Jushi Holdings Inc. (“Jushi” or the
“Company”) (CSE: JUSH) (OTCQX: JUSHF), a globally focused,
multi-state cannabis and hemp operator, today is providing
shareholders with an update on its operations during the month of
March, and its company-wide response to COVID-19. Jushi maintains
that the health and safety of its patients, customers and employees
is the Company’s number one priority during this global crisis.
As of March 25th, Jushi’s dispensaries received
the “life-sustaining” business designation in Pennsylvania and the
“essential services” designation in Illinois. As a result, the
Company’s six dispensaries in Pennsylvania, operating under the
brand “BEYOND/HELLO,” and its two dispensaries in Illinois,
operating under the brand “The Green Solution” (transitioning to
BEYOND/HELLO branding later this year), will remain open. The
Company acquired the two Illinois dispensaries on January 30th and
has subsequently begun serving adult-use customers at its Sauget
location as of March 2nd. Through the first three weeks of March,
company-wide retail revenues were approximately $3 million, an
increase of approximately 70% as compared to February 2020.
The Company is announcing several initiatives
prioritizing its medical patients and customers most susceptible to
COVID-19 during the pendency of the COVID-19 outbreak:
- Pennsylvania – Effective immediately, BEYOND/HELLO dispensaries
will only serve patients 50 years or older in the first hour of
operations. Curbside pick-up will begin to be offered at three PA
dispensaries starting March 30th (1).
- Sauget, Illinois – Beginning March 30th, The Green Solution
dispensary will only serve medical patients on Mondays. In
addition, starting on March 31st, The Green Solution dispensary
will serve only medical patients and customers 50 years or older
during the first hour of operations. Curbside pick-up will also be
offered to medical patients beginning March 26th.
- Normal, Illinois – Beginning March 31st, The Green Solution
dispensary will only serve patients 50 years or older in the first
hour of operations. Curbside pick-up will also be offered to
medical patients beginning March 26th.
(1)
Curbside pick-up available at Bristol, West Chester and Scranton PA
locations.
In accordance with the guidance of the Centers
for Disease Control and Prevention (CDC), Jushi made essential
changes to promote a healthy and safe operating environment for all
of its patients, customers and employees, including:
- Frequently sanitizing high-touch surfaces
- Deep cleaning and sanitizing workstations
- Sanitizing or washing hands after each transaction
- Ensuring hand sanitizer is easily accessible
- Suspending all use of paper menus, demo products, and demo
samples
- Positioning staff at every other register when possible
- Taking the temperature of store employees before they begin
their shift
“I am proud of all of our team members for
responding quickly and appropriately during this rapidly evolving
and uncertain time globally. Thus far in March, we have seen a
significant increase in traffic and demand, which is a reflection
of the loyalty of our customer base. Going forward, we will
continue to closely monitor the status of our operations and make
adjustments as needed to ensure the health and safety of our
patients, customers and employees,” said Jim Cacioppo, Chairman and
Chief Executive Officer of Jushi.
Jushi will be providing an update regarding its
financial results for the 2019 full year and fourth quarter as well
as more detail relating to the 2020 first quarter during its
earnings conference call to be scheduled at the end of April.
About Jushi Holdings Inc. We
are a globally focused cannabis and hemp company led by an industry
leading management team. In the United States Jushi is focused on
building a multi-state portfolio of branded cannabis and
hemp-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 and hemp ecosystem. For more
information please visit www.jushico.com or our social
media
channels, Instagram, Facebook, Twitter and LinkedIn.
Forward-Looking Information and
StatementsThis 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 condition, but
instead represent only the Company’s beliefs regarding future
events, plans or objectives, many of which, by their nature, are
inherently uncertain and outside of the Company’s control.
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”. The forward-looking information and forward-looking
statements contained herein may include, but are not limited to,
information concerning the expectations regarding Jushi, or the
ability of Jushi to successfully achieve business objectives, and
expectations for other economic, business, and/or competitive
factors. Revenue and month-over-month sales increases amounts
in this press release are preliminary in nature and are subject to
change.
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 made certain
assumptions. Among the key factors that could cause actual results
to differ materially from those projected in the forward-looking
information and statements are the following: the ability of Jushi
to successfully achieve business objectives, including with
regulatory bodies, employees, suppliers, customers and competitors;
changes in general economic, business and political conditions,
including changes in the financial markets; changes in applicable
laws; and compliance with extensive government regulation, as well
as other risks and uncertainties which are more fully described in
the Company’s Filing Statement dated December 5, 2019 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.
Although the Company believes that the
assumptions and factors used in preparing, and the expectations
contained in, the forward-looking information and statements are
reasonable, undue reliance should not be placed on such information
and statements, and no assurance or guarantee can be given that
such forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information and
statements. 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.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
For further information, please contact:
Investor RelationsMichael PerlmanExecutive Vice
President of Investor Relations and
TreasuryInvestors@jushico.com(561) 453-1308
Media Contact:KCSA Strategic
CommunicationsDanielle DeVorenJushi@KCSA.com(212) 896-1272
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