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NewLake Capital & Jushi CEOs Share 2025 Roadmap

By Shadd Dales On Mar 7, 2025

It’s Friday, and on our latest Trade to Black podcast, host Shadd Dales and co-host Anthony Varrell break down the latest earnings reports from key cannabis companies including TerrAscend and Ayr Wellness. Next, Jushi Holdings Inc’s (OTCQX: JUSHF) CEO, Jim Cacioppo, joins us to discuss their numbers and how they achieved a strong financial turnaround. NewLake Capital Partners (OTCQX: NLCP) CEO Anthony Coniglio also joins to give a glimpse of their outlook for 2025.

Jushi, a company with over 50% of its dispensary portfolio in Pennsylvania and Virginia, recently posted their own numbers which investors might note shows some positive results from their turnaround strategy. Jim Cacioppo, CEO of Jushi Holdings, emphasized these latest earnings shows a reduction in net losses from $65.1 million in 2023 to $48.8 million in 2024, along with an increase in cash flow from operations. Key factors behind this turnaround include cost-cutting initiatives, improved operational efficiency, and a focus on quality products and new genetics. Jim also outlined the company’s expansion plans, particularly in Virginia, Pennsylvania, and Ohio, as they look to grow their retail footprint by 40% in 2025.

A major point of discussion was Jushi’s tax liability, which Jim reframed as a tax dispute rather than debt. He emphasized the legal complexities involved and how tax disputes offer more negotiation opportunities compared to traditional corporate debt. The conversation also explored the potential impact of federal rescheduling of cannabis and the elimination of 280E tax regulations, which could significantly benefit the company’s financial standing. Jim highlighted past cases where cannabis companies successfully negotiated tax settlements at discounted rates, arguing that this precedent could apply to Jushi and other operators.

We welcome back NewLake Capital Partners (OTCQX: NLCP) CEO Anthony Coniglio to discuss how 2025 might progress. Unlike plant-touching cannabis companies, New Lake operates as a real estate investment trust (REIT) specializing in cannabis-related properties. The company reported a 7.5% increase in Adjusted Funds from Operations (AFFO) to $43.7 million, maintaining strong financial stability in a challenging market. New Lake also successfully preserved its dividend payout, a key focus for shareholders. With an increase in revenue to $50.1 million and an increase in its annual dividend by 8.3%, NewLake has maintained a disciplined investment strategy.

We’ll wrap up with a broader look at the cannabis industry’s earnings season, particularly for TerrAscend and Ayr Wellness.

AN – Sidebar Square

Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.