Jushi Holdings (CSE: JUSH) (OTCQX: JUSHF) - Investor Dashboard


Jushi Holdings
CSE Ticker: JUSH
OTCQX Ticker: JUSHF
Market Focus: United States
Classification: Vertically Integrated
Country: United States
Employees: 1,347 (Mar 2022)
Established: Jan 2018
CEO: Jim Cacioppo

Jushi Holdings – Cannabis Operations


The Jushi Platform
The next-generation cannabis platform for retail, cultivation and manufacturing.


Pennsylvania

The Company operates 18 medical dispensaries under the BEYOND/HELLO™ brand.

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. Jushi has an 81,000-square-foot grower-processor facility with plans to expand it to 210,000 square feet in 2022.

Illinois

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.

Virginia

Jushi has two operational dispensaries in Virginia. 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.

In May 2021, the Company piloted a delivery program to registered patients in designated Health Service Area II. In September 2021, the Company launched a series of branded cannabis products in the Commonwealth, including its concentrates brand, The Lab, its chewables brand, Tasteology, its premium and value flower brands, The Bank and Sèchè, and its medicinal THC and CBD-rich brand, Nira +.

In the fourth quarter of 2021, Jushi opened its second medical dispensary in Sterling, VA. The store features 17 point-of-sale systems, 70 onsite parking spots, and a separate delivery service area. Additionally, the store is seven miles from Dulles International Airport, and 30 miles from Washington D.C. The Company also anticipates adding up to four additional BEYOND/HELLO™ branded medical dispensaries 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.

Massachusetts 

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 33,000 square feet of high-quality indoor flower and state-of-the-art extraction and manufacturing capabilities. The company also has 10 acres of land in Grafton, which could accommodate a 35,000 to 40,000-square-foot facility.

California

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.

The Company opened its Grover Beach dispensary, its third retail location in California. 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.

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 mid-2022.

Nevada

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 2,800 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 17,400 square feet and 5,300 pounds per year. The expansion is expected to more than double cultivation capacity and incorporate a CO2 and hydrocarbon extraction facility.

In March 2022, the Company acquired 100% of the equity interest of an entity operating an adult-use and medical retail dispensary in Las Vegas, Nevada. The retail dispensary acquisition, together with the purchase of FBS Nevada, enables Jushi to provide significant branding exposure for Jushi’s high-quality product lines, including The Bank, The Lab, Tasteology and Sѐchѐ. This is the Company’s fourth vertically integrated state-level operation.

In April 2022, the Company closed on the previously announced transaction to acquire NuLeaf, Inc. together with its subsidiaries and related companies (collectively, “NuLeaf”), a Nevada-based vertically integrated operator. NuLeaf operates two high-performing adult-use and medical retail dispensaries in Las Vegas, NV and Lake Tahoe, NV, in addition to a 27,000 sq. ft. cultivation facility in Sparks, NV, as well as a 13,000 sq. ft. processing facility in Reno, NV. Additionally, NuLeaf owns a third licensed retail dispensary located directly on Las Vegas Boulevard, expected to become operational in the second quarter of 2022, subject to regulatory approval and other conditions. This expanded the Company’s permitted licensed retail footprint to 39 locations nationwide.

Ohio

Jushi completed the acquisition of OhiGrow, LLC, one of 36 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 complements the operational 8,000-square-foot, state-of-the-art Ohio medical cannabis processing facility in Columbus, Ohio. Jushi completed this acquisition with Franklin Bioscience OH.

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.

On January 27, 2022, the Company was selected through Campbell Hill Ventures, the Company’s 100% owned subsidiary, a provisional medical marijuana dispensary license by the Ohio Medical Marijuana Control Program in Clermont County, located in the Cincinnati Tri-State area. The Company is awaiting certification as well as issuance of licenses by The Ohio Board of Pharmacy. Pending regulatory approvals, the new store will operate under Jushi’s retail brand, BEYOND/HELLO™, and marks the Company’s first retail location in Ohio and is expected to open in 2023. This will be the Company’s fifth vertically integrated state, accompanying Pennsylvania (by way of its affiliated subsidiaries), Virginia, Massachusetts, and Nevada.


Visit Jushi Holdings, Inc.
at www.jushico.com.

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