Jushi Holdings Inc. (the Borrower) entered into a Loan Agreement dated March 27, 2026, for a $160 million senior secured term loan (the 2026 Term Loan) with FG Agency Lending LLC as Agent and other Lenders. The 2026 Term Loan was issued with a 4% original issue discount and bears an interest rate of 12.50% per annum, payable monthly in arrears, maturing on March 27, 2029. Proceeds from the 2026 Term Loan were used to repay in full the outstanding principal, accrued interest, exit fees, and make-whole on the 2024 Term Loan ($46.075 million principal) and the Second Lien Notes ($86.194 million principal), which were previously scheduled to mature within twelve months of December 31, 2025. Remaining excess proceeds from the 2026 Term Loan were retained on the balance sheet for general corporate purposes and to pay associated fees and expenses. The 2026 Term Loan is secured by a first lien security interest on substantially all material assets and owned equity of the Company and its current and future subsidiaries (Guarantors), with certain exclusions for cannabis licenses, inventory, and assets legally unpledgeable. Legislation permitting the sale of cannabis for adult-use in Virginia was passed in March 2026, pending Governor's action, with retail adult-use sales expected to commence on January 1, 2027. For the year ended December 31, 2025, net revenue increased by 2% to $262.909 million, up from $257.525 million in 2024. Retail cannabis revenue increased by $7.542 million (3%), primarily driven by new dispensary openings and adult-use transition in Ohio (+$14.271 million) and increased customer demand in Virginia (+$5.661 million). Wholesale cannabis revenue decreased by $2.158 million (7%), mainly due to lower demand in Virginia (-$4.034 million) and Massachusetts (-$403k), partially offset by increased production capacity in Ohio (+$1.756 million). Gross profit decreased by 4% to $113.977 million in 2025 from $118.303 million in 2024, with gross profit margin declining from 46% to 43% due to competitive pricing pressure and higher production costs. Net loss for 2025 was $(68.591) million, compared to $(48.777) million in 2024, an increase in loss of $19.814 million. Adjusted EBITDA (Non-GAAP) increased by 9% to $50.262 million in 2025 from $46.177 million in 2024, primarily due to employee retention credit claims payments. Cash flows provided by operating activities decreased by 18% to $17.725 million in 2025 from $21.569 million in 2024, driven by a decline in cash flow from working capital. The Company received $10.617 million related to employee retention credit claims, including interest, from the IRS in 2025. As of December 31, 2025, the Company operated 42 dispensaries across eight states (California, Illinois, Massachusetts, Nevada, New Jersey, Ohio, Pennsylvania, and Virginia). The Company's business licenses, with a gross value of $82.401 million, commenced amortization on June 1, 2024, over a 15-year period, resulting in approximately $5.493 million in annual amortization. The Company's Insider Trading and Blackout Period Policy was last revised on June 10, 2025.