Quarterly report pursuant to Section 13 or 15(d)

EQUITY

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EQUITY
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
EQUITY
 12. EQUITY
Authorized, Issued and Outstanding
The authorized share capital of the Company consists of an unlimited number of Preferred Shares, SVS, Multiple Voting Shares, and Super Voting Shares. As of June 30, 2022, the Company had 194,653,132 SVS issued and outstanding and no Preferred Shares, Multiple Voting Shares, and Super Voting Shares issued and outstanding. On August 9, 2021, all of the 149,000 previously issued and outstanding Super Voting Shares and all of the 4,000,000 previously outstanding Multiple Voting Shares were converted into SVS in accordance with their terms as described in Jushi Holdings Inc.’s Articles of Incorporation. All previously outstanding warrants to acquire Super Voting Shares and Multiple Voting Shares were also converted into warrants to acquire SVS, without any other amendment to the terms of such warrants.
Private Placements
In January 2022, the Company closed non-brokered private placement offerings for an aggregate 3,717,392 SVS at a price of $3.68 per share to an existing investor group for aggregate gross proceeds of $13,680.
Restricted Stock and Stock Options
Refer to Note 13 - Share-Based Compensation and Other Benefits for details of restricted stock awards and stock option grants.
Other Equity
Refer to Note 9 - Debt for details of a convertible promissory note classified as equity.
Warrants
Each warrant entitles the holder to purchase one SVS. The following table summarizes all warrants outstanding as of June 30, 2022:
Expiration Date Exercise Price
 ($)		 Number of Warrants
2022
1.25 - 1.31
 662,738
2023
1.47 - 1.50
 337,500
2024 1.25 35,532,922
2025
1.25 - 3.00
 2,168,508
2026 4.18 300,000
2029
0.50 - 2.00
 26,367,627
Total warrants 65,369,295
As of June 30, 2022, warrants issued and outstanding have a weighted-average remaining contractual life of 4.3 years. Certain warrants may be net share settled.

The following table summarizes the status of warrants and related transactions:
Non-Derivative Warrants
Derivative Warrants (2)
Total Number of Warrants Weighted - Average Exercise Price
Balance as of January 1, 2022
29,156,048 40,124,355 69,280,403 $ 1.19 
Granted 100,000  —  100,000  $ 3.00 
Exercised (1)
(503,108) (3,508,000) (4,011,108) $ 1.26 
Balance as of June 30, 2022
 28,752,940 36,616,355 65,369,295 $ 1.19 
Exercisable as of June 30, 2022
27,102,940 36,616,355 63,719,295 $ 1.15 

(1)The weighted average share price as of the dates of exercise was $3.64. The Company issued 2,843,863 SVS and received $751 in cash proceeds during the six months ended June 30, 2022 for warrants exercised.
(2)Derivative warrants which were issued to the Senior Notes holders and which have an exercise price of $1.25. These warrants represent a derivative liability and are therefore not classified as equity in the statement of financial position. Refer to Note 11 - Derivative Liabilities.