Jushi Holdings Inc. Announces Closing of US$10.0 Million Private Placement with Strategic Asset Manager
BOCA RATON, Fla., Jan. 26, 2022 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, is pleased to announce that it has closed a non-brokered private placement offering (the “Offering”) of an aggregate of 2,717,392 subordinate voting shares at a price of US$3.68 per share to Graticule Asset Management Asia (“GAMA”) for gross proceeds of US$10,000,002.60. The proceeds of the Offering will be used for potential strategic acquisitions and general corporate purposes. As of December 31, 2021, the Company’s pro forma cash balance, including proceeds from the Offering, was approximately US$104 million.
We are extremely encouraged by the support we continue to receive from GAMA, a well-established asset manager. Their confidence reiterates the strength of our differentiated corporate strategy, industry leading organic revenue growth rate, geographic footprint leveraged to medical states evolving to adult-use, as well as the strength of our management team. This investment will support the expansion of our grower-processor facilities and our continued pursuit of accretive acquisitions.
Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi
Given recent stock market volatility, we are seeing a tremendous amount of deal opportunities, driven by recent license issuances and pending processes in Illinois and Ohio, several broken deals and auctions, our current pipeline, and an increase in the number of distressed companies. We are well-positioned with a strong balance sheet and cash holdings which exceed our anticipated capex plans and continue to have access to additional sources of financing to pursue strategic expansion opportunities.
Mr. Cacioppo concluded, “In addition, our acquisition facility, pro forma for the Nevada transactions closing, will have approximately US$63 million of available capacity, including the accordion feature. We are confident that our disciplined approach to capital allocation, along with our industry-leading M&A track record will result in significant long-term value for our shareholders as we continue to scale the business.”
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.
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