Jushi Posts Record Wholesale Revenue in Q2 2026
In the latest Trade To Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell continue earnings-season coverage, digging into the Jushi Q2 print with Chairman and CEO Jim Cacioppo before bringing in Vantage COO Deepank Utkhede for the Vantage Standard segment on what pharmaceutical-grade GMP compliance actually demands.
In segment one, Cacioppo broke down strong Q2 2026 results from Jushi Holdings (CSE: JUSH, OTCQX: JUSHF), with revenue climbing 10% year over year to $71.3 million and wholesale revenue hitting an all-time quarterly record of $9.4 million, up 68%. He attributed the wholesale surge to improved yields, quality and production consistency, with the biggest gains in Massachusetts and Pennsylvania, while Virginia posted record quarterly revenue across its six-store network.
Retail growth of over 4% was led by Ohio, where hemp enforcement and the intoxicating-products ban have pushed consumers into the regulated market — a dynamic he expects to repeat in Virginia after August 15 and nationally after the November 12 hemp ban. He detailed Jushi’s Virginia buildout ahead of adult-use sales in July 2027, framing high-ROI in-state investment as preferable to M&A while positioning the company as a long-term buyer once Virginia begins cash flowing. Cacioppo, who also runs the One East hedge fund, offered a candid read on why the tape doesn’t reflect fundamentals — bad sentiment feeding on itself, capital crowding into AI, and the liquidity and “plumbing” problems that keep large institutions sidelined until rescheduling normalizes the sector — and argued Jushi trades below the value of its Virginia asset alone.
In segment two, Utkhede explained that true GMP compliance means building quality into every step rather than testing it into the final product, walking through the risk-analysis, installation-qualification and preventative-maintenance systems behind Vantage’s 60,000-square-foot, purpose-built Colorado facility, which produces pharmaceutical-grade CBD and CBGA API from industrial hemp. He distinguished the DEA’s role — inventory control and accountability of scheduled material, including what its export license actually means in practice — from the FDA’s focus on quality, and explained why CBD sits in regulatory limbo despite its drug approval via Epidiolex, leaving an unenforced “wild west” market.
On rescheduling, he noted Schedule III opens an FDA drug-approval pathway that was closed under Schedule I, but that a dual system will persist and that forcing every MSO to GMP standards would effectively shut the industry down. This and more when you tune in.
