Jushi Holdings Inc. Announces Purchase of Dalitso LLC Facility and Land in Prince William County, VA
Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), vertically integrated, multi-state cannabis operator, announced it signed a definitive agreement to purchase the 93,000 sq. ft. facility (the “Facility”), operated by its wholly-owned subsidiary and Virginia-based pharmaceutical processor, Dalitso LLC (“Dalitso”), together with approximately nine acres of surrounding land in Prince William County, Virginia, for approximately $22 million (the “Acquisition”). The Acquisition, together with Dalitso’s planned buildout of the Facility, will enable Dalitso to efficiently produce a consistent supply of medical cannabis products as patient access improves and as the medical cannabis program matures and expands. The Acquisition is subject to customary closing conditions and is expected to close in the second quarter of 2021.
“The Virginia cannabis market is an area of strategic focus for Jushi given Dalitso’s strong position in the most densely populated region in the Commonwealth,” said Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi. “Through the completion of this acquisition, Dalitso will have the expansion capacity required to scale cultivation and processing to meet the anticipated patient demand of a growing program. Jushi is dedicated to providing patients with best-in-class products and dispensing experiences that go beyond expectations. To that end, we look forward to the continued build out of our Facility so we can best serve registered patients. Separately, we were pleased to see Governor Northam and the General Assembly respond to their constituents by moving the effective date of legal possession date for small amounts of cannabis forward to July 1, 2021. We hope the Governor and General Assembly will act expeditiously and with similar decisiveness to authorize legal procurement so Virginians without a medical certification have access to safe and controlled cannabis products in a regulated market without material delay.”
In December 2020, Jushi announced it completed the acquisition of the remaining 21% of the issued and outstanding equity of Dalitso, bringing its ownership to 100%. Jushi also announced in December 2020 that Dalitso had commenced operations at the Manassas facility and officially began serving patients at its BEYOND / HELLO Manassas location.
Dalitso is one of only five applicants to have received conditional approval for a pharmaceutical processor permit issued by the Virginia Board of Pharmacy, and one of only four to have received final approval and permit issuance in the Commonwealth. Dalitso’s permit allows Dalitso to cultivate, process, dispense, and deliver medical cannabis to registered patients in Virginia. The designated area for Dalitso to operate is Health Service Area II, in Northern Virginia, which includes two of Virginia’s most densely populated counties, Fairfax and Prince William, and has a population of approximately 2.5 million people or nearly 30% of the state’s total population according to the U.S. Census Bureau.
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-derived 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, please visit jushico.com, twitter.com/wearejushi and beyond-hello.com.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current conditions but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, involve estimates, projections, plans, goals, forecasts, and assumptions that may prove to be inaccurate. As a result, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or may contain statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “will continue,” “will occur” or “will be achieved”.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has certain expectations and has made certain assumptions. Expectations, assumptions, and risk factors are more fully described in the Company’s Management, Discussion and Analysis for the three months ended September 30, 2020, and other filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
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For further information, please contact:
Investor Relations
Michael Perlman
Executive Vice President of Investor Relations and Treasury
Investors@jushico.com
(561) 281-0247
Media Contact
Ellen Mellody
MATTIO Communications
Ellen@Mattio.com
(570) 209-2947
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