Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF) - Investor Dashboard
|Market Focus:||United States|
|Employees:||935 (Aug, 2021)|
Jushi Holdings – Cannabis Operations
The Jushi Platform
The next-generation cannabis platform for retail, cultivation and manufacturing.
The Company operates 15 medical dispensaries under the BEYOND/HELLO™ brand, and it expects to open five locations by the end of 2021. Jushi, through its subsidiaries, has the right to operate up to 18 dispensaries.
With the equity acquisition of Pennsylvania Medical Solutions, LLC, a Scranton-based grower-processor, Jushi solidified its leadership position in Pennsylvania, one of the most attractive medical cannabis markets in the country. The acquisition adds a 90,000-square-foot cultivation and processing facility to Jushi’s Pennsylvania assets. The Company plans to expand the grower-processor facility and production by increasing total canopy to approximately 110,000 sq. ft. and bring the building’s total sq. ft. to 190,000 square feet.
In the first quarter of 2020, Jushi acquired two medical dispensaries in Illinois located in Sauget (adjacent to East St. Louis) and Normal (Bloomington-Normal metro area). Since acquiring the two dispensaries, both locations have been re-branded to BEYOND / HELLO™ and have begun adult-use sales. The dispensary in Sauget began adult-use sales in March 2020, and the dispensary in Normal began adult-use sales in May 2020.
Each dispensary was eligible and received regulatory approval to open a second retail location. In December 2020, the Company opened its second adult-use retail location in Sauget, Illinois and third dispensary in the state of Illinois. In January 2021, Jushi opened its fourth adult-use retail location in Bloomington, Illinois. The two additional adult-use dispensaries operate under the Company’s “BEYOND/HELLO™ retail brand.
Jushi’s partner, Northern Cardinal Ventures, LLC, was awarded a conditional retail dispensary license via the state’s lottery process. Jushi is an operational and 49% equity partner in Northern Cardinal. Pending regulatory approvals, the new dispensary would be the fifth BEYOND / HELLO™ location in Illinois.
Jushi acquired 100 percent ownership of Dalitso LLC, a Virginia-based pharmaceutical processor for medical cannabis extracts. Dalitso is one of only five applicants to have received conditional approval for a pharmaceutical processor permit, and one of only four to have received final approval and permit issuance in this attractive early-stage medical cannabis market. Its cultivation, manufacturing and retail facility in Manassas is operational. The Company expects to yield 6,000 pounds of dried flower annually. The Company has completed the phase one build out of its cultivation, manufacturing, retail facility in Prince William County near the City of Manassas and commenced dispensing medical cannabis to registered patients in Virginia on December 1, 2020.
The Company anticipates adding five BEYOND/HELLO™ branded medical dispensaries to Dalitso’s operations in Virginia. These five BEYOND/HELLO™ branded medical dispensaries will be in addition to the Dalitso’s pharmaceutical processor facility near the City of Manassas, which will allow Dalitso to cultivate, process, dispense and deliver medical cannabis to registered patients in Virginia.
In May 2021, Jushi closed on its previously announced acquisition of the 93,000 sq. ft. facility, operated by Dalitso, together with approximately nine acres of surrounding land in Prince William County, Virginia.
The designated area for Jushi to operate has a population of approximately 2.5 million people or nearly 30 percent of the state population. This area includes two of Virginia’s most densely populated and highest-income counties, Fairfax and Prince William County, home to five of the state’s 10 wealthiest neighborhoods.
Jushi acquired Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates (collectively, “Nature’s Remedy”), a vertically integrated single state operator in Massachusetts. Nature’s Remedy currently operates two high-performing retail dispensaries, in Millbury, MA and Tyngsborough, MA, along with a 50,000 sq. ft. cultivation and production facility in Lakeville, MA. The Lakeville facility’s flower canopy encompasses approximately 22,000 square feet of high-quality indoor flower and state-of-the-art extraction and manufacturing capabilities. The Company’s entrance into Massachusetts marks the seventh state where it operates cannabis assets.
In July 2020, Jushi acquired a licensed, adult-use dispensary in Santa Barbara which opened in October 2020. The city of Santa Barbara is a limited license market and currently only allows for three dispensaries to operate in the jurisdiction.
Jushi acquired 100% of the equity of Organic Solutions of the Desert, LLC (“OSD”), an operating dispensary located in Palm Springs, California. With more than 14 million tourists per year, Palm Springs is an attractive market and luxury travel destination. OSD has been the leading revenue generator since the inception of Palm Springs adult-use cannabis program in 2018.
Jushi acquired approximately 78% of the equity of a retail license holder located in Grover Beach, California with the option to acquire the remaining equity in the future. Grover Beach is a limited license market with a maximum of four retail licenses permitted. Upon completion of the build-out of the new BEYOND / HELLO™ in Q3 2021, this location will be the fourth and final retail dispensary permitted in the city.
The Company intends to move forward in the merit-based application process as one of only three selected applicants for a storefront retail (and ancillary delivery) permit in Culver City, California. Jushi expects to open the Culver City dispensary by Q2 2022.
Jushi acquired 100% of the equity ownership of FBS Nevada. FBS Nevada holds medical and adult‐use cannabis cultivation, processing and distribution licenses issued by the Nevada Cannabis Control Board. Pursuant to the transaction, Jushi also completed the purchase of the real estate associated with a Nevada facility in North Las Vegas. FBS Nevada currently operates cultivation, production and distribution facilities in North Las Vegas, Nevada.
The facilities acquired include two adjacent buildings with cultivation, manufacturing and distribution capabilities. The buildings may be combined and expanded further. Jushi has upgraded the facility with state-of-the-art, indoor, double-stacked cultivation that yields approximately 2,500 lbs. of high-quality dry flower per year. FBS Nevada plans to connect the two facilities to create a single production space for a total of approximately 16,600 sq. ft. The expansion is expected to more than double cultivation capacity and incorporate a CO2 and hydrocarbon extraction facility.
Jushi entered into a definitive agreement to acquire 100% of the equity interest of an entity operating an adult-use and medical retail dispensary in Las Vegas, Nevada. The dispensary acquisition, together with the purchase of Franklin Bioscience NV, LLC, a holder of medical and adult-use cannabis cultivation, processing, and distribution licenses, will enable Jushi to become vertically integrated in Nevada, as well as provide significant branding exposure for Jushi’s high-quality product lines, including The Bank, The Lab, Tasteology and Sѐche. This will be the Company’s fourth vertically integrated state, accompanying Pennsylvania (by way of its affiliated subsidiaries), Virginia, and Massachusetts.
Jushi completed the acquistion of OhiGrow, LLC, one of 34 licensed cultivators in Ohio, and Ohio Green Grow LLC (collectively, “OhiGrow”), inclusive of an approximately 10,000 sq. ft. facility and 1.35 acres of land. OhiGrow will complement the soon-to-be operational 8,000-square-foot, state-of-the-art Ohio medical cannabis processing facility, to which the Company provides operational and consulting services.
The Company’s new 8,000-square-foot CO2 extraction facility has the capacity to process up to 32,000 pounds of biomass each year. The facility is expected to open in Q2 2021.
The Ohio cultivation and processing facilities will allow the Company to cultivate, process and sell manufactured medical cannabis products to licensed medical marijuana dispensaries in Ohio.
Jushi has also completed the acquisition of Franklin Bioscience OH, a licensed processor with an 8,000-square-foot processing facility in Columbus.
In March 2019, Jushi was awarded an Industrial Hemp CBD Processor License by the New York State Department of Agriculture and Markets through its wholly owned subsidiary, Sound Wellness, LLC. The Company also operates a CBD retail store at the Dent Neurologic Institute in Amherst, New York, where it sells its physician formulated hemp-derived product brand Nira. The Company also sells its Nira branded products through its e-commerce platform (niracbd.com).
New Cannabis Ventures in partnership with due diligence platform 420Investor, is the definitive source for fact-based, data-driven, financial information and relevant company news for qualified publicly traded cannabis companies. NCV extracts and parses only the most important content. Information is provided “as is” and solely for informational purposes, not for trading or advice. Jushi Holdings, Inc. is a client of NCV Media, LLC. Read our full disclaimer.