Jushi Earnings and What Washington Is Really Saying
In the latest Trade To Black podcast, presented by Flowhub, Shadd Dales and Anthony Varrell are joined by Jim Cacioppo, CEO of Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF), along with Chief Strategy Officer Trent Woloveck. Jushi put up $262.9 million in full-year revenue earnings, with improving EBITDA and stronger branded product penetration across key markets. At the same time, there are still questions around margin consistency, cash flow, and the path to profitability — all of which get addressed directly. Then there’s the balance sheet.
Jushi Holdings CEO Jim Cacioppo then joined to walk through the company’s Q4 2025 and full-year results, which showed earnings revenue of $262.9 million, up two percent year over year despite ongoing price compression across the industry. He attributed a sequential decline in gross margins to holiday promotional discounting and a Q3 production overage that required a pullback, while noting adjusted EBITDA margins expanded to 20.4 percent. Cacioppo was bullish on Virginia’s impending adult-use launch, explaining that Jushi holds the exclusive retail rights to the Northern Virginia region — home to roughly a third of the state’s population — and is actively expanding cultivation capacity to meet anticipated demand. He described Pennsylvania as a future “boom” market rather than a gradual ramp, contrasting it with Virginia’s more multi-year growth profile.
On the company’s recently completed refinancing, Cacioppo noted he personally invested $28 million into the deal, describing the move not merely as a show of confidence but as a genuinely attractive investment given his equity exposure and the income stream it generates. He reflected on the industry’s durability, pointing to the collapse of former peers like AYR Wellness and the former Columbia Care as validation that Jushi’s more disciplined capital approach had paid off.
In the second segment, Jushi Chief Strategy Officer Trent Woloveck discussed his participation in closed-door OIRA meetings at the White House and FDA last week focused on cannabinoid enforcement policy ahead of the Farm Bill’s November implementation date. He described the sessions as the most in-depth federal conversations he had experienced in his career, characterized primarily by fact-finding rather than debate, with officials asking clarifying questions about the distinction between state-regulated cannabis and intoxicating hemp products. Woloveck also highlighted Jushi’s litigation strategy against hemp operators, noting that one defendant had settled in eight states and agreed to disgorge all profits — though he cautioned that outcome would not be the norm.
Woloveck closed by dismissing speculation about a hemp ban delay in blunt terms, reiterating that the ban is already law with a November effective date, that attempts to block it in the Senate were resoundingly defeated, and that in his view there is no meaningful political appetite to extend what he characterized as an ongoing public health crisis.
The focus was on CBD enforcement, the upcoming hemp-derived THC restrictions, and how this all connects to potential Schedule III rescheduling. The tone has shifted. This is no longer about waiting — it’s about how enforcement and structure actually take shape.
