– Acquisition of membership interests in four retail dispensary businesses with ability to open up to 12 locations, establishing major footprint in a limited license state
– Debut of Jushi’s first operational cannabis dispensaries with two Beyond/Hello dispensaries located in Philadelphia and Bristol, PA
BOCA RATON, Fla. , July 11, 2019 /PRNewswire/ — Jushi Holdings Inc. (“Jushi” or the “Company”)(NEO: JUSH.B), a globally-focused, multi-state cannabis and hemp operator, today announced the closing of the Company’s previously announced acquisition of all of the membership interests in Franklin Bioscience – Penn LLC and its subsidiaries Franklin Bioscience – NE, LLC, Franklin Bioscience – SE, LLC and Franklin Bioscience – SW, LLC (collectively, the “Purchased Entities”), which together hold one Phase I and three Phase II dispensary permits issued by the Pennsylvania Department of Health’s Medical Marijuana Program (“Program”) allowing for 12 medical marijuana dispensaries in the Commonwealth of Pennsylvania .
“Our investment in Pennsylvania has quickly cemented Jushi as a leader in this northeastern limited license state. These acquisitions include two stores that are already operational with the opportunity for ten more,” Jim Cacioppo , Chairman and CEO of Jushi. “Beyond/Hello currently has two fantastic locations with an established brand in Pennsylvania and a loyal patient base. We are immediately evaluating the locations for our remaining 10 stores within the highly desirable regions of Philadelphia , Pittsburgh and Scranton and we look forward to obtaining the Program’s approval for their openings. Jushi is excited to close this transaction as it is a big achievement for our shareholders as we scale our retail footprint, specifically creating a significant retail market share in Pennsylvania .”
The acquisition includes 100% ownership of the membership interests in four medical marijuana dispensary entities, with each of the entities being allowed to open three separate locations. The existing retail dispensary brand, “Beyond/Hello”, has