayr’s public equity will be extinguished as its senior noteholders take ownership of the prime assets through a new entity (NUCO). Davido, a veteran turnaround specialist, emphasized that the restructuring is not a liquidation but a repositioning—assets in Florida, Pennsylvania, New Jersey, Ohio, Virginia, and Nevada will remain operational under NUCO, with regulatory approvals expected by year-end. He explained that Ayr’s unsustainable debt burden made the timing critical and outlined plans for fresh capital injection and asset optimization under new ownership. The full restructuring support agreement is expected to be filed within days.
Varrell praised Trulieve’s strong quarter, highlighting CEO Kim Rivers’ success in stabilizing margins despite a 25% year-over-year price drop in Florida. Trulieve posted $404 million in cash, making it a standout among MSOs. GTI also posted a strong quarter with $293 million in revenue, $82.7 million in adjusted EBITDA, and $56 million in cash flow from operations. In contrast, Curaleaf reported a year-over-year revenue decline to $314.5 million, along with a net loss of $50.6 million, setting up a critical discussion with CEO Boris Jordan scheduled for Thursday.
Later, Jim Cacioppo, CEO of Jushi, joins to break down their latest quarter. Jushi reported total revenue of $65.0 million for the quarter, delivering a gross profit of $28.9 million and an impressive gross margin of 44.5%. Despite a net loss of $12.3 million, the company posted adjusted EBITDA of $13.7 million with a solid 21.1% adjusted EBITDA margin. Jushi ended the quarter with $25.2 million in cash, cash equivalents, and restricted cash, while using $1.9 million in net cash flows from operations—a figure Jim will address in terms of operational efficiency and capital allocation going forward. Anthony and Jim explore the factors behind these numbers—ranging from retail performance and wholesale dynamics to ongoing cost controls and market expansion.
Looking ahead, Jushi plans to continue expansion in Ohio and New Jersey, with Cacioppo emphasizing opportunistic moves and risk management, particularly around wholesale credit. Despite Q3 seasonality, he expressed optimism about Q4, regulatory momentum in Pennsylvania, and a crackdown on illicit hemp markets.
