Jushi Holdings (CSE: JUSH) (OTC: JUSHF) - Investor Dashboard
|Market Focus:||United States|
|Employees:||535 (Jan 2021)|
Jushi Holdings – Cannabis Operations
The Jushi Platform
The next-generation cannabis platform for retail, cultivation and manufacturing.
The Company operates 10 medical dispensaries under the BEYOND/HELLO™ brand, and it expects to open the remaining seven locations within the next twelve months. The eight dispensaries are located in Ardmore, Bristol, Johnstown, Philadelphia (Center City and Northern Liberties), Reading, Scranton, and West Chester, PA. Jushi, through its subsidiaries, has the right to operate up to 15 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 sq. ft. cultivation and processing facility to Jushi’s Pennsylvania assets. The company plans to grow its canopy to 98,000 square feet and nearly double its grower-processor facility to 160,000 square feet.
As part of the agreement, Jushi will also have an assignable purchase option, to add three additional dispensaries in the Commonwealth, two of which are open, pending approvals from all applicable regulatory authorities.
In January 2020, Jushi became the majority owner of two medical dispensaries in Illinois located in Sauget (adjacent to East St. Louis) and Normal (Bloomington-Normal metro area). Following the transaction, in February 2020 or by early first quarter 2021, the Company closed on the remaining interest in the two dispensaries and now owns 100% of the two cannabis dispensaries.
Since acquiring the two dispensaries, both locations have been re-branded to BEYOND/HELLO™ and have begun adult-use sales. Each dispensary is eligible to seek approval to open a second retail location, and such second retail locations are currently undergoing regulatory approvals. In December 2020, the company opened its third Illinois dispensary in Sauget. The Company expects to have four adult-use dispensaries operating by the end of 2020 or by early first quarter 2021.
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 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.
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.
Additionally, Senate Bill 976 removed the statutory five percent cap on the concentration of THC, which allows patients to receive up to 10mg per dose within a cannabis oil formulation and expands the definition of products a patient can possess.
In July 2020, Jushi acquired a licensed, adult-use dispensary 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.
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 through its subsidiary Production Excellence, LLC received local City of North Las Vegas authorization to enter the greater Las Vegas, Nevada market under a management services agreement. Pursuant to the transaction, Jushi has also completed the purchase of the real estate associated with a Nevada facility in North Las Vegas. The target operator holds medical and adult-use cannabis cultivation, processing and distribution licenses issued by the Nevada Department of Taxation and 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 expects to yield 2,500 pounds of dried flower annually. Additionally, the Nevada Department of Agriculture issued a Hemp Handler license.
Jushi entered into a management services agreement with a provisionally licensed medical marijuana processor in Ohio. As part of the relationship, Jushi provides ongoing management and consulting services to the processor.
The company is constructing a new 8,000-square-foot CO2 extraction facility with the capacity to process up to 32,000 pounds of biomass each year. The facility is expected to open in early 2021.
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).
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