Jushi Holdings Inc. Acquires Remaining Equity Interests in Agape Total Health Care Inc, a Pennsylvania Medical Marijuana Dispensary Permit Holder
Jushi Has Now Become the 100% Equity Owner of All of Its Retail and Grower-Processor Subsidiaries in Pennsylvania, Illinois, and Virginia
Currently Operates 16 Stores Nationally
Holds the Rights to Open an Additional 16 Stores Nationally and Expects to Open 10 to 12 Stores in 2021
BOCA RATON, Fla., Jan. 26, 2021 -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced it completed the acquisition of the remaining 20% of the equity interests of Agape Total Health Care Inc (“Agape”), a Pennsylvania dispensary permittee. The Company now owns 100% of the equity interests in Agape, which operates one retail location in Reading, Pennsylvania with plans to open two additional locations, one in Philadelphia and one in Pottsville. In total, Jushi’s subsidiaries currently operate ten dispensaries in Pennsylvania, eight of which are branded under the Company’s BEYOND/HELLOTM retail brand, with the remaining two locations expected to complete rebranding to BEYOND/HELLOTM within the next few weeks.
“We are very excited to announce that we now own 100% of the equity in our retail and grower-processor subsidiaries in Pennsylvania. The rapidly growing Pennsylvania cannabis market is a strategic focus area for Jushi, and the Company’s goal has always been to consolidate its ownership positions,” commented Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “Through our retail brand BEYOND/HELLO, we have developed a reliable, replicable model for high-quality retail experiences, backed by deep consumer insights. With our strong balance sheet, we’re committed to expanding our footprint in each of the markets we serve and look forward to continuing to provide our patients and consumers a best-in-class customer experience.”
Jushi and its subsidiaries hold the rights to open 16 new dispensaries1 throughout the states the Company operates and anticipates opening between 10 and 12 of these new locations in 2021. With the acquisition of the remaining equity interests of Agape, the Company now owns 100% equity interests of their retail and grower-processor subsidiaries in Pennsylvania, Illinois and Virginia.
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 https://www.jushico.com/, https://twitter.com/wearejushi and https://linkedin.com/company/jushi-inc.
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. 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 Management, Discussion and Analysis for the nine 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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Released January 26, 2021