Jushi (JUSHF) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-56468
Entity Registrant Name	JUSHI HOLDINGS INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1547061
Entity Address, Address Line One	301 Yamato Road
Entity Address, Address Line Two	Suite 3250
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
City Area Code	561
Local Phone Number	617-9100
Entity Address, Postal Zip Code	33431
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,633,371
Entity Central Index Key	0001909747
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 18,474	$ 26,196
Accounts receivable, net	6,289	4,809
Inventory, net	37,471	35,089
Prepaid expenses and other current assets	2,859	3,957
Total current assets	65,093	70,051
NON-CURRENT ASSETS:
Property, plant and equipment, net	175,087	177,755
Right-of-use assets - finance leases	112,205	114,021
Other intangible assets, net	99,149	100,082
Goodwill	38,239	38,239
Other assets	29,313	28,243
Restricted cash	950	950
Total non-current assets	454,943	459,290
Total assets	520,036	529,341
CURRENT LIABILITIES:
Accounts payable	24,869	21,313
Accrued expenses and other current liabilities	38,989	46,329
Income tax payable	29,409	19,921
Debt, net - current portion (including related party principal amounts of $3,250 and $3,189 as of March 31, 2023 and December 31, 2022, respectively)	11,734	8,704
Finance lease obligations - current	10,293	11,361
Total current liabilities	115,294	107,628
NON-CURRENT LIABILITIES:
Debt, net - non-current (including related party principal amounts of $18,241 and $17,491 as of March 31, 2023 and December 31, 2022, respectively)	181,607	180,558
Finance lease obligations - non-current	102,208	102,375
Derivative liabilities	6,104	14,134
Income tax liabilities - non-current	59,096	57,200
Other liabilities - non-current	19,965	21,555
Total non-current liabilities	368,980	375,822
Total liabilities	484,274	483,450
COMMITMENTS AND CONTINGENCIES (Note 16)
EQUITY:
Common stock, no par value; authorized shares - unlimited; issued and outstanding shares - 196,633,371 and 196,686,372 Subordinate Voting Shares as of March 31, 2023 and December 31, 2022, respectively	0	0
Paid-in capital	494,331	492,020
Accumulated deficit	(457,182)	(444,742)
Total Jushi shareholders' equity	37,149	47,278
Non-controlling interests	(1,387)	(1,387)
Total equity	35,762	45,891
Total liabilities and equity	$ 520,036	$ 529,341

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt, net - current portion	$ 3,250	$ 3,189
Debt, net - non-current	$ 18,241	$ 17,491
Subordinate Voting Shares
Common stock, issued (in shares)	196,633,371	196,686,372
Common stock, outstanding (in shares)	196,633,371	196,686,372

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
REVENUE, NET	$ 69,873	$ 61,888
COST OF GOODS SOLD	(39,932)	(42,776)
GROSS PROFIT	29,941	19,112
OPERATING EXPENSES	32,452	37,308
LOSS FROM OPERATIONS	(2,511)	(18,196)
OTHER INCOME (EXPENSE):
Interest expense, net	(8,520)	(10,116)
Fair value gains on derivatives	8,030	14,309
Other, net	709	(703)
Total other income, net	219	3,490
LOSS BEFORE INCOME TAX	(2,292)	(14,706)
Income tax expense	(10,148)	(5,051)
NET LOSS AND COMPREHENSIVE LOSS	(12,440)	(19,757)
NET LOSS AND COMPREHENSIVE LOSS	(12,440)	(19,757)
Less: net loss attributable to non-controlling interests	0	0
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO JUSHI SHAREHOLDERS	(12,440)	(19,757)
NET LOSS AND COMPREHENSIVE LOSS ATTRIBUTABLE TO JUSHI SHAREHOLDERS	$ (12,440)	$ (19,757)
LOSS PER SHARE ATTRIBUTABLE TO JUSHI SHAREHOLDERS - BASIC (in dollars per share)	$ (0.06)	$ (0.11)
Weighted average shares outstanding - basic (in shares)	194,050,835	183,226,027
LOSS PER SHARE ATTRIBUTABLE TO JUSHI SHAREHOLDERS - DILUTED (in dollars per share)	$ (0.06)	$ (0.16)
Weighted average shares outstanding - diluted (in shares)	194,050,835	207,838,906

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock Subordinate Voting Shares	Total Jushi Shareholders' Equity	Paid-In Capital	Accumulated Deficit	Non-Controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2021		182,707,359
Balance at beginning of period at Dec. 31, 2021	$ 180,983		$ 182,370	$ 424,788	$ (242,418)	$ (1,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Private placement offerings (in shares)		3,717,392
Private placement offerings	13,680		13,680	13,680
Shares issued for Apothecarium acquisition (in shares)		527,704
Shares issued for Apothecarium acquisition	1,594		1,594	1,594
Shares issued for restricted stock grants (in shares)		5,952
Shares issued upon exercise of warrants (in shares)		2,676,303
Shares issued upon exercise of warrants	9,693		9,693	9,693
Shares issued upon exercise of stock options (in shares)		93,915
Share-based compensation (including related parties)	6,964		6,964	6,964
Net loss	(19,757)		(19,757)		(19,757)
Balance at end of period (in shares) at Mar. 31, 2022		189,728,625
Balance at end of period at Mar. 31, 2022	193,157		194,544	456,719	(262,175)	(1,387)
Balance at beginning of period (in shares) at Dec. 31, 2022		196,686,372
Balance at beginning of period at Dec. 31, 2022	45,891		47,278	492,020	(444,742)	(1,387)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares canceled upon forfeiture of restricted stock, net of restricted stock grants (in shares)		(53,001)
Share-based compensation (including related parties)	2,311		2,311	2,311
Net loss	(12,440)		(12,440)		(12,440)
Balance at end of period (in shares) at Mar. 31, 2023		196,633,371
Balance at end of period at Mar. 31, 2023	$ 35,762		$ 37,149	$ 494,331	$ (457,182)	$ (1,387)

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,440)	$ (19,757)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,335	3,248
Share-based compensation	2,311	6,964
Fair value changes in derivatives	(8,030)	(14,309)
Non-cash interest expense, including amortization of debt issuance costs	1,731	4,551
Deferred income taxes and uncertain tax positions	355	(1,125)
Other non-cash items, net	(166)	438
Changes in operating assets and liabilities:
Accounts receivable	(1,210)	1,770
Inventory	(4,480)	5,917
Prepaid expenses and other current assets	1,098	(316)
Accounts payable, accrued expenses and other current liabilities	8,033	(2,379)
Other assets	1,891	1,173
Net cash flows used in operating activities	(3,572)	(13,825)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions, net of cash acquired	0	(6,592)
Payments for property, plant and equipment	(4,542)	(17,039)
Net cash flows used in investing activities	(4,542)	(23,631)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares, net	0	13,680
Proceeds from exercise of warrants and options	0	541
Redemptions of senior notes (including related party redemptions of $0 and $8 for three months ended March 31, 2023 and 2022, respectively)	0	(258)
(Payments) receipts of finance leases, net of tenant allowance of $0 and $9,597 for three months ended March 31, 2023 and 2022, respectively)	(844)	1,121
Proceeds from other debt	1,900	3,265
Repayments of other debt	(57)	(130)
Other financing activities	(668)	0
Net cash flows provided by financing activities	331	18,219
Effect of currency translation on cash and cash equivalents	61	(9)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(7,722)	(19,246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	27,146	95,487
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	19,424	76,241
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest (excluding capitalized interest)	6,951	5,580
Cash paid for income taxes	305	3,867
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures	2,804	24,939
Right-of-use assets from finance lease liabilities	461	0
Issuance of second lien notes for settlement of accrued bonus	750	0
Fair value of note obligations and warrant liabilities from acquisitions and acquisitions of non-controlling interests	0	6,922
Fair value of shares issued for acquisitions and acquisitions of non-controlling interests	0	1,594
Assets acquired and liabilities assumed in acquisitions, net	$ 0	$ 15,133

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Redemptions of senior notes, related party redemptions	$ 0	$ 8
Finance leases, tenant allowance	$ 0	$ 9,597

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Jushi Holdings Inc. (the “Company” or “Jushi”) is incorporated under the British Columbia’s Business Corporations Act. The Company is a vertically integrated, multi-state cannabis operator engaged in retail, distribution, cultivation, and processing in both medical and adult-use markets. As of March 31, 2023, Jushi, through its subsidiaries, owns or manages cannabis operations and/or holds licenses in the adult-use and/or medicinal cannabis marketplace in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania and Virginia. The Company’s head office is located at 301 Yamato Road, Suite 3250, Boca Raton, Florida 33431, United States of America, and its registered address is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia V6C 2X8, Canada.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. In the opinion of management, the unaudited consolidated financial statements include all adjustments, of a normal recurring nature, that are necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 18, 2023 (the “2022 Form 10-K”), and was also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) on April 18, 2023. Consolidated balance sheet information as of December 31, 2022 presented herein is derived from the Company’s audited consolidated financial statements for the year ended December 31, 2022. Going Concern and Liquidity As reflected in the 2022 Form 10-K, the Company has incurred a loss from operations of $220,333, including non-cash impairment charges of $159,645, and used net cash of $21,416 for operating activities for the year ended December 31, 2022, and as of that date, the Company’s current liabilities exceeded its current assets by $37,577. Furthermore, the Company incurred additional loss from operations of $2,511 and used cash of $3,572 for operating activities for the three months ended March 31, 2023, and as of that date, the Company’s current liabilities exceeded its current assets by $50,201. S ince inception, management has focused on building a diverse portfolio of assets in attractive markets to vertically integrate its business. As such, the Company has incurred losses as it continues to expand. Management has put in place plans to increase the profitability of the business in fiscal year 2023 and beyond. In order to achieve profitable future operations, management begun to commercialize production from its recently expanded grower-processing facilities in Pennsylvania and Virginia, as well as implemented a cost-savings and efficiency optimization plan which includes, among other things, reduction in labor and packaging costs as well as operating efficiencies at the Company’s retail and grower-processing facilities. As a result of the above, substantial doubt exists about the Company’s ability to continue as a going concern within the next twelve months from the date these financial statements are issued. Management intends to fund the Company’s operations, capital expenditures and debt service with existing cash and cash equivalents on hand, cash generated from operations and, as needed, future financing (equity and/or debt) as well as the potential sales of non-core assets. The ability to continue as a going concern is dependent upon profitable future operations and positive cash flows from operations as well as future financing and/or sales of assets if necessary. There is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The unaudited consolidated financial statements contained herein have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 in the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, which is included in the 2022 Form 10-K. Except as disclosed below, there have been no material changes to the Company’s significant accounting policies. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: March 31, 2023 (unaudited) December 31, 2022 Cash and cash equivalents $ 18,474 $ 26,196 Restricted cash 950 950 Cash, cash equivalents and restricted cash $ 19,424 $ 27,146 Emerging Growth Company As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed in Recent Accounting Pronouncements reflect this election. Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In June 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06 Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The FASB issued guidance requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired revenue contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with generally accepted accounting principles). The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The FASB issued guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements . The FASB issued guidance clarifies the accounting for leasehold improvements associated with common control leases, by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	3. INVENTORY The components of inventory, net, are as follows: March 31, 2023 (unaudited) December 31, 2022 Cannabis plants $ 4,618 $ 4,347 Harvested cannabis and packaging 10,862 9,052 Total raw materials $ 15,480 $ 13,399 Work in process 7,495 7,845 Finished goods 14,496 13,845 Total inventory, net $ 37,471 $ 35,089

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	4. PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment The components of property, plant and equipment (“PPE”) are as follows: March 31, 2023 (unaudited) December 31, 2022 Buildings and building components $ 91,892 $ 80,697 Land 14,087 14,085 Leasehold improvements 44,893 43,472 Machinery and equipment 27,615 27,615 Furniture, fixtures and office equipment (including computer) 17,496 16,126 Construction-in-process 8,242 20,086 Total property, plant and equipment - gross $ 204,225 $ 202,081 Less: Accumulated depreciation (29,138) (24,326) Total property, plant and equipment - net $ 175,087 $ 177,755 Construction-in-process represents assets under construction for manufacturing and retail build-outs not yet ready for use. PP&E depreciation was $4,812 and $2,550 for the three months ended March 31, 2023 and 2022, respectively. Interest expense capitalized to PPE totaled $188 and $744 for the three months ended March 31, 2023 and 2022, respectively.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	5. ACQUISITIONS Nature’s Remedy In connection with the Company’s acquisition of Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates (collectively, “Nature’s Remedy”) in September 2021, the Company agreed to issue up to an additional $5,000 in Company SVS to Sammartino Investments LLC (“Sammartino”) upon the occurrence or non-occurrence of certain events after the closing date. The payment of the contingent consideration depends on whether or not a competitor (as defined in the definitive acquisition documents) opens a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts during the period beginning on the 12-month anniversary of the closing date and ending on the 30-month anniversary of the closing date (the “Milestone Period”). On each monthly anniversary of the closing date during the Milestone Period (beginning on the 13-month anniversary of the closing date), Sammartino shall accrue $278 worth of Company SVS (a “Monthly Milestone Accrual”). On the 18-month, 24-month and 30-month anniversary of the closing date (and provided a competitor has not opened a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts), Sammartino is entitled to be issued Company SVS in an amount equal to $1,667 divided by a volume weighted average reference share price. As of December 31, 2022 , the aggregate contingent consideration liability was $4,793, of which $3,398 was included as a short-term contingent consideration liability and $1,395 was included in long-term contingent consideration liability. In March 2023, the 18-month anniversary of the closing date occurred without a competitor opening a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts. Consequently, at March 31, 2023, $1,667 of Monthly Milestone Accrual was classified as other current liabilities while the remaining liability of $3,109 was included in short-term contingent consideration liability. As discussed in greater detail in Note 16 - Commitments and Contingencies, on February 28, 2023, the Company informed Sammartino that Sammartino had breached several provisions of the Merger and Membership Interest Purchase Agreement between the Company, Sammartino and certain other parties thereto (as amended, the “MIPA”) and pursuant to the terms of the MIPA the Company had elected to offset these damages against (among other things) all present and future Monthly Milestone Accruals. Purchase Price Allocations for 2022 Business Combinations The purchase price accounting in connection with the acquisitions of “The Apothecarium” in Las Vegas, Nevada (“Apothecarium”) and NuLeaf Inc., NuLeaf CLV Inc. and their subsidiaries (collectively, “NuLeaf”) in March 2022 and April 2022, respectively, has been finalized as of March 31, 2023. There were no material measurement period adjustments during the three months ended March 31, 2023. Business Combinations Acquisition Results and Unaudited Supplemental Pro Forma Financial Information The following table summarizes consolidated pro forma revenue and consolidated pro forma net income (loss) as if the business combinations had occurred on January 1, 2022: Three Months Ended March 31, 2022 Revenue, net $ 71,160 Net loss $ (22,138) These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the period indicated, or of the results that may be achieved by the combined companies in the future. These amounts have been calculated using actual results and adding pre-acquisition results, after adjusting for: acquisition costs, additional depreciation and amortization from acquired property, plant and equipment and intangible assets, as well as adjustments for incremental interest expense relating to consideration paid, and changes to conform to the Company’s accounting policies. The results of the 2022 acquisitions were included in the Company’s results since their respective acquisition dates. For the three months ended March 31, 2022, the Apothecarium acquisition contributed revenues of $556 and net income of $55, to the Company’s consolidated results.
ACQUISITIONS	5. ACQUISITIONS Nature’s Remedy In connection with the Company’s acquisition of Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates (collectively, “Nature’s Remedy”) in September 2021, the Company agreed to issue up to an additional $5,000 in Company SVS to Sammartino Investments LLC (“Sammartino”) upon the occurrence or non-occurrence of certain events after the closing date. The payment of the contingent consideration depends on whether or not a competitor (as defined in the definitive acquisition documents) opens a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts during the period beginning on the 12-month anniversary of the closing date and ending on the 30-month anniversary of the closing date (the “Milestone Period”). On each monthly anniversary of the closing date during the Milestone Period (beginning on the 13-month anniversary of the closing date), Sammartino shall accrue $278 worth of Company SVS (a “Monthly Milestone Accrual”). On the 18-month, 24-month and 30-month anniversary of the closing date (and provided a competitor has not opened a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts), Sammartino is entitled to be issued Company SVS in an amount equal to $1,667 divided by a volume weighted average reference share price. As of December 31, 2022 , the aggregate contingent consideration liability was $4,793, of which $3,398 was included as a short-term contingent consideration liability and $1,395 was included in long-term contingent consideration liability. In March 2023, the 18-month anniversary of the closing date occurred without a competitor opening a competing dispensary within a certain radius of the Company’s dispensary in Tyngsborough, Massachusetts. Consequently, at March 31, 2023, $1,667 of Monthly Milestone Accrual was classified as other current liabilities while the remaining liability of $3,109 was included in short-term contingent consideration liability. As discussed in greater detail in Note 16 - Commitments and Contingencies, on February 28, 2023, the Company informed Sammartino that Sammartino had breached several provisions of the Merger and Membership Interest Purchase Agreement between the Company, Sammartino and certain other parties thereto (as amended, the “MIPA”) and pursuant to the terms of the MIPA the Company had elected to offset these damages against (among other things) all present and future Monthly Milestone Accruals. Purchase Price Allocations for 2022 Business Combinations The purchase price accounting in connection with the acquisitions of “The Apothecarium” in Las Vegas, Nevada (“Apothecarium”) and NuLeaf Inc., NuLeaf CLV Inc. and their subsidiaries (collectively, “NuLeaf”) in March 2022 and April 2022, respectively, has been finalized as of March 31, 2023. There were no material measurement period adjustments during the three months ended March 31, 2023. Business Combinations Acquisition Results and Unaudited Supplemental Pro Forma Financial Information The following table summarizes consolidated pro forma revenue and consolidated pro forma net income (loss) as if the business combinations had occurred on January 1, 2022: Three Months Ended March 31, 2022 Revenue, net $ 71,160 Net loss $ (22,138) These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the period indicated, or of the results that may be achieved by the combined companies in the future. These amounts have been calculated using actual results and adding pre-acquisition results, after adjusting for: acquisition costs, additional depreciation and amortization from acquired property, plant and equipment and intangible assets, as well as adjustments for incremental interest expense relating to consideration paid, and changes to conform to the Company’s accounting policies. The results of the 2022 acquisitions were included in the Company’s results since their respective acquisition dates. For the three months ended March 31, 2022, the Apothecarium acquisition contributed revenues of $556 and net income of $55, to the Company’s consolidated results.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The components of accrued expenses and other current liabilities are as follows: March 31, 2023 (unaudited) December 31, 2022 Goods received not invoiced $ 7,318 $ 11,620 Accrued employee related expenses and liabilities 5,671 6,030 Accrued capital expenditures 5,113 5,603 Contingent consideration liabilities (1) 3,109 3,398 Operating lease obligations 2,887 2,652 Accrued interest 2,417 2,388 Accrued sales and excise taxes 1,740 1,931 Deferred revenue (loyalty program) 1,600 1,870 Accrued professional and management fees 1,342 1,481 Other accrued expenses and current liabilities 7,792 9,356 Total $ 38,989 $ 46,329 (1) Refer to Note 5 - Acquisitions for more information .

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	7. DEBT The components of the Company’s debt are as follows: Effective Interest Rate Maturity Date March 31, 2023 December 31, 2022 Principal amounts: Second Lien Notes 15% December 2026 $ 73,933 $ 73,182 Acquisition Facility 15% December 2024 65,000 65,000 Acquisition-related promissory notes payable 8% - 18% August 2024 - April 2027 57,216 57,216 Other Debt (1) 7% - 9% March 2022 - July 2027 12,860 10,960 Total debt - principal amounts $ 209,009 $ 206,358 Less: debt issuance costs and original issue discounts (15,668) (17,096) Total debt - carrying amounts $ 193,341 $ 189,262 Debt - current portion $ 11,734 $ 8,704 Debt - non-current portion $ 181,607 $ 180,558 (1) Includes Jushi Europe debt. Refer to Note 15 - Related Party Transactions for more information. Second Lien Notes In March 2023, the Company and one of its wholly subsidiary, JGMT, LLC, and the Company’s Chief Executive Officer and Chairman of the Board of Directors (“CEO”) entered into an amendment to the existing employment agreement (the "Amendment") pursuant to which the CEO agreed to receive the $750 annual cash bonus that would otherwise have been paid to him in the following alternative form: (i) a lump sum cash payment in the amount of $250, which was paid on March 15, 2023, (ii) $750 aggregate principal amount of 12% second lien notes (“Second Lien Notes”) due December 7, 2026, which was issued on March 15, 2023, and (iii) fully-detached warrants to purchase up to approximately $375 worth of the Company’s SVS (“Warrants”), with such Warrants to be priced and issued as soon as practicable in accordance with US and Canadian securities laws. The Warrants, when issued, will have an exercise price per subordinate voting share equal to the greater of: (a) a twenty-five percent (25%) premium to the volume-weighted average price per share of the Company’s subordinate voting shares on the Canadian Securities Exchange (converted into U.S. Dollars at an exchange rate determined by the Company in good faith) over the trailing ten (10) trading day period prior to the date the Warrants are issued, and (b) the fair market value of the Company’s subordinate voting shares on the Canadian Securities Exchange (converted into U.S. Dollars at an exchange rate determined by the Company in good faith) on the date the Warrants are issued. Other Debt Arlington Facility In November 2021, the Company closed on the purchase of a property in Arlington, Virginia, for $7,000. On December 28, 2021, the Company entered into a $6,900 credit facility (the “Arlington Facility”) with a bank to refinance the purchase. As of December 31, 2022, the Company had drawn down $5,000, and the remaining $1,900 was drawn down in January 2023. The Arlington Facility bears a fixed interest rate of 5.875% per annum payable monthly and will mature on January 1, 2027. Financial covenants Acquisition Facility The Senior Secured Credit Facility (the “Acquisition Facility”) contains certain financial and other covenants with which the Company is required to comply. As of March 31, 2023 , the Company was in compliance with its financial covenants related to minimum (i) unrestricted cash and cash equivalents balance requirement and (ii) minimum quarterly revenue requirement. Other Debt The Arlington Facility and the $2,800 credit facility the Company entered into in July 2022 with a bank to fund the construction of a dispensary in Dickson City, Pennsylvania (the “Dickson Facility”) contain certain financial and other covenants with which the Company is required to comply. As of March 31, 2023, the Company was in compliance with all financial covenants contained in these two facilities. Annual Maturities As of March 31, 2023, aggregate future contractual maturities of the Company’s debt are as follows: Remainder of the year 2024 2025 2026 2027 Total Second Lien Notes $ — $ — $ — $ 73,933 $ — $ 73,933 Acquisition Facility 4,875 60,125 — — — 65,000 Acquisition-related promissory notes payable 3,448 22,385 1,970 6,971 22,442 57,216 Other debt (1) 3,407 165 178 189 8,921 12,860 Total $ 11,730 $ 82,675 $ 2,148 $ 81,093 $ 31,363 $ 209,009 (1) The other debt amounts due for the remainder of the year include the Jushi Europe debt, which became due in 2022 and is not expected to be settled and/or repaid until the completion of the liquidation of Jushi Europe. Refer to Note 15 - Related Party Transactions for additional information. Interest Expense Interest expense, net is comprised of the following: Three Months Ended March 31, 2023 2022 Interest expense Interest and accretion - 10% Senior Notes $ — $ 5,398 Interest and accretion - Second Lien Notes 2,344 — Interest and accretion - Finance lease liabilities 2,349 2,901 Interest and accretion - Promissory notes 1,536 737 Interest and accretion - Acquisition Facility 2,296 1,360 Interest and accretion - Other debt 185 479 Capitalized interest (188) (744) Total interest expense $ 8,522 $ 10,131 Interest income (2) (15) Total interest expense, net $ 8,520 $ 10,116

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	8. LEASES The Company leases certain business facilities for corporate, retail and cultivation operations from third parties under lease agreements that specify minimum rentals. In addition, the Company leases certain equipment for use in cultivation and extraction activities. The Company determines whether a contract is or contains a lease at the inception of the contract. The expiry dates of the leases, including reasonably certain estimated renewal periods, are between 2023 and 2052. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented. Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of lease assets $ 1,590 $ 1,143 Interest on lease liabilities 2,349 2,901 Total finance lease cost $ 3,939 $ 4,044 Operating lease cost 733 886 Variable lease cost 66 93 Total lease cost $ 4,738 $ 5,023 Operating lease assets were $15,225 and $16,244 as of March 31, 2023 and December 31, 2022, respectively, which are included in other non-current assets in the consolidated balance sheets. Other information related to operating and finance leases as of the balance sheet dates presented are as follows: March 31, 2023 December 31, 2022 (unaudited) Finance Leases Operating Leases Finance Leases Operating Leases Weighted average discount rate 11.50 % 11.38 % 11.23 % 11.51 % Weighted average remaining lease term (in years) 20.9 13.1 22.7 14.1 The maturities of the contractual undiscounted lease liabilities as of March 31, 2023 are as follows: Finance Leases Operating Leases Remainder of year $ 9,575 $ 1,943 2024 13,285 2,913 2025 13,213 2,734 2026 13,207 2,499 2027 12,851 2,371 Thereafter 272,442 26,583 $ 334,573 $ 39,043 Less: Imputed interest (222,072) (20,567) Total present value of minimum lease payments $ 112,501 $ 18,476 Lease liabilities - current portion $ 10,293 $ 2,887 Lease liabilities - non-current $ 102,208 $ 15,589
LEASES	8. LEASES The Company leases certain business facilities for corporate, retail and cultivation operations from third parties under lease agreements that specify minimum rentals. In addition, the Company leases certain equipment for use in cultivation and extraction activities. The Company determines whether a contract is or contains a lease at the inception of the contract. The expiry dates of the leases, including reasonably certain estimated renewal periods, are between 2023 and 2052. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented. Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of lease assets $ 1,590 $ 1,143 Interest on lease liabilities 2,349 2,901 Total finance lease cost $ 3,939 $ 4,044 Operating lease cost 733 886 Variable lease cost 66 93 Total lease cost $ 4,738 $ 5,023 Operating lease assets were $15,225 and $16,244 as of March 31, 2023 and December 31, 2022, respectively, which are included in other non-current assets in the consolidated balance sheets. Other information related to operating and finance leases as of the balance sheet dates presented are as follows: March 31, 2023 December 31, 2022 (unaudited) Finance Leases Operating Leases Finance Leases Operating Leases Weighted average discount rate 11.50 % 11.38 % 11.23 % 11.51 % Weighted average remaining lease term (in years) 20.9 13.1 22.7 14.1 The maturities of the contractual undiscounted lease liabilities as of March 31, 2023 are as follows: Finance Leases Operating Leases Remainder of year $ 9,575 $ 1,943 2024 13,285 2,913 2025 13,213 2,734 2026 13,207 2,499 2027 12,851 2,371 Thereafter 272,442 26,583 $ 334,573 $ 39,043 Less: Imputed interest (222,072) (20,567) Total present value of minimum lease payments $ 112,501 $ 18,476 Lease liabilities - current portion $ 10,293 $ 2,887 Lease liabilities - non-current $ 102,208 $ 15,589

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE LIABILITIES	9. DERIVATIVE LIABILITIES The following table summarizes the change in the Company’s derivative liabilities for the three months ended March 31, 2023 . Total Derivative Liabilities (1) Carrying amounts as of January 1, 2023 $ 14,134 Fair value changes (8,030) Carrying amounts as of March 31, 2023 $ 6,104 (1) Refer to Note 10 - Equity for the change in number of warrants during the three months ended March 31, 2023 . The Company’s derivative liabilities are primarily comprised of derivative warrants (“Derivative Warrants”). These are warrants to purchase SVS of the Company which were issued in connection with: (i) the 10% senior secured notes (the “Senior Notes”), and have an expiration date of December 23, 2024 and an exercise price of $1.25; and (ii) the Second Lien Notes and the Acquisition Facility second amendment, and have an expiration date of December 7, 2026 and an exercise price of $2.086. The Derivative Warrants may be net share settled. As of March 31, 2023 and December 31, 2022, there were 55,375,202 Derivative Warrants outstanding. These Derivative Warrants were considered derivative financial liabilities measured at fair value with all gains or losses recognized in profit or loss as the settlement amount for the Derivative Warrants may be adjusted during certain periods for variables that are not inputs to standard pricing models for forward or option equity contracts, i.e., the “fixed for fixed” criteria under ASC 815-40. The estimated fair value of the Derivative Warrants is measured at the end of each reporting period and an adjustment is reflected in fair value changes in derivatives in the consolidated statements of operations and comprehensive income (loss). These are Level 3 recurring fair value measurements. The estimated fair value of the Derivative Warrants was determined using the Black-Scholes model with stock price based on the OTCQX closing price of the Derivative Warrants issue date as of March 31, 2023 and December 31, 2022. The assumptions used in the fair value calculations as of the balance sheet dates presented include the following: March 31, 2023 (unaudited) December 31, 2022 Stock price $0.52 $0.76 Risk-free annual interest rate 3.63% - 4.22% 3.99% - 4.11% Range of estimated possible exercise price $1.25 - $2.086 $1.25 - $2.086 Volatility 79% 79% Remaining life 1.73 years - 3.69 years 1.98 years - 3.96 years Forfeiture rate 0% 0% Expected annual dividend yield 0% 0% Volatility was estimated by using a weighting of the Company’s historical volatility and the average historical volatility of comparable companies from a representative peer group of publicly traded cannabis companies. The risk-free interest rate for the expected life of the Derivative Warrants was based on the yield available on government benchmark bonds with an approximate equivalent remaining term. The expected life is based on the contractual term. If any of the assumptions used in the calculation were to increase or decrease, this could result in a material or significant increase or decrease in the estimated fair value of the derivative liability. For example, the following table illustrates an increase or decrease in certain significant assumptions as of the balance sheet dates: As of March 31, 2023 As of December 31, 2022 (unaudited) Input Effect of 10% Increase Effect of 10% Decrease Input Effect of 10% Increase Effect of 10% Decrease Stock price $ 0.52 $ 1,407 $ (1,051) $ 0.76 $ 2,529 $ (2,396) Volatility 79 % $ 1,511 $ (1,220) 79 % $ 2,070 $ (2,121)

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
EQUITY	10. EQUITY Authorized, Issued and Outstanding The authorized share capital of the Company consists of an unlimited number of SVS, Multiple Voting Shares, Super Voting Shares, and Preferred Shares. As of March 31, 2023, the Company had 196,633,371 SVS issued and outstanding and no Multiple Voting Shares, Super Voting Shares or Preferred Shares issued and outstanding. Warrants Each warrant entitles the holder to purchase one SVS. Certain warrants may be net share settled. The following table summarizes the status of warrants and related transactions: Non-Derivative (Equity) Warrants Derivative Liabilities Warrants (1) Total Number of Warrants Weighted - Average Exercise Price Balance as of January 1, 2023 30,673,635 55,375,202 86,048,837 $ 1.40 Cancelled (100,000) — (100,000) $ 1.47 Balance as of March 31, 2023 30,573,635 55,375,202 85,948,837 $ 1.40 Exercisable as of March 31, 2023 28,348,635 55,375,202 83,723,837 $ 1.38 (1) Refer to Note 9 - Derivative Liabilities for additional information. Share-based payment award plans Plan summary and description Under the Company’s 2019 Equity Incentive Plan, as amended, (the “2019 Plan”), non-transferable options to purchase SVS and restricted SVS of the Company may be issued to directors, officers, employees, or consultants of the Company. The 2019 Plan authorizes the issuance of up to 15% (plus an additional 2% inducements for hiring employees and senior management) of the number of outstanding shares of common stock (of all classes) of the Company (the “Share Reserve”). Incentive stock options are limited to the Share Reserve, and the maximum number of incentive awards available for issuance under the 2019 Plan, including additional awards available for certain new hires, was 4,031,555 as of March 31, 2023. Stock Options The stock options issued by the Company are options to purchase SVS of the Company. All stock options issued have been issued to directors and employees under the Company’s 2019 Plan. Such options generally expire in ten years from the date of grant and generally vest ratably over three years from the grant date. The options generally may be net share settled. The following table summarizes the status of stock options and related transactions: Number of Stock Options Weighted-Average Per Share Exercise Price Issued and Outstanding as of January 1, 2023 30,752,259 $ 2.58 Granted 1,027,500 $ 0.60 Forfeited/expired (3,181,340) $ 2.62 Issued and Outstanding as of March 31, 2023 28,598,419 $ 2.50 Exercisable as of March 31, 2023 14,247,252 $ 2.37 The fair value of the stock options granted was determined using the Black-Scholes option-pricing model. The following assumptions were used for the calculation at date of grant: Three Months Ended March 31, 2023 2022 Weighted average stock price $0.60 $4.20 Weighted average expected stock price volatility 77.4% 72.8% Expected annual dividend yield 0% 0% Weighted average expected life 6.2 years 6.1 years Weighted average risk-free annual interest rate 3.7% 1.9% Weighted average grant date fair value $0.42 $2.51 Restricted Stock The Company grants restricted SVS to independent directors, management, former owners of acquired businesses or assets, and to consultants and other employees. The restricted SVS are included in the issued and outstanding SVS, and the fair value of the restricted stock granted was estimated based on the SVS price at grant date. The following table summarizes the status of restricted stock and related transactions: Number of Restricted Subordinate Voting Shares Unvested restricted stock as of January 1, 2023 1,156,319 Cancelled (53,001) Vested and Released (5,952) Unvested restricted stock as of March 31, 2023 1,097,366 Generally, restricted stock awards will vest either one-third on each anniversary of service from the vesting start date or will be fully vested on the completion of one year of full service from the vesting start date, depending on the award. Share-based compensation cost The components of share-based compensation expense are as follows: Three Months Ended March 31, 2023 2022 Stock options $ 1,596 $ 5,845 Restricted stock 200 832 Warrants 515 287 Total share-based compensation expense $ 2,311 $ 6,964 As of March 31, 2023 , the Company had $12,167 of unrecognized share-based compensation cost related to unvested stock options, restricted stock and warrants, which is expected to be recognized as share-based compensation cost over a weighted average period of 1.5 years.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	11. EARNINGS (LOSS) PER SHARE The reconciliations of the net income (loss) and the weighted average number of shares used in the computations of basic and diluted earnings (loss) per share attributable to Jushi shareholders are as follows: Three Months Ended March 31, 2023 2022 Numerator: Net loss and comprehensive loss attributable to Jushi shareholders $ (12,440) $ (19,757) Dilutive effect of net income from derivative warrants liability — (14,309) Net loss and comprehensive loss attributable to Jushi shareholders - diluted $ (12,440) $ (34,066) Denominator: Weighted-average shares of common stock - basic 194,050,835 183,226,027 Dilutive effect of derivative warrants — 24,612,879 Weighted-average shares of common stock - diluted 194,050,835 207,838,906 Net loss per common share attributable to Jushi: Basic $ (0.06) $ (0.11) Diluted $ (0.06) $ (0.16) The following table summarizes weighted average instruments that may, in the future, have a dilutive effect on earnings (loss) per share, but were excluded from consideration in the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022, because the impact of including them would have been anti-dilutive: March 31, 2023 2022 Stock options 28,615,308 20,615,601 Warrants (derivative liabilities and equity) 85,989,948 29,472,725 Unvested restricted stock awards 1,120,815 2,636,282 Convertible promissory notes — 910,000 115,726,071 53,634,608

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	12. REVENUE The Company has three revenue streams: (i) retail, (ii) wholesale and (ii) other. The Company’s retail revenues are comprised of cannabis operations for medical and adult-use dispensaries. The Company’s wholesale revenues are comprised of cannabis cultivation, processing, production and distribution of cannabis for medical and adult-use. The Company’s other operations primarily include the Company’s hemp/cannabidiol (“CBD”) retail operations. Any intercompany revenue and any costs between entities are eliminated to arrive at consolidated totals. The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream: Three Months Ended March 31, 2023 2022 Retail $ 62,311 $ 57,955 Wholesale 7,562 3,848 Other — 85 Total revenue, net $ 69,873 $ 61,888

OPERATING EXPENSES

OPERATING EXPENSES	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
OPERATING EXPENSES	13. OPERATING EXPENSES The major components of operating expenses are as follows: Three Months Ended March 31, 2023 2022 Salaries, wages and employee related expenses $ 16,804 $ 17,336 Share-based compensation expense 2,311 6,964 Rent and related expenses 2,893 3,089 Depreciation and amortization expense 2,663 2,256 Professional fees and legal expenses 2,325 2,706 Other expenses (1) 5,456 4,957 Total operating expenses $ 32,452 $ 37,308 (1) Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and application fee, software and technology costs, travel, entertainment and conferences and other.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Loss before income tax $ (2,292) $ (14,706) Income tax expense $ (10,148) $ (5,051) Effective income tax rate 442.8 % 34.3 % The Company has computed its provision for income taxes based on the actual effective rate for the quarter as the Company believes this is the best estimate for the annual effective tax rate. Therefore, the Company’s effective income tax rate for the three months ended March 31, 2023 and 2022 are not indicative of the effective income tax rate for each respective fiscal year of 2023 and 2022. The Company’s effective income tax rate is significantly higher than the statutory income tax rates due in part to (i) disallowed expenses under U.S. Internal Revenue Code of 1986, as amended (“IRC”), Section 280E, (ii) change in uncertain tax positions, (iii) fair value change of derivatives, (iv) interest and penalties accrual for tax liabilities, and (v) state income taxes. Due to its cannabis operations, the Company is subject to the limitation of IRC Section 280E under which the Company is only allowed to deduct "costs of goods sold". This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income which provides for effective tax rates that are well in excess of statutory tax rates.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company had the following related party transactions: Three Months Ended March 31, As of 2023 2022 March 31, 2023 (unaudited) December 31, 2022 Nature of transaction Related Party Expense Related Party Payable 10% Senior Notes - interest expense and principal amount $ — $ (9) $ — $ — 12% Second Lien Notes - interest expense and principal amount (1) $ (521) $ — $ (18,241) $ (17,491) Other debt (2) $ — $ — $ (3,250) $ (3,189) (1) Fo r the periods ended March 31, 2023 and December 31, 2022, the Second Lien Notes payable and the related interest expense includes amounts related to a director as well as a significant investor.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Contingencies Although the possession, cultivation and distribution of cannabis for medical and recreational use is permitted in certain states, cannabis is classified as a Schedule-I controlled substance under the U.S. Controlled Substances Act and its use remains a violation of federal law. The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result in the Company ceasing operations. While management believes that the Company is in material compliance with applicable local and state regulations as of March 31, 2023, marijuana regulations continue to evolve and are subject to differing interpretations. As a result, the Company could be subject to regulatory fines, penalties or restrictions at any time. Since federal law criminalizing the use of cannabis preempts state laws that legalize its use, strict enforcement of federal law regarding cannabis would likely result in the Company’s inability to proceed with the Company’s business plans. In addition, the Company’s assets, including real property, cash and cash equivalents, equipment, inventory and other goods, could be subject to asset forfeiture because cannabis is still federally illegal. Refer to Note 14 - Income Taxes for certain tax-related contingencies. Claims and Litigation Any proceeding that may be brought against the Company could have a material adverse effect on the Company’s business plans, financial condition and results of operations. From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of March 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s financial results. There are also no proceedings in which any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest. MJ Market matter On March 31, 2023, MJ’s Market (“MJ’s”), Inc. filed a complaint in federal district court in Massachusetts adverse to Jushi Holdings, Inc. and the following of its subsidiaries, including Jushi MA, Inc., Jushi Inc. and Nature’s Remedy of Massachusetts (“collectively “Jushi”), as well as the former owners and affiliates of Nature’s Remedy of Massachusetts (“Complaint”). The Complaint centrally claims that the structure of the Nature’s Remedy of Massachusetts transaction providing for increased purchase price consideration if there is no competing dispensary within 2,500 foot radius by certain time periods, and the Company’s filing with the Massachusetts Superior Court an appeal of the Town of Tyngsborough’s decision to approve MJ’s facility in contradiction of its own zoning bylaws are violations of the Sherman Antitrust Act, Massachusetts Antitrust Act, and Massachusetts Consumer Protection Act, as well as interference with contractual relations and abuse of process. MJ is seeking legal and equitable remedies including compensatory and other damages. The Company vehemently denies such allegations, and plans to vigorously defend the Complaint. Sammartino matter On February 28, 2023, the Company informed Sammartino, the former owner of Nature’s Remedy and certain of its affiliates, that Sammartino had breached several provisions of the MIPA and/or fraudulently induced the Company to enter into, and not terminate, the MIPA. As a consequence of these breaches and the fraudulent inducement, the Company informed Sammartino that the Company had incurred significant damages, and pursuant to the terms of the MIPA the Company had elected to offset these damages against certain promissory notes and shares the Company was to pay and issue, respectively, to Sammartino, and that Sammartino would be required to pay the remainder in cash. On March 13, 2023, Sammartino responded to the Company by alleging various procedural deficiencies with the Company’s claim and provided the Company with a notice that the Company was in default of the MIPA for failing to issue certain shares of the Company to Sammartino. On March 21, 2023, Sammartino sent a second notice that the Company was in default of the promissory notes for failing to pay interest pursuant to their specified schedule. On March 23, 2023, the Company sent a second letter to Sammartino disputing each procedural deficiency claimed by Sammartino and disputing that the Company is in default of the MIPA or the promissory notes and that it properly followed the terms of the various agreements in electing to set off the damages. Commitments In addition to the contractual obligations outlined in Note 7 - Debt and Note 8 - Leases, the Company has the following commitments as of March 31, 2023 related to property and construction. Property and Construction Commitments In connection with various license applications, the Company may enter into conditional leases or other property commitments which will be executed if the Company is successful in obtaining the applicable license and/or resolving other contingencies related to the license or application. In addition, the Company expects to incur capital expenditures for leasehold improvements and construction of buildouts of certain locations, including for properties for which the lease is conditional on obtaining the applicable related license or for which other contingencies exist. If the Company were to be unsuccessful in obtaining a particular license or certain

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
FINANCIAL INSTRUMENTS	17. FINANCIAL INSTRUMENTS The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy: March 31, 2023 (unaudited) December 31, 2022 Financial assets: (1) Equity investment $ 977 $ 977 Total financial assets $ 977 $ 977 Financial liabilities: (1) Derivative liabilities (2) $ 6,104 $ 14,134 Contingent consideration liabilities (3) 3,109 4,793 Total financial liabilities $ 9,213 $ 18,927 (1) The Company has no financial assets or liabilities in Level 1 or 2 within the fair value hierarchy as of March 31, 2023 and December 31, 2022, and there were no transfers between hierarchy levels during the three months ended March 31, 2023 or year ended December 31, 2022. (2) Refer to Note 9 - Derivative Liabilities. (3) Refer to Note 5 - Acquisitions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Management has evaluated subsequent events to determine if events or transactions occurring through the filing date of this Quarterly Report on Form 10-Q require adjustment to or disclosure in the Company’s Condensed Consolidated Financial Statements. There were no events that require adjustment to or disclosure in the Condensed Consolidated Financial Statements, except as disclosed elsewhere and below. Manassas loan agreement On April 6, 2023, subsidiaries of the Company entered into a loan agreement (the “Loan Agreement”) with FVCbank (the “Lender”) for a commercial loan in an aggregate principal amount of $20,000 (the “Loan”). The Loan has a five-year term and is principally secured by the Company’s cultivation and manufacturing facility located in Manassas, Virginia. The Loan will bear interest based on the 30-day average secured overnight financing rate plus 3.55%, with a floor rate of not less than 8.25%, which was the interest rate as of April 6, 2023. The Loan Agreement contains a debt service coverage ratio, and other covenants with which we are required to comply. Additionally, the Loan Agreement contains customary events of default, including failure to repay the Loan when due. Any event of default, if not cured or waived in a timely manner, could result in the acceleration of the Loan under the Loan Agreement. Acquisition Facility On February 24, 2023 and February 27, 2023, the Company was non-compliant with an affirmative covenant relating to a minimum cash deposit requirement in a specified bank account. The Company also anticipated not being able to provide a certification to the lender in connection with its annual financial statements for the year ended December 31, 2022 that the audit report did not contain a going concern qualification. As a result, the Company received waivers for the above instances on April 17, 2023. Additionally, on May 10, 2023, the Company was non-compliant with an affirmative covenant relating to a minimum cash deposit requirement in a specified bank account. The Company received a waiver for this instance on May 11, 2023.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates. As reflected in the 2022 Form 10-K, the Company has incurred a loss from operations of $220,333, including non-cash impairment charges of $159,645, and used net cash of $21,416 for operating activities for the year ended December 31, 2022, and as of that date, the Company’s current liabilities exceeded its current assets by $37,577. Furthermore, the Company incurred additional loss from operations of $2,511 and used cash of $3,572 for operating activities for the three months ended March 31, 2023, and as of that date, the Company’s current liabilities exceeded its current assets by $50,201. S ince inception, management has focused on building a diverse portfolio of assets in attractive markets to vertically integrate its business. As such, the Company has incurred losses as it continues to expand. Management has put in place plans to increase the profitability of the business in fiscal year 2023 and beyond. In order to achieve profitable future operations, management begun to commercialize production from its recently expanded grower-processing facilities in Pennsylvania and Virginia, as well as implemented a cost-savings and efficiency optimization plan which includes, among other things, reduction in labor and packaging costs as well as operating efficiencies at the Company’s retail and grower-processing facilities. As a result of the above, substantial doubt exists about the Company’s ability to continue as a going concern within the next twelve months from the date these financial statements are issued. Management intends to fund the Company’s operations, capital expenditures and debt service with existing cash and cash equivalents on hand, cash generated from operations and, as needed, future financing (equity and/or debt) as well as the potential sales of non-core assets. The ability to continue as a going concern is dependent upon profitable future operations and positive cash flows from operations as well as future financing and/or sales of assets if necessary. There is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
Consolidation	In the opinion of management, the unaudited consolidated financial statements include all adjustments, of a normal recurring nature, that are necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 18, 2023 (the “2022 Form 10-K”), and was also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) on April 18, 2023. Consolidated balance sheet information as of December 31, 2022 presented herein is derived from the Company’s audited consolidated financial statements for the year ended December 31, 2022.
Emerging Growth Company	Emerging Growth Company As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed in Recent Accounting Pronouncements reflect this election.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In June 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06 Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The FASB issued guidance requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired revenue contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements (if the acquiree prepared financial statements in accordance with generally accepted accounting principles). The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The FASB issued guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements . The FASB issued guidance clarifies the accounting for leasehold improvements associated with common control leases, by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: March 31, 2023 (unaudited) December 31, 2022 Cash and cash equivalents $ 18,474 $ 26,196 Restricted cash 950 950 Cash, cash equivalents and restricted cash $ 19,424 $ 27,146
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: March 31, 2023 (unaudited) December 31, 2022 Cash and cash equivalents $ 18,474 $ 26,196 Restricted cash 950 950 Cash, cash equivalents and restricted cash $ 19,424 $ 27,146

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Components of Inventory	The components of inventory, net, are as follows: March 31, 2023 (unaudited) December 31, 2022 Cannabis plants $ 4,618 $ 4,347 Harvested cannabis and packaging 10,862 9,052 Total raw materials $ 15,480 $ 13,399 Work in process 7,495 7,845 Finished goods 14,496 13,845 Total inventory, net $ 37,471 $ 35,089

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Components of Property, Plant and Equipment	The components of property, plant and equipment (“PPE”) are as follows: March 31, 2023 (unaudited) December 31, 2022 Buildings and building components $ 91,892 $ 80,697 Land 14,087 14,085 Leasehold improvements 44,893 43,472 Machinery and equipment 27,615 27,615 Furniture, fixtures and office equipment (including computer) 17,496 16,126 Construction-in-process 8,242 20,086 Total property, plant and equipment - gross $ 204,225 $ 202,081 Less: Accumulated depreciation (29,138) (24,326) Total property, plant and equipment - net $ 175,087 $ 177,755

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Pro Forma Information	The following table summarizes consolidated pro forma revenue and consolidated pro forma net income (loss) as if the business combinations had occurred on January 1, 2022: Three Months Ended March 31, 2022 Revenue, net $ 71,160 Net loss $ (22,138)

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The components of accrued expenses and other current liabilities are as follows: March 31, 2023 (unaudited) December 31, 2022 Goods received not invoiced $ 7,318 $ 11,620 Accrued employee related expenses and liabilities 5,671 6,030 Accrued capital expenditures 5,113 5,603 Contingent consideration liabilities (1) 3,109 3,398 Operating lease obligations 2,887 2,652 Accrued interest 2,417 2,388 Accrued sales and excise taxes 1,740 1,931 Deferred revenue (loyalty program) 1,600 1,870 Accrued professional and management fees 1,342 1,481 Other accrued expenses and current liabilities 7,792 9,356 Total $ 38,989 $ 46,329 (1) Refer to Note 5 - Acquisitions for more information .

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Components of Debt	The components of the Company’s debt are as follows: Effective Interest Rate Maturity Date March 31, 2023 December 31, 2022 Principal amounts: Second Lien Notes 15% December 2026 $ 73,933 $ 73,182 Acquisition Facility 15% December 2024 65,000 65,000 Acquisition-related promissory notes payable 8% - 18% August 2024 - April 2027 57,216 57,216 Other Debt (1) 7% - 9% March 2022 - July 2027 12,860 10,960 Total debt - principal amounts $ 209,009 $ 206,358 Less: debt issuance costs and original issue discounts (15,668) (17,096) Total debt - carrying amounts $ 193,341 $ 189,262 Debt - current portion $ 11,734 $ 8,704 Debt - non-current portion $ 181,607 $ 180,558
Schedule of Future Contractual Debt Maturities	As of March 31, 2023, aggregate future contractual maturities of the Company’s debt are as follows: Remainder of the year 2024 2025 2026 2027 Total Second Lien Notes $ — $ — $ — $ 73,933 $ — $ 73,933 Acquisition Facility 4,875 60,125 — — — 65,000 Acquisition-related promissory notes payable 3,448 22,385 1,970 6,971 22,442 57,216 Other debt (1) 3,407 165 178 189 8,921 12,860 Total $ 11,730 $ 82,675 $ 2,148 $ 81,093 $ 31,363 $ 209,009 (1) The other debt amounts due for the remainder of the year include the Jushi Europe debt, which became due in 2022 and is not expected to be settled and/or repaid until the completion of the liquidation of Jushi Europe. Refer to Note 15 - Related Party Transactions for additional information.
Schedule of Interest Expense	Interest expense, net is comprised of the following: Three Months Ended March 31, 2023 2022 Interest expense Interest and accretion - 10% Senior Notes $ — $ 5,398 Interest and accretion - Second Lien Notes 2,344 — Interest and accretion - Finance lease liabilities 2,349 2,901 Interest and accretion - Promissory notes 1,536 737 Interest and accretion - Acquisition Facility 2,296 1,360 Interest and accretion - Other debt 185 479 Capitalized interest (188) (744) Total interest expense $ 8,522 $ 10,131 Interest income (2) (15) Total interest expense, net $ 8,520 $ 10,116

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease, Cost	The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented. Three Months Ended March 31, 2023 2022 Finance lease cost: Amortization of lease assets $ 1,590 $ 1,143 Interest on lease liabilities 2,349 2,901 Total finance lease cost $ 3,939 $ 4,044 Operating lease cost 733 886 Variable lease cost 66 93 Total lease cost $ 4,738 $ 5,023 Operating lease assets were $15,225 and $16,244 as of March 31, 2023 and December 31, 2022, respectively, which are included in other non-current assets in the consolidated balance sheets. Other information related to operating and finance leases as of the balance sheet dates presented are as follows: March 31, 2023 December 31, 2022 (unaudited) Finance Leases Operating Leases Finance Leases Operating Leases Weighted average discount rate 11.50 % 11.38 % 11.23 % 11.51 % Weighted average remaining lease term (in years) 20.9 13.1 22.7 14.1
Lessee, Operating Lease, Liability, Maturity	The maturities of the contractual undiscounted lease liabilities as of March 31, 2023 are as follows: Finance Leases Operating Leases Remainder of year $ 9,575 $ 1,943 2024 13,285 2,913 2025 13,213 2,734 2026 13,207 2,499 2027 12,851 2,371 Thereafter 272,442 26,583 $ 334,573 $ 39,043 Less: Imputed interest (222,072) (20,567) Total present value of minimum lease payments $ 112,501 $ 18,476 Lease liabilities - current portion $ 10,293 $ 2,887 Lease liabilities - non-current $ 102,208 $ 15,589
Finance Lease, Liability, Fiscal Year Maturity	The maturities of the contractual undiscounted lease liabilities as of March 31, 2023 are as follows: Finance Leases Operating Leases Remainder of year $ 9,575 $ 1,943 2024 13,285 2,913 2025 13,213 2,734 2026 13,207 2,499 2027 12,851 2,371 Thereafter 272,442 26,583 $ 334,573 $ 39,043 Less: Imputed interest (222,072) (20,567) Total present value of minimum lease payments $ 112,501 $ 18,476 Lease liabilities - current portion $ 10,293 $ 2,887 Lease liabilities - non-current $ 102,208 $ 15,589

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value	The following table summarizes the change in the Company’s derivative liabilities for the three months ended March 31, 2023 . Total Derivative Liabilities (1) Carrying amounts as of January 1, 2023 $ 14,134 Fair value changes (8,030) Carrying amounts as of March 31, 2023 $ 6,104 (1) Refer to Note 10 - Equity for the change in number of warrants during the three months ended March 31, 2023 .
Fair Value Measurement Inputs and Valuation Techniques	The assumptions used in the fair value calculations as of the balance sheet dates presented include the following: March 31, 2023 (unaudited) December 31, 2022 Stock price $0.52 $0.76 Risk-free annual interest rate 3.63% - 4.22% 3.99% - 4.11% Range of estimated possible exercise price $1.25 - $2.086 $1.25 - $2.086 Volatility 79% 79% Remaining life 1.73 years - 3.69 years 1.98 years - 3.96 years Forfeiture rate 0% 0% Expected annual dividend yield 0% 0% As of March 31, 2023 As of December 31, 2022 (unaudited) Input Effect of 10% Increase Effect of 10% Decrease Input Effect of 10% Increase Effect of 10% Decrease Stock price $ 0.52 $ 1,407 $ (1,051) $ 0.76 $ 2,529 $ (2,396) Volatility 79 % $ 1,511 $ (1,220) 79 % $ 2,070 $ (2,121)

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Warrants Outstanding and Exercisable	The following table summarizes the status of warrants and related transactions: Non-Derivative (Equity) Warrants Derivative Liabilities Warrants (1) Total Number of Warrants Weighted - Average Exercise Price Balance as of January 1, 2023 30,673,635 55,375,202 86,048,837 $ 1.40 Cancelled (100,000) — (100,000) $ 1.47 Balance as of March 31, 2023 30,573,635 55,375,202 85,948,837 $ 1.40 Exercisable as of March 31, 2023 28,348,635 55,375,202 83,723,837 $ 1.38 (1) Refer to Note 9 - Derivative Liabilities for additional information.
Summary of Stock Options Outstanding	The following table summarizes the status of stock options and related transactions: Number of Stock Options Weighted-Average Per Share Exercise Price Issued and Outstanding as of January 1, 2023 30,752,259 $ 2.58 Granted 1,027,500 $ 0.60 Forfeited/expired (3,181,340) $ 2.62 Issued and Outstanding as of March 31, 2023 28,598,419 $ 2.50 Exercisable as of March 31, 2023 14,247,252 $ 2.37
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following assumptions were used for the calculation at date of grant: Three Months Ended March 31, 2023 2022 Weighted average stock price $0.60 $4.20 Weighted average expected stock price volatility 77.4% 72.8% Expected annual dividend yield 0% 0% Weighted average expected life 6.2 years 6.1 years Weighted average risk-free annual interest rate 3.7% 1.9% Weighted average grant date fair value $0.42 $2.51
Nonvested Restricted Stock Shares Activity	The following table summarizes the status of restricted stock and related transactions: Number of Restricted Subordinate Voting Shares Unvested restricted stock as of January 1, 2023 1,156,319 Cancelled (53,001) Vested and Released (5,952) Unvested restricted stock as of March 31, 2023 1,097,366
Components of Share-based Compensation Expense	The components of share-based compensation expense are as follows: Three Months Ended March 31, 2023 2022 Stock options $ 1,596 $ 5,845 Restricted stock 200 832 Warrants 515 287 Total share-based compensation expense $ 2,311 $ 6,964

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The reconciliations of the net income (loss) and the weighted average number of shares used in the computations of basic and diluted earnings (loss) per share attributable to Jushi shareholders are as follows: Three Months Ended March 31, 2023 2022 Numerator: Net loss and comprehensive loss attributable to Jushi shareholders $ (12,440) $ (19,757) Dilutive effect of net income from derivative warrants liability — (14,309) Net loss and comprehensive loss attributable to Jushi shareholders - diluted $ (12,440) $ (34,066) Denominator: Weighted-average shares of common stock - basic 194,050,835 183,226,027 Dilutive effect of derivative warrants — 24,612,879 Weighted-average shares of common stock - diluted 194,050,835 207,838,906 Net loss per common share attributable to Jushi: Basic $ (0.06) $ (0.11) Diluted $ (0.06) $ (0.16)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes weighted average instruments that may, in the future, have a dilutive effect on earnings (loss) per share, but were excluded from consideration in the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022, because the impact of including them would have been anti-dilutive: March 31, 2023 2022 Stock options 28,615,308 20,615,601 Warrants (derivative liabilities and equity) 85,989,948 29,472,725 Unvested restricted stock awards 1,120,815 2,636,282 Convertible promissory notes — 910,000 115,726,071 53,634,608

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregated by Revenue Stream	The following table summarizes the Company’s revenue from external customers, disaggregated by revenue stream: Three Months Ended March 31, 2023 2022 Retail $ 62,311 $ 57,955 Wholesale 7,562 3,848 Other — 85 Total revenue, net $ 69,873 $ 61,888

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Operating Cost and Expense, by Component	The major components of operating expenses are as follows: Three Months Ended March 31, 2023 2022 Salaries, wages and employee related expenses $ 16,804 $ 17,336 Share-based compensation expense 2,311 6,964 Rent and related expenses 2,893 3,089 Depreciation and amortization expense 2,663 2,256 Professional fees and legal expenses 2,325 2,706 Other expenses (1) 5,456 4,957 Total operating expenses $ 32,452 $ 37,308 (1) Other expenses are primarily comprised of marketing and selling expenses, insurance costs, administrative and application fee, software and technology costs, travel, entertainment and conferences and other.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss), Income Tax (Expense), and Effective Tax Rate	The following table summarizes the Company’s income tax expense and effective tax rates for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Loss before income tax $ (2,292) $ (14,706) Income tax expense $ (10,148) $ (5,051) Effective income tax rate 442.8 % 34.3 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company had the following related party transactions: Three Months Ended March 31, As of 2023 2022 March 31, 2023 (unaudited) December 31, 2022 Nature of transaction Related Party Expense Related Party Payable 10% Senior Notes - interest expense and principal amount $ — $ (9) $ — $ — 12% Second Lien Notes - interest expense and principal amount (1) $ (521) $ — $ (18,241) $ (17,491) Other debt (2) $ — $ — $ (3,250) $ (3,189) (1) Fo r the periods ended March 31, 2023 and December 31, 2022, the Second Lien Notes payable and the related interest expense includes amounts related to a director as well as a significant investor.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy: March 31, 2023 (unaudited) December 31, 2022 Financial assets: (1) Equity investment $ 977 $ 977 Total financial assets $ 977 $ 977 Financial liabilities: (1) Derivative liabilities (2) $ 6,104 $ 14,134 Contingent consideration liabilities (3) 3,109 4,793 Total financial liabilities $ 9,213 $ 18,927 (1) The Company has no financial assets or liabilities in Level 1 or 2 within the fair value hierarchy as of March 31, 2023 and December 31, 2022, and there were no transfers between hierarchy levels during the three months ended March 31, 2023 or year ended December 31, 2022. (2) Refer to Note 9 - Derivative Liabilities. (3) Refer to Note 5 - Acquisitions.

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Loss from operations	$ 2,511	$ 18,196	$ 220,333
Asset impairment charges			159,645
Net cash flows used in operating activities	3,572	$ 13,825	21,416
Working capital	$ 50,201		$ 37,577

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 18,474	$ 26,196
Restricted cash	950	950
Cash, cash equivalents and restricted cash	$ 19,424	$ 27,146	$ 76,241	$ 95,487

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Total raw materials	$ 15,480	$ 13,399
Work in process	7,495	7,845
Finished goods	14,496	13,845
Total inventory, net	37,471	35,089
Cannabis plants
Inventory [Line Items]
Total raw materials	4,618	4,347
Harvested cannabis and packaging
Inventory [Line Items]
Total raw materials	$ 10,862	$ 9,052

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	$ 204,225	$ 202,081
Less: Accumulated depreciation	(29,138)	(24,326)
Total property, plant and equipment - net	175,087	177,755
Buildings and building components
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	91,892	80,697
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	14,087	14,085
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	44,893	43,472
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	27,615	27,615
Furniture, fixtures and office equipment (including computer)
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	17,496	16,126
Construction-in-process
Property, Plant and Equipment [Line Items]
Total property, plant and equipment - gross	$ 8,242	$ 20,086

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 4,812	$ 2,550
Capitalized interest	$ 188	$ 744

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Sep. 10, 2021
Business Acquisition [Line Items]
Contingent consideration liabilities - current portion			$ 3,109	$ 3,398
Nature's Remedy
Business Acquisition [Line Items]
Contingent consideration, equity interest issued and issuable					$ 5,000
Contingent consideration, liability, monthly earnout	$ 278
Contingent consideration, liability, earnout calculation, ratio to share price	$ 1,667
Contingent liability			3,109	4,793
Contingent consideration liabilities - current portion			$ 1,667	3,398
Other liabilities - non-current				$ 1,395
Nature's Remedy | Milestone Period One
Business Acquisition [Line Items]
Contingent consideration period	12 months
Nature's Remedy | Milestone Period Two
Business Acquisition [Line Items]
Contingent consideration period	30 months
Nature's Remedy | Monthly Milestone Period One
Business Acquisition [Line Items]
Contingent consideration period	18 months
Nature's Remedy | Monthly Milestone Period Two
Business Acquisition [Line Items]
Contingent consideration period	24 months
Nature's Remedy | Monthly Milestone Period Three
Business Acquisition [Line Items]
Contingent consideration period	30 months
Apothecarium
Business Acquisition [Line Items]
Contributed revenues		$ 556
Contributed net income		$ 55

ACQUISITIONS - Schedule of Pro

ACQUISITIONS - Schedule of Pro Forma Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Combination and Asset Acquisition [Abstract]
Revenue, net	$ 71,160
Net loss	$ (22,138)

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Goods received not invoiced	$ 7,318	$ 11,620
Accrued employee related expenses and liabilities	5,671	6,030
Accrued capital expenditures	5,113	5,603
Contingent consideration liabilities - current portion	3,109	3,398
Operating lease obligations	2,887	2,652
Accrued interest	2,417	2,388
Accrued sales and excise taxes	1,740	1,931
Deferred revenue (loyalty program)	1,600	1,870
Accrued professional and management fees	1,342	1,481
Other accrued expenses and current liabilities	7,792	9,356
Total	$ 38,989	$ 46,329
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total

DEBT - Components of Debt (Deta

DEBT - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt - principal amounts	$ 209,009	$ 206,358
Less: debt issuance costs and original issue discounts	(15,668)	(17,096)
Total debt - carrying amounts	193,341	189,262
Debt - current portion	11,734	8,704
Debt - non-current portion	181,607	180,558
Second Lien Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt - principal amounts	$ 73,933	73,182
Effective Interest Rate	15%
Acquisition Facility | Acquisition Facility
Debt Instrument [Line Items]
Total debt - principal amounts	$ 65,000	65,000
Effective Interest Rate	15%
Acquisition-related promissory notes payable | Unsecured Debt
Debt Instrument [Line Items]
Total debt - principal amounts	$ 57,216	57,216
Acquisition-related promissory notes payable | Unsecured Debt | Minimum
Debt Instrument [Line Items]
Effective Interest Rate	8%
Acquisition-related promissory notes payable | Unsecured Debt | Maximum
Debt Instrument [Line Items]
Effective Interest Rate	18%
Other Debt | Other debt
Debt Instrument [Line Items]
Total debt - principal amounts	$ 12,860	$ 10,960
Other Debt | Other debt | Minimum
Debt Instrument [Line Items]
Effective Interest Rate	7%
Other Debt | Other debt | Maximum
Debt Instrument [Line Items]
Effective Interest Rate	9%

DEBT - Narrative (Details)

DEBT - Narrative (Details)		1 Months Ended	3 Months Ended
	Dec. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Mar. 31, 2023 USD ($) Facility d	Mar. 31, 2022 USD ($)	Mar. 15, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Dec. 28, 2021 USD ($)
Debt Instrument [Line Items]
Cash bonus forfeited for alternative payment method			$ 750,000
Annual cash bonus					$ 250,000
Payments to acquire property			$ 4,542,000	$ 17,039,000
Super Voting Shares
Debt Instrument [Line Items]
Number of securities called by warrants or rights, value					375,000
Warrant premium, percentage			25%
Warrant, threshold trading days | d			10
Other debt
Debt Instrument [Line Items]
Number of debt instruments | Facility			2
Second Lien Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument principal amount					$ 750,000
Debt instrument interest rate			12%
Secured Debt | Arlington Facility | Acquisition Facility
Debt Instrument [Line Items]
Debt instrument interest rate			5.875%
Payments to acquire property		$ 7,000,000
Line of credit facility, maximum borrowing capacity								$ 6,900,000
Proceeds from long-term lines of credit	$ 5,000,000
Remaining borrowing capacity						$ 1,900,000
Revolving Credit Facility | Credit Facility Maturing July 18, 2027 | Acquisition Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 2,800,000

DEBT - Schedule of Future Contr

DEBT - Schedule of Future Contractual Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	$ 11,730
2024	82,675
2025	2,148
2026	81,093
2027	31,363
Total debt - principal amounts	209,009	$ 206,358
Unsecured Debt | Second Lien Notes
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	0
2024	0
2025	0
2026	73,933
2027	0
Total debt - principal amounts	73,933	73,182
Unsecured Debt | Acquisition-related promissory notes payable
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	3,448
2024	22,385
2025	1,970
2026	6,971
2027	22,442
Total debt - principal amounts	57,216	57,216
Acquisition Facility | Acquisition Facility
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	4,875
2024	60,125
2025	0
2026	0
2027	0
Total debt - principal amounts	65,000	65,000
Other debt | Other Debt
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of the year	3,407
2024	165
2025	178
2026	189
2027	8,921
Total debt - principal amounts	$ 12,860	$ 10,960

DEBT - Schedule of Interest Exp

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest and accretion - Finance lease liabilities	$ 2,349	$ 2,901
Capitalized interest	(188)	(744)
Total interest expense	8,522	10,131
Interest income	(2)	(15)
Total interest expense, net	8,520	10,116
Senior Notes
Debt Instrument [Line Items]
Interest and accretion, debt	$ 0	5,398
Debt instrument interest rate	10%
Unsecured Debt | Second Lien Notes
Debt Instrument [Line Items]
Interest and accretion, debt	$ 2,344	0
Debt instrument interest rate	12%
Unsecured Debt | Acquisition-related promissory notes payable
Debt Instrument [Line Items]
Interest and accretion, debt	$ 1,536	737
Acquisition Facility
Debt Instrument [Line Items]
Interest and accretion, debt	2,296	1,360
Other debt
Debt Instrument [Line Items]
Interest and accretion, debt	$ 185	$ 479

LEASES - Components of Lease Co

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease cost:
Amortization of lease assets	$ 1,590	$ 1,143
Interest on lease liabilities	2,349	2,901
Total finance lease cost	3,939	4,044
Operating lease cost	733	886
Variable lease cost	66	93
Total lease cost	$ 4,738	$ 5,023

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 15,225	$ 16,244

LEASES - Weighted-Average Disco

LEASES - Weighted-Average Discount Rate and Remaining Lease Term (Details)	Mar. 31, 2023	Dec. 31, 2022
Finance Leases
Weighted average discount rate	11.50%	11.23%
Weighted average remaining lease term (in years)	20 years 10 months 24 days	22 years 8 months 12 days
Operating Leases
Weighted average discount rate	11.38%	11.51%
Weighted average remaining lease term (in years)	13 years 1 month 6 days	14 years 1 month 6 days

LEASES - Maturities of Finance

LEASES - Maturities of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finance Leases
Remainder of year	$ 9,575
2024	13,285
2025	13,213
2026	13,207
2027	12,851
Thereafter	272,442
Total lease payments	334,573
Less: Imputed interest	(222,072)
Total present value of minimum lease payments	112,501
Lease liabilities - current portion	10,293	$ 11,361
Lease liabilities - non-current	102,208	102,375
Operating Leases
Remainder of year	1,943
2024	2,913
2025	2,734
2026	2,499
2027	2,371
Thereafter	26,583
Total lease payments	39,043
Less: Imputed interest	(20,567)
Total present value of minimum lease payments	18,476
Lease liabilities - current portion	2,887	$ 2,652
Lease liabilities - non-current	$ 15,589

DERIVATIVE LIABILITIES - Schedu

DERIVATIVE LIABILITIES - Schedule of Derivative Liabilities at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Total Derivative Liabilities
Carrying amount at beginning of period	$ 14,134
Fair value changes	(8,030)
Carrying amount at end of period	$ 6,104

DERIVATIVE LIABILITIES - Narrat

DERIVATIVE LIABILITIES - Narrative (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Derivative Liabilities Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants outstanding (in shares)	55,375,202	55,375,202
Derivative Liabilities Warrants | Senior Notes Due December 23, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants exercise price (in dollars per share)	$ 1.25
Derivative Liabilities Warrants | Second Lien Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative warrants exercise price (in dollars per share)	$ 2.086
Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument interest rate	10%
Senior Notes Due December 23, 2024 | Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument interest rate	10%
Second Lien Notes | Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument interest rate	12%

DERIVATIVE LIABILITIES - Fair V

DERIVATIVE LIABILITIES - Fair Value Measurements (Details) - Warrants	Mar. 31, 2023	Dec. 31, 2022
Stock price
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.52	0.76
Risk-free annual interest rate | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.0363	0.0399
Risk-free annual interest rate | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.0422	0.0411
Range of estimated possible exercise price | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	1.25	1.25
Range of estimated possible exercise price | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	2.086	2.086
Volatility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.79	0.79
Remaining life | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	1.73	1.98
Remaining life | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	3.69	3.96
Forfeiture rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0	0
Expected annual dividend yield
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0	0

DERIVATIVE LIABILITIES - Increa

DERIVATIVE LIABILITIES - Increase/Decrease in Significant Assumptions (Details) - Warrants $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Stock price
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.52	0.76
Effect of 10% Increase	$ 1,407	$ 2,529
Effect of 10% Decrease	$ (1,051)	$ (2,396)
Volatility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Input	0.79	0.79
Effect of 10% Increase	$ 1,511	$ 2,070
Effect of 10% Decrease	$ (1,220)	$ (2,121)

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, issued (in shares)	0
Preferred stock, outstanding (in shares)	0
Number of shares authorized, percent	15%
Number of additional shares authorized, percent	2%
Maximum number of awards available (in shares)	4,031,555
Unrecognized compensation expense	$ 12,167
Unrecognized compensation expense, period for recognition	1 year 6 months
Stock options
Class of Stock [Line Items]
Expiration term	10 years
Vesting period	3 years
Subordinate Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	196,633,371	196,686,372
Common stock, outstanding (in shares)	196,633,371	196,686,372
Multiple Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	0
Common stock, outstanding (in shares)	0
Super Voting Shares
Class of Stock [Line Items]
Common stock, issued (in shares)	0
Common stock, outstanding (in shares)	0

EQUITY - Summary of Equity Inst

EQUITY - Summary of Equity Instruments Other than Options (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Nonvested, Number of Shares
Vested (in shares)	(5,952)
Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)	86,048,837
Cancelled (in shares)	(100,000)
Issued and outstanding at end of period (in shares)	85,948,837
Weighted - Average Exercise Price
Issued and outstanding at beginning of period (in dollars per share) | $ / shares	$ 1.40
Cancelled (in dollars per share) | $ / shares	1.47
Issued and outstanding at end of period (in dollars per share) | $ / shares	$ 1.40
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)	83,723,837
Weighted - Average Exercise Price, Exercisable (in dollars per share) | $ / shares	$ 1.38
Warrants | Non-Derivative (Equity) Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)	30,673,635
Cancelled (in shares)	(100,000)
Issued and outstanding at end of period (in shares)	30,573,635
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)	28,348,635
Warrants | Derivative Liabilities Warrants
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)	55,375,202
Cancelled (in shares)	0
Issued and outstanding at end of period (in shares)	55,375,202
Exercisable
Nonvested, Number of Shares, Exercisable (in shares)	55,375,202
Restricted stock
Nonvested, Number of Shares
Issued and outstanding at beginning of period (in shares)	1,156,319
Cancelled (in shares)	(53,001)
Issued and outstanding at end of period (in shares)	1,097,366

EQUITY - Summary of Stock Optio

EQUITY - Summary of Stock Options Outstanding (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Stock Options
Beginning balance, Issued and Outstanding (in shares) | shares	30,752,259
Granted (in shares) | shares	1,027,500
Forfeited/expired (in shares) | shares	(3,181,340)
Ending balance, Issued and Outstanding (in shares) | shares	28,598,419
Weighted-Average Per Share Exercise Price
Beginning balance, Issued and Outstanding (in dollars per share) | $ / shares	$ 2.58
Granted (in dollars per share) | $ / shares	0.60
Forfeited/expired (in dollars per share) | $ / shares	2.62
Ending balance, Issued and Outstanding (in dollars per share) | $ / shares	$ 2.50
Options Exercisable
Number of Stock Options, Exercisable (in shares) | shares	14,247,252
Weighted-Average Per Share Exercise Price, Exercisable (in dollars per share) | $ / shares	$ 2.37

EQUITY - Schedule of Share-Base

EQUITY - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average stock price (in dollars per share)	$ 0.60	$ 4.20
Weighted average expected stock price volatility	77.40%	72.80%
Expected annual dividend yield	0%	0%
Weighted average expected life	6 years 2 months 12 days	6 years 1 month 6 days
Weighted average risk-free annual interest rate	3.70%	1.90%
Weighted average grant date fair value	42%	251%

EQUITY - Components of Share-ba

EQUITY - Components of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 2,311	$ 6,964
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,596	5,845
Restricted stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	200	832
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 515	$ 287

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss and comprehensive loss attributable to Jushi shareholders	$ (12,440)	$ (19,757)
Dilutive effect of net income from derivative warrants liability	0	(14,309)
Net loss and comprehensive loss attributable to Jushi shareholders - diluted	$ (12,440)	$ (34,066)
Denominator:
Weighted-average shares of common stock - basic (in shares)	194,050,835	183,226,027
Dilutive effect of derivative warrants (in shares)	0	24,612,879
Weighted-average shares of common stock - diluted (in shares)	194,050,835	207,838,906
Net loss per common share attributable to Jushi:
Basic (in dollars per share)	$ (0.06)	$ (0.11)
Diluted (in dollars per share)	$ (0.06)	$ (0.16)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	115,726,071	53,634,608
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,615,308	20,615,601
Warrants (derivative liabilities and equity)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	85,989,948	29,472,725
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,120,815	2,636,282
Convertible promissory notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	910,000

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Revenue from Contract with Customer [Abstract]
Number of revenue streams	3

REVENUE - Summary of Revenue Di

REVENUE - Summary of Revenue Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 69,873	$ 61,888
Retail
Disaggregation of Revenue [Line Items]
Revenue	62,311	57,955
Wholesale
Disaggregation of Revenue [Line Items]
Revenue	7,562	3,848
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 85

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Salaries, wages and employee related expenses	$ 16,804	$ 17,336
Share-based compensation expense	2,311	6,964
Rent and related expenses	2,893	3,089
Depreciation and amortization expense	2,663	2,256
Professional fees and legal expenses	2,325	2,706
Other expenses	5,456	4,957
Total operating expenses	$ 32,452	$ 37,308

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income (Loss), Income Tax (Expense), and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income tax	$ (2,292)	$ (14,706)
Income tax expense	$ (10,148)	$ (5,051)
Effective income tax rate	442.80%	34.30%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Uncertain tax liability	$ 59,096	$ 57,200
Income tax penalties and interest expense	889
Income tax payable	$ 29,409	$ 19,921

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Senior Notes - Interest Expense and Principal Amount
Related Party Transaction [Line Items]
Related Party Expense	$ 0	$ (9)
Related Party Payable	$ 0		$ 0
Debt instrument interest rate	10%
Second Lien Notes - Interest Expense And Principal Amount
Related Party Transaction [Line Items]
Related Party Expense	$ (521)	0
Related Party Payable	$ (18,241)		(17,491)
Debt instrument interest rate	12%
Other Debt
Related Party Transaction [Line Items]
Related Party Expense	$ 0	$ 0
Related Party Payable	$ (3,250)		$ (3,189)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2023 ft
Commitments and Contingencies Disclosure [Abstract]
Real estate property, competing property, radius	2,500

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	$ 6,104	$ 14,134
Fair Value, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Equity investment	977	977
Total financial assets	977	977
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	6,104	14,134
Contingent consideration liabilities	3,109	4,793
Total financial liabilities	$ 9,213	$ 18,927

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Loan Agreement - Secured Debt	Apr. 06, 2023 USD ($)
Subsequent Event [Line Items]
Debt instrument principal amount	$ 20,000,000
Debt instrument term	5 years
Debt instrument, basis spread on variable rate, period	30 days
Debt instrument, floor interest rate	8.25%
30-Day SOFR
Subsequent Event [Line Items]
Debt instrument basis spread on variable rate	3.55%