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__ The Next Generation Cannabis Platform
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__ This Presentation may contain “forward-looking statements” and “forward‐looking information” within the meaning of applicable securities laws, including Canadian securities legislation and United States (“U.S.”) securities legislation (collectively, “forward-looking information”) which are based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. All information, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects or anticipates will or may occur in the future constitutes forward‐looking information. Forward‐looking information is often identified by the words, “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, information regarding: future business strategy; competitive strengths, goals, expansion and growth of the Company’s business, operations and plans, including new revenue streams; the refinancing or securing other sources of liquidity to meet debt repayment obligations; the implementation by the Company of certain product lines; the implementation of certain research and development; the application for additional licenses and the grant of licenses that will be or have been applied for; the expansion or construction of certain facilities; the reduction in the number of our employees; the expansion into additional U.S. and international markets; any potential future legalization of adult-use and/or medical marijuana under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Readers are cautioned that forward‐looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of the management of the Company at the time they were provided or made and such information involves known and unknown risks, uncertainties, including our ability to continue as a going concern, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking information. Such factors include, among others: the limited operating history of the industry and the Company; risks related to managing the growth of the Company including completed, pending or future acquisitions or dispositions, including potential future impairment of goodwill or intangibles acquired and/or post-closing disputes; risks related to the continued performance, expansion and/or optimization of existing operations in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania, and Virginia; risks related to the anticipated openings of additional dispensaries or relocation of existing dispensaries subject to licensing approval; the Company’s history of operating losses and negative operating cash flows; increasing competition in the industry; risks inherent in an agricultural business, such as the effects of natural disasters; reliance on the expertise and judgment of senior management of the Company; risks associated with cannabis products manufactured for human consumption including potential product recalls; limited research and data relating to cannabis; constraints on marketing products; risk of litigation; insurance-related risks; public opinion and perception of the cannabis industry; risks related to the economy generally; fraudulent activity by employees, contractors and consultants; risks relating to the Company’s current amount of indebtedness; risks relating to not being able to reduce or refinance its debt obligations; reliance on key inputs, suppliers and skilled labor, and third party service provider contracts; reliance on manufacturers and contractors; risks of supply shortages or supply chain disruptions; risks relating to pandemics and forces of nature; risks related to the enforceability of contracts; risks related to inflation, the rising cost of capital, and stock market instability; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti‐money laundering laws and regulation; cannabis-related tax risks and challenges from governmental authorities with respect to the Company’s application for Employee Retention Tax Credits (ERC); other governmental and environmental regulation; risks related to proprietary intellectual property and potential infringement by third parties; sales of a significant amount of shares by existing shareholders; the limited market for securities of the Company; risks relating to the need to raise additional capital either through debt or equity financing; costs associated with the Company being a publicly-traded company and a U.S. and Canadian filer; risks related to co‐investment with parties with different interests to the Company; conflicts of interest and related party transactions; cybersecurity risks; and risks related to the Company’s critical accounting policies and estimates. Refer to Part I - Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 6, 2025 for more information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward‐looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on the forward‐looking information contained in this presentation or other forward-looking statements made by the Company. Forward‐looking information is provided and made as of the date of this presentation and the Company does not undertake any obligation to revise or update any forward‐looking information or statements other than as required by applicable law. Unless the context requires otherwise, references in this presentation to “Jushi,” “Company,” “we,” “us” and “our” refer to Jushi Holdings Inc. and our subsidiaries.. Operational Results Advisory Any statements regarding the Company's estimated operations following Q3 2025, do not present all information necessary for an understanding of the Company's current or future results of operations and undue reliance should not be placed on such estimates, all of which are "forward-looking information" and "forward-looking statements" subject to the risks and uncertainties described above. Cautionary Statement Regarding Forward-Looking Statements 2
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__ Virginia • Prepare for anticipated adult-use sales in H2 2026 • Continue to grow medical business • Increase patient count through same store sales growth & external HSA II delivery growth • Grow wholesale channel • HSA I licensee has six dispensaries to open* 2026 Priorities SALES GROWTH Pennsylvania • Optimize grower processor facility and retail footprint to support potential adult-use sales, improve throughput, and enhance in-store experience and conversion Ohio • Continue accelerating revenue growth across new stores • Target the acquisition of 1 more retail license to reach state-permitted retail license cap of 8 • Expand cultivation and processing facilities * We expect that the Virginia HSA I vertical license holder will open and operate up to six dispensaries in advance of comple ting the build out of its grower processor facility 3
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__ Unlock margin expansion by pairing top-line growth with established corporate infrastructure 2026 Priorities (Cont’d) MARGIN EXPANSION Continue to reduce inefficiencies and optimize retail and GP operations Continued margin expansion in Ohio and turnaround of operations in Nevada 4
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__2026 Priorities (Cont’d) BALANCE SHEET MANAGEMENT 5* As of September 30, 2025, we are eligible to receive up to ~$1.6 million of U.S. ERC refund claims that were not previously factored in the announced factoring transaction in February 2025 as well as ~$600,000 to ~$800,000 in estimated interest associated with remaining open claims from the U.S. Internal Revenue Service Refinance existing first and second lien secured debt to strengthen balance sheet and extend duration Use operating cash flow, asset sale proceeds and tax receivables* to finance growth Optimize inventory through retail stores and wholesale markets
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__New Retail Storefront Openings EXPECTED RETAIL STOREFRONT LOCATION GROWTH OF 25%+ BY H1 2026 COMPARED TO RETAIL STOREFRONT FOOTPRINT IN Q3 2024 Maintain optionality to add future retail storefronts in key target markets* Target Markets: OH | NJ | IL MD | MA | PA 6* Timing subject to capital markets conditions, M&A market conditions and regulatory approvals 8 (1) 2 35 42 44 Open as of Q3 2024 Retail Storefront Openings Retail Storefront Sale Currently Open as of December 2025 Planned Retail Storefronts Open as of H1 2026 5 OH 1 PA 1 IL 1 NJ 1 NV 1 OH 1 NJ
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__ Operating Markets 8 Operating Vertical Markets 5 Jushi Employees* 1,251 Total PA VA OH MA NV IL NJ CA 42 18 6 6** 2 3 5 1 1 CULTIVATION & PROCESSING FACILITIES Total PA VA OH MA NV IL NJ CA 5 Yes Yes Yes Yes Yes - - - 323k sq. ft. 123k sq. ft. 93k sq. ft. 17k sq. ft. 50k sq. ft. 40k sq. ft. Jushi’s Portfolio of Assets – December 2025 NUMBER OF OPERATING STORES * As of September 30, 2025 ** Includes one location operating under a management services agreement pursuant to which Jushi advises on certain business, operational, and financial matters while the parties wait for regulatory approvals 7
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__ Vertically Integrated with 18 Medical Dispensaries (out of 191 Operational(1); ~9.4% of market) Dispensaries 18 Pennsylvania Highlights PRIMARY MARKET DRIVERS https://jushico.com/pa-highlights Scan to see more about Pennsylvania on your phone. __ Sq. Ft. Facility ~123k PA Population(2) ~13M Market Active Patients(3) (~3.4% of Total Pop) ~440k 8
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__ Dispensaries 6 Virginia Highlights PRIMARY MARKET DRIVERS Scan to see more about Virginia on your phone. https://jushico.com/va-highlights Vertically Integrated with 6 Medical Dispensaries in extremely desirable areas of Northern Virginia __ Sq. Ft. Facility ~93k Total unique patient visits from Jushi within HSA II (as of 10/31/2025)(6) ~83.1k Health Service Area (“HSA”) II Population(5) ~2.5M VA State Population(4) ~8.7M 9
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__ Ohio Highlights PRIMARY MARKET DRIVERS Vertically Integrated with 6 Dual Use Dispensaries* __ OH State Population(7) ~11.8M 10 * Includes one location operating under a management services agreement pursuant to which Jushi advises on certain business, operational, and financial matters while the parties wait for regulatory approvals ** We expect to open a 7th location in Springdale, Ohio by Q4 2025 Dispensaries* 6 Sq. Ft. Facility ~17k Pending Dispensaries** 1
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__ MA, NV, IL, CA and NJ Highlights SECONDARY MARKET DRIVERS NEVADAMASSACHUSETTS Vertically Integrated with 2 Dispensaries Vertically Integrated with 3 Dispensaries __ 11 Dispensaries 2 Sq. Ft. Facility ~50k Dispensaries 3 Sq. Ft. Facility ~40k Dispensaries 5 Dispensary 1 ILLINOIS NEW JERSEY Dispensary 1 CALIFORNIA
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__ Jushi provides patients and customers with a frictionless retail experience. DigitalRetail Design Products Place your order online for express pickup, curbside or delivery and download our app for exclusive savings. Available in select markets. Our carefully designed and inviting cannabis experience welcomes all levels of consumers. We offer our customers an expansive variety of house products across all major categories and price points. The Jushi Retail Experience LEADING OMNICHANNEL EXPERIENCE 12
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__Next-Level Store Design LEADING OMNICHANNEL EXPERIENCE • Sleek Mid-Century Design • Ample Parking • Great Signage • Express Pickups Where Permitted • Built for Medical or Adult-use • Multiple Points of Sale • UX In-Store Design • Beyond TV 13
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__ Jushi’s E-Commerce Platform – Our Largest Store JUSHI’S LEADING OMNICHANNEL EXPERIENCE Scan to see our e- commerce platform https://jushico.com/e-com 14 __ Industry leading digital platform facilitating online ordering, dispensary discovery and customer engagement. Order Online (Q3 25) ~67% Menu Conversion Rate (Q3 25) ~18% Avg. Cart Size (Q3 25) ~$85
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__ Hello Club - Rewards App JUSHI’S LEADING OMNICHANNEL EXPERIENCE 15 __ The Hello Club app provides our valued customers with a rewards program, in-app shopping and weekly app-exclusive deals. It’s our most valuable retention tool. Downloads ~236k Avg Mo. Spend / Visiting App User ~$206 Total Loyalty Members ~478k Note: Data as of 12/1/2025
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Scan to check out the brands now on your phone! Comprehensive Suite of Brands Across Portfolio__ https://jushico.com/our-brands 16 I N F U S E D C H E W S & C H O C O L A T E S T I N C T U R E S & C A P S U L E S P A C K A G E D F L O W E R F L O W E R , V A P E & C O N C E N T R A T E R S O , L I V E R E S I N , L I V E R O S I N I N F U S E D C H E W S P A C K A G E D F L O W E R P A C K A G E D F L O W E R & P R E - R O L L S V A P E C A R T R I D G E S , A L L - IN - O N E S & C O N C E N T R A T E S I N F U S E D C H E W S F E A T U R I N G M I N O R C A N A B I N O I D S JUSHI’S LEADING OMNICHANNEL EXPERIENCE I N F U S E D C H O C O L A T E B I T E S
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__Markets Regulatory Updates Federal • 2018 Farm Bill Loophole has been closed. Products will now be tested for Total THC along with no synthetic intoxicating cannabinoids. There is a finished product cap of 0.4 mgs of Total THC. There is a 1-year wind down period starting from November 12, 2025. Pennsylvania • PA Commonwealth Budget was passed with a spending number of $50.1B. The need for an increased tax base is necessary due to no additional revenue for the PA legislature in the recently passed budget. Legislation is moving in the Senate and bipartisan adult-use bills have been filed in the House. Virginia • November 2025 gubernatorial election was won by Democrat Abigail Spanberger and the Democrats also maintained control of the House moving from 51 to 64 seats. • Legislation for an adult-use program is expected to be introduced in January. 17
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Appendix
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__ Jushi Leadership Team Jim Cacioppo CEO, Chairman & Founder Jon Barack President, Chief Revenue Officer & Founder Michelle Mosier Chief Financial Officer 19
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__Q3 2025 Key Financial Metrics US$ Millions, prepared under U.S. GAAP Adjusted EBITDA (1) See “Reconciliation of Non-GAAP Financial Measures” and “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EB ITDA Margin” US$ Millions, prepared under U.S. Non-GAAP (1) Scan to check out the latest financials now on your phone! Financials and Filings :: Jushi Holdings Inc. (JUSH) (jushico.com) Gross Profit 20 $61.6 $65.7 Q3 2024 Q3 2025 Revenues $28.0 $30.7 Q3 2024 Q3 2025 $10.3 $12.8 Q3 2024 Q3 2025 US$ Millions, prepared under U.S. GAAP % Margin % Margin 45.4% 46.7% 16.8% 19.5%
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__Capitalization Summary (1) Includes cash, cash equivalents, and restricted cash (2) Excludes leases and property, plant and equipment financing obligations; (3) Weighted Average Strike Price: $0.77; (4) Weighted Average Strike Price: $0.98 (5) As of September 30, 2025, excludes the contractual maturities of the Company’s promissory notes payable to Sammartino Investments LLC, as the repayment of these notes, if any, would arise in the context of a non-appealable final judgment by a court; (6) Capital expenditures for new projects will be dependent on regulatory environment and market conditions (e.g., certain markets transitioning to adult-use) (Amounts in millions, except share and per share amounts) Cash(1) Total Debt(2) Debt, net of Cash Subordinate Voting Shares Outstanding Options Warrants Fully Diluted Shares Outstanding $26.2 $215.8 $189.6 196,696,597 24,444,585(3) 80,129,162(4) September 30, 2025 September 30, 2025 301,270,344 Scan to check out the latest financials now on your phone! Financials and Filings :: Jushi Holdings Inc. (JUSH) (jushico.com) Debt • Aggregate future total debt subject to scheduled repayments is ~$194 million(5) • Debt subject to repayment over remainder of 2025 is ~$1.5 million as of September 30, 2025 Capital Expenditure • Q3 2025 capital expenditures totaled ~$4.9 million • In 2025, the Company expects maintenance capital expenditures to be ~$4 – $5 million and growth capital expenditures to be ~$10 - $13 million(6) 21
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__Adjusted EBITDA Reconciliation JUSHI HOLDINGS INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (in thousands of U.S. dollars) (1) Includes amounts that are included in cost of goods sold and in operating expenses. 2) Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on legal settlements; (iii) losses (gains) on asset disposals; (iv) foreign exchange losses (gains); (v) indemnification asset adjustments related to acquisitions; and (vi) start-up costs. Scan to check out the latest financials now on your phone! Financials and Filings :: Jushi Holdings Inc. (JUSH) (jushico.com) 22 Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2024 NET LOSS ($23,689) ($12,331) ($16,016) Income tax expense 8,829 9,928 8,965 Interest expense, net 10,267 10,219 9,382 Depreciation and amortization (1) 7,796 7,967 7,768 EBITDA (Non-GAAP) 3,203 15,783 10,099 Non-cash share-based compensation 357 374 1,082 Fair value changes in derivatives 6,325 187 (2,628) Tangible long-lived asset impairment — — 275 Other (income) expense, net (2) 2,908 (2,630) 756 Loss on debt extinguishment — — 761 Adjusted EBITDA (Non-GAAP) $12,793 $13,714 $10,345
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__Adjusted EBITDA Margin Reconciliation JUSHI HOLDINGS INC. CALCULATION OF ADJUSTED EBITDA MARGIN (in thousands of U.S. dollars) Scan to check out the latest financials now on your phone! Financials and Filings :: Jushi Holdings Inc. (JUSH) (jushico.com) 23 Three Months Ended September 30, 2025 Three Months Ended June 31, 2025 Three Months Ended September 30, 2024 Total revenue, net $65,679 $65,046 $61,611 Adjusted EBITDA (Non-GAAP) $12,793 $13,714 $10,345 Adjusted EBITDA Margin (Non-GAAP) 19.5% 21.1% 16.8%
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__ JUSHI HOLDINGS INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP. We use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. These non-GAAP financial measures are EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin (each as defined below). We believe that these non-GAAP financial measures reflect our ongoing business by excluding the effects of expenses that are not reflective of our operating business performance and allow for meaningful comparisons and analysis of trends in our business. These non-GAAP financial measures also facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-GAAP measures, our methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not defined under GAAP. We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense; (ii) inventory-related adjustments; (iii) fair value changes in derivatives; (iv) other (income)/expense items; (v) transaction costs; (vi) asset impairment; and (vii) gain/loss on debt extinguishment. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in our industry may calculate this measure differently, limiting their usefulness as comparative measures. 24 Disclaimers
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__Disclaimers NO OFFERS This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. THIRD PARTY INFORMATION This presentation may include market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information. REGULATORY Potential investors are aware that the cannabis market is highly regulated, and that various permits and authorizations are necessary for the import, distribution, sale or other business activities related to medicinal cannabis. The respective regulations can be subject to change, which might affect the permits required. This presentation does not intend to advertise the products of the Company. Any reference to the products serves only the information of potential investors and shall not incite the purchase of the products. COPYRIGHT All brands and trademarks mentioned in this presentation and possibly protected by third parties are subject without restriction to the provisions of the applicable trademark law and the ownership rights of the respective registered owners. The mere fact that a trademark is mentioned should not lead to the conclusion that it is not protected by the rights of third parties. The copyright for published objects created by the Company remains solely with the Company. Any duplication or use of objects such as diagrams, sounds or texts in other electronic or printed publications is not permitted without the Company's agreement. CURRENCY All references to $ or “dollar” in this presentation are references to USD, unless otherwise indicated. 25
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__Endnotes • (1) (Number of Pennsylvania dispensaries) https://www.pa.gov/content/dam/copapwp-pagov/en/health/documents/topics/documents/programs/medical- marijuana/MMAB%20Presentation%20%E2%80%93%20September%2017%2C%202025.pdf • (2) (Pennsylvania State Population) https://www.census.gov/quickfacts/PA • (3) (Pennsylvania Active Patients) https://www.pa.gov/content/dam/copapwp-pagov/en/health/documents/topics/documents/programs/medical- marijuana/MMAB%20Presentation%20%E2%80%93%20September%2017%2C%202025.pdf • (4) (Virginia State Population) https://www.census.gov/quickfacts/VA • (5) (Health Service Area (“HSA”) II Population) https://www.census.gov/quickfacts/alexandriacityvirginia; https://www.census.gov/quickfacts/fact/table/fairfaxcountyvirginia,fairfaxcityvirginia,arlingtoncountyvirginia,alexandriacityvirginia/PST045222; https://www.census.gov/quickfacts/fact/table/princewilliamcountyvirginia,manassascityvirginia,loudouncountyvirginia,fairfaxcountyvirginia,arlingtoncountyvirginia,alexandriaci tyvirginia/PST045222 • (6) (Jushi’s total number of unique patient visits in Jushi’s HSA II footprint). Total number of unique individuals to visit Jushi dispensaries since the beginning of a medical program within HSA II. Virginia does not provide state level patient counts. • (7) (Ohio State Population) https://www.census.gov/quickfacts/OH 26
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Thank You Contact investors@jushico.com __