Jushi Holdings Inc. Plans to Open Up to Five Additional Dispensaries in Virginia
April 23 2020 - 5:00PM
Jushi Holdings Inc. (“Jushi” or the
“Company”) (CSE: JUSH) (OTCQX: JUSHF), a globally focused,
multi-state cannabis and hemp operator, today announced that with
the enactment of Senate Bill 976, the Company anticipates adding up
to five additional cannabis dispensing facilities to its
majority-owned subsidiary Dalitso LLC’s operations in Virginia. The
addition of these five facilities will bring the Company’s total
number of retail locations to six in Virginia. Following the
Virginia General Assembly’s agreement with Governor Northam’s
amendments on April 22nd, Senate Bill 976 will also remove the
statutory five percent cap on the concentration of THC within a
cannabis oil formulation. Under Senate Bill 976, registered
patients may now receive up to 10mg THC per dose.
Dalitso is one of only five applicants to have
received conditional approval for a pharmaceutical processor permit
issued by the Virginia Board of Pharmacy. Dalitso’s permit allows
the Company to cultivate, process, dispense and deliver medical
cannabis to registered patients in Virginia. The designated area
for Jushi to operate is Health Service Area II, in Northern
Virginia. According to the U.S. Census Bureau, Health Service
Area II 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. The Company is in the process of
developing a 90,000 square foot cultivation and processing facility
in Prince William County, of which approximately 24,000 square feet
will be initially built-out. The facility is expected to be
operational in the summer of 2020.
Jim Cacioppo, Chairman and Chief Executive
Officer of Jushi said, “We believe the enactment of this
legislation is a significant event for Virginia cannabis patients
and Jushi shareholders. This legislation provides us the
opportunity to improve patient access to medical cannabis products
through six locations in Northern Virginia. We also applaud
Governor Northam and the Virginia General Assembly for removing the
percentage-based cap on THC in cannabis oil, which will expand our
product categories and foster more effective dosing for patients.
The legislation will help further Jushi’s growth strategy of
becoming a top supplier in limited license states and
jurisdictions.” Mr. Cacioppo continued, “We are excited to be able
to offer patients a wide variety of medicinal products safely and
efficiently in Virginia’s most prosperous and densely populated
regions.”
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.
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.
For further information, please contact:
Investor RelationsMichael PerlmanExecutive Vice
President of Investor Relations and
TreasurerInvestors@jushico.com(561) 453-1308
Media Contact:Ellen
MellodyMATTIO CommunicationsEllen@Mattio.com(570) 209-2947
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