Jushi Holdings is a U.S. multi-state cannabis operator (MSO) that sells medical and adult-use cannabis through 42 dispensaries across 8 states, primarily under the Beyond Hello brand. Jushi's core business is retail — customers visit dispensaries to purchase flower, vapes, concentrates, edibles, and pre-rolls, with retail accounting for roughly 89% of revenue. In five states (Pennsylvania, Virginia, Massachusetts, Nevada, and Ohio), Jushi is also vertically integrated, cultivating and processing cannabis at owned facilities to supply its own dispensaries and sell wholesale to third-party operators. Wholesale represents roughly 11% of revenue. Pennsylvania, with 18 dispensaries and a large grow facility in Scranton, is Jushi's largest market by store count; Virginia, where Jushi holds pharmaceutical processor licenses that grant geographic exclusivity within health service areas, is its most profitable. Jushi's profitability is driven by retail traffic, gross margin (which improves as Jushi shifts its dispensary shelves toward higher-margin in-house product), GP efficiency, and operating leverage on a largely fixed corporate cost base. A structural headwind is Section 280E of the U.S. tax code, which disallows ordinary expense deductions for cannabis businesses and significantly raises Jushi's effective tax rate. Jushi's near-term strategy centers on retail expansion — primarily in Ohio, which converted to adult use in 2023 — and pre-building GP capacity ahead of potential adult-use legalization in Pennsylvania and Virginia, which management views as the central catalysts for a step-change in revenue and EBITDA margins.