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Jushi
Who Owns Jushi Holdings Inc.?
Understanding Jushi Holdings Inc.'s ownership is key to its strategy and accountability in the cannabis sector. A significant change occurred on August 9, 2021, when super and multiple voting shares converted to subordinate voting shares, indicating a shift towards more uniform governance.
Founded in January 2018, Jushi is a multi-state cannabis operator involved in cultivation, processing, and retail, notably through its BEYOND / HELLO™ dispensaries. The company reported approximately $21.3 million in cash and equivalents as of December 31, 2024.
This analysis will explore Jushi's ownership journey, from its founders and initial investors to significant shareholding changes and board composition, including recent trends impacting its direction.
The company's focus on a customer-centric retail experience is evident in its operations, and its financial performance in 2024 showed a reduced net loss of $48.8 million compared to $65.1 million in 2023. Investors interested in the company's strategic positioning might find the Jushi BCG Matrix analysis particularly insightful.
Who Founded Jushi?
Jushi Holdings Inc. was established in January 2018 by Jim Cacioppo, Erich Mauff, and Jon Barack. These founders brought a wealth of experience from the financial and investment sectors to the company's inception. Their collective expertise laid the groundwork for the company's strategic direction and financial operations.
Founding Team
Jim Cacioppo, Erich Mauff, and Jon Barack are the founders of Jushi Holdings Inc. They established the company in January 2018.
Jim Cacioppo's Role
Jim Cacioppo serves as the CEO, Chairman, and Founder. He possesses over two decades of senior management experience in large hedge funds.
Jon Barack's Expertise
Jon Barack is the President and Founder, with extensive financial and cannabis industry investment experience. He previously spent over ten years in investments at various hedge funds.
Erich Mauff's Contribution
Erich Mauff is also recognized as a co-founder. His background includes significant expertise within both the financial and cannabis industries.
Early Ownership Details
Specific initial equity splits or shareholding percentages for the founders at the company's inception are not publicly detailed.
Founding Vision
The founding team's vision was to create a prominent cannabis company that would positively impact users through the benefits of cannabis.
The founders' collective experience in finance and investment was crucial in establishing the company as a financially astute enterprise. While early ownership structures and any potential disputes are not publicly documented, the core vision of the founding team was to build a leading cannabis company. This foundational vision guided the company's early development and strategic focus. Understanding the Competitors Landscape of Jushi can provide further context to their market positioning.
Key Aspects of Early Ownership
The early ownership of Jushi Holdings Inc. was shaped by its founders' deep financial and investment backgrounds.
- Founders: Jim Cacioppo, Erich Mauff, and Jon Barack.
- Establishment Date: January 2018.
- Founder Expertise: Extensive experience in hedge funds, finance, and cannabis investments.
- Initial Equity: Specific details on initial shareholding percentages are not publicly disclosed.
- Driving Force: A vision to create a significant impact in the cannabis industry.
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How Has Jushi’s Ownership Changed Over Time?
A significant event impacting Jushi Company's ownership structure was the conversion of all super voting and multiple voting shares into subordinate voting shares on August 9, 2021. This move aimed to enhance corporate governance by eliminating differentiated voting rights.
| Shareholder | Percentage Ownership | Number of Shares |
|---|---|---|
| One East Capital Advisors LP | 3.762% | 7,398,838 |
| Denis Arsenault | 3.903% | 7,677,899 |
| Nomura Global Financial Products, Inc. | 2.233% | 4,391,540 |
| James Cacioppo (CEO and Chairman) | 2.298% | 4,519,627 |
Jushi Holdings Inc. operates as a publicly traded entity, accessible on the Canadian Securities Exchange (CSE) under the ticker 'JUSH' and on the U.S. OTCQX® market as 'JUSHF'. The company's fiscal year concludes on December 31st each year. The conversion of voting shares in 2021 marked a pivotal moment, aligning the company with broader governance standards and potentially influencing future strategic decisions by necessitating wider shareholder consensus. As of April 23, 2024, the company reported 196,634,931 outstanding subordinate voting shares distributed among 231 shareholders of record. Understanding these ownership dynamics is crucial for assessing the Mission, Vision & Core Values of Jushi and its strategic direction.
Key Stakeholders and Share Distribution
The Jushi Company ownership structure is characterized by a mix of institutional and individual major shareholders. These holdings reflect significant investment in the company's operations and future growth.
- One East Capital Advisors LP is a notable institutional investor.
- Denis Arsenault holds a substantial individual stake.
- Nomura Global Financial Products, Inc. also represents significant institutional backing.
- James Cacioppo, in his capacity as CEO and Chairman, maintains a direct ownership interest.
- The company's transition to subordinate voting shares signifies a move towards a more unified shareholder base.
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Who Sits on Jushi’s Board?
As of the annual general meeting on June 3, 2025, Jushi's Board of Directors comprises five members. The current board includes Jim Cacioppo, who serves as CEO, Chairman, and Founder, alongside Benjamin Cross, Marina Hahn, Stephen Monroe, and Bill Wafford. These directors were all elected at the recent meeting, bringing a range of expertise to the company's leadership.
| Director | Role | Key Experience |
|---|---|---|
| Jim Cacioppo | CEO, Chairman, Founder | Founder's interest, overall leadership |
| Benjamin Cross | Director | Over 20 years in financial markets |
| Marina Hahn | Director | Extensive board and consumer brand experience |
| Stephen Monroe | Director | |
| Bill Wafford | Director | Over 25 years in finance and management consulting |
The voting power within Jushi Holdings Inc. is structured around a one-share-one-vote principle for its subordinate voting shares. Notably, the company transitioned away from super voting and multiple voting shares on August 9, 2021, converting them into subordinate voting shares. This strategic shift effectively retired the disproportionate control previously held by certain majority stockholders, fostering a more balanced voting environment. Shareholders do not possess cumulative voting rights, meaning votes cannot be pooled for a single director. Proxy materials for shareholder meetings, including those for the 2024 and 2025 annual general meetings, are readily accessible online, supporting transparency in Jushi Group's company structure and Jushi Group financial ownership.
Jushi Company Ownership and Voting Structure
Jushi Group's voting power is now based on a straightforward one-share-one-vote system for its subordinate voting shares. This change, implemented in 2021, aimed to create a more equitable distribution of influence among Jushi Group shareholders.
- The Board of Directors consists of five members as of June 2025.
- Jim Cacioppo is the founder and holds key leadership positions.
- Previous super voting shares were converted to subordinate voting shares.
- This move promotes a more balanced Jushi Group stock ownership.
- Shareholders do not have cumulative voting rights.
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What Recent Changes Have Shaped Jushi’s Ownership Landscape?
Recent developments have significantly reshaped the ownership landscape of Jushi Holdings Inc. over the past three to five years. A pivotal moment was the conversion of all super voting and multiple voting shares into subordinate voting shares on August 9, 2021, a move that standardized voting rights among all shareholders and aimed to improve corporate governance.
| Financial Metric | Q1 2025 | Fiscal Year 2024 |
| Total Revenue | $63.8 million | |
| Gross Profit Margin | 40.4% | |
| Adjusted EBITDA | $9.8 million | $46.2 million |
| Net Loss | $48.8 million | |
| Cash, Cash Equivalents, and Restricted Cash (as of Dec 31, 2024) | $21.3 million |
The company has been actively working to strengthen its capital structure. This included receiving proceeds from factored ERC refund claims and entering into agreements to sell additional second lien notes in February 2025. In the third quarter of 2024, Jushi reduced its total debt subject to scheduled repayments by approximately $19.7 million, which also involved refinancing its first lien debt. These financial maneuvers reflect a strategic approach to managing its balance sheet amidst industry trends that often involve capital raises and strategic acquisitions within the cannabis sector, as Jushi aims to build a multi-state portfolio. The company's latest annual report, Form 10-K for the fiscal year ended December 31, 2024, was made available on April 25, 2024. Jushi Holdings Inc. is scheduled to report its second quarter 2025 financial results on August 5, 2025.
Ownership Standardization
The conversion of super voting and multiple voting shares to subordinate voting shares on August 9, 2021, standardized voting rights. This initiative aimed to enhance corporate governance and broaden investor appeal.
Capital Structure Enhancement
Recent activities, including ERC refund proceeds and second lien note sales in February 2025, bolster the company's financial foundation. Debt reduction efforts in Q3 2024 also played a key role.
Financial Performance Overview
Q1 2025 saw total revenue of $63.8 million with a 40.4% gross profit margin. The company reported an Adjusted EBITDA of $9.8 million for the quarter, contrasting with a net loss of $48.8 million for the full fiscal year 2024.
Strategic Growth Initiatives
The company is focused on building a multi-state portfolio through opportunistic investments and acquisitions. Understanding the company's trajectory can be further informed by its Brief History of Jushi.
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