Jushi Holdings Inc. Purchases Assets and Acquires Expert Team to Enhance its Operational Strategy
BOCA RATON, FL , June 9, 2019 /CNW/ – Jushi Holdings Inc. (“Jushi” or the “Company”), a multi-state cannabis and hemp operator, is pleased to announce the completion of its previously announced reverse takeover of Tanzania Minerals Corp. by the security holders of Jushi Inc.
The Company is also pleased to announce the closing of an acquisition of intellectual property from The Clinic Consulting ServicesTM, The BankTM and The LabTM and its award-winning operations team for a combination of US$4,115,000 in cash and US$5,885,000 worth of shares in relation to this asset purchase. The Clinic’s™ expertise as an integrated operator and cannabis industry pioneer with sophisticated IP, KPI’s and SOP’s will complement Jushi’s expanding platform.
The Clinic Consulting ServicesTM owns trademarks, trade secrets and other proprietary intellectual information related to cannabis brands, while The BankTM owns intellectual property to cultivation and genetics of over 150 different strains. The Lab’sTM intellectual property consists of proprietary concentrates and extraction techniques. As part of this transaction, the founder of the target company, Max Cohen , also joined Jushi as a board director and Chief Operating Officer as well as several key high-profile members of his team who have significant operational experience in the Colorado marketplace. A few key strategic hires include Emily Cohen , VP of New Market Development, who will be leading Jushi’s license application efforts, Ryan Cook , EVP of Operations, who will be overseeing Jushi’s day-to-day operations and Kim Eastman VP of Manufacturing Operations, who will oversee Jushi’s extraction and manufacturing processes.
This intellectual property acquisition is a crucial part of our company’s growth. Additionally, we acquired a team of expert operators who will build our best-in-class cultivation, processing and retail processes and facilities.
Jim Cacioppo , CEO and Chairman of Jushi
This team is also experienced in acquiring competitive licenses; and will drive our entry into new markets. Max and his team have built extraordinary capabilities in cannabis and we are thrilled to welcome them to Jushi.
Mr. Cohen is a cannabis industry leader and C-Suite executive who has successfully grown a leading cannabis retail company. Max brings comprehensive operational excellence and execution experience in the cannabis industry to his role as COO and board director at Jushi. Max is the Founder and CEO of The Clinic™, a large-scale cannabis retailer. Max is a founding member of the Marijuana Industry Group and current board treasurer, and former member of the board of directors for the National Cannabis Industry Organization, a national marijuana lobbying and policy organization. Max earned his BS in Business Administration from the University of Montana .
The Clinic™ is excited to take its operational expertise and deploy it on a nationwide platform with Jushi. I am confident and look forward to Jushi becoming the premiere vertically integrated cannabis company.
Max Cohen , COO and Board Director of Jushi
About Jushi Holdings Inc.
Jushi and its industry leading management team is building an integrated multi-state owner and operator of cannabis and hemp licenses across the United States . Jushi is focused on continuing to build a diverse multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic investments and by internally pursuing licenses in attractive jurisdictions. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis and hemp ecosystem.