Jushi CEO Talks Virginia PA DC, Cannabis Reform Update
In our latest Trade To Black podcast, host Shadd Dales and Anthony Varrell welcome back Jim Cacioppo, CEO of cannabis company Jushi Holdings (OTC: JUSHF). Cacioppo breaks down the current cannabis investment climate amid broader market volatility, giving his take on the potential for some long term buying opportunities.
Jushi Holdings Inc is a vertically integrated, multi-state cannabis company founded in 2018, operating across cultivation, manufacturing, processing, and retail sectors in both medical and adult-use markets throughout the United States. Jim Cacioppo, the CEO, kicks off the podcast by taking a look at the current market woes. He emphasized that the cannabis sector has historically acted as a leading indicator, often seeing downturns ahead of other small-cap sectors. While hedge funds are presently cautious due to increased volatility, Jim framed the current environment as a solid long-term buying opportunity—particularly for those willing to build positions in strong operators.
Cacioppo dug deep into the contentious topic of IRS tax liabilities under 280E. He argued that many analysts mistakenly categorize these as traditional debt liabilities, when in fact they lack maturities and cash interest terms. He outlined how Jushi, among other operators, is reframing these tax positions as disputes with strong legal standing and precedent—citing Harborside’s past negotiations as an example. Cacioppo explains why this is important, and what investors should know.
In Pennsylvania, a bipartisan bill is gaining traction in the House, and Cacioppo confirmed that the state’s budget needs and online gambling tax revenue pressures are helping advance adult-use cannabis legislation. In Virginia, he revealed optimism around the 2025 governor’s race—specifically the candidacy of Democrat Abigail Spanberger, who holds a 15-point lead and is expected to support adult-use cannabis. If legislation passes, Jim estimates retail sales could begin by May 2027.
Meanwhile, Jushi is investing heavily in Ohio and New Jersey, opening new cannabis retail locations. Although constrained by conservative advertising rules, he expects long-term compounding growth once customers become aware of store openings. Responding to questions about Jushi’s debt, Cacioppo detailed their first- and second-lien debt structures and highlighted his own personal investment in the company’s debt—roughly 20% of the outstanding first lien and 12% of the second. Get all the details when you tune in to this episode.
