Jushi Holdings Inc. CEO and Chairman Purchases 300,000 Subordinate Voting Shares of Jushi
BOCA RATON, Fla., Sept. 4, 2019 /CNW/ -- One East Partners, LP ("One East"), an asset management company, and Jushi Holdings Inc. ("Jushi" or the "Company") (NEO: JUSH.B), a globally-focused, multi-state cannabis and hemp operator, jointly announce the acquisition by One East of 300,000 Class B subordinate voting shares ("Subordinate Voting Shares") of Jushi at price of CAD $2.20 per Subordinate Voting Share, for a total aggregate purchase price of CAD $660,000, pursuant to a private agreement exemption. One East purchased such Subordinate Voting Shares from two sellers and at a price less than 115% of the market price, in accordance with National Instrument 62-104 – Take-Over Bids and Issuer Bids. The transaction was completed by One East, where Jim Cacioppo serves as Managing Director and sole partner. Mr. Cacioppo is also the CEO and Chairman of Jushi Holdings Inc.
As a result of this transaction, Jim Cacioppo, together with his joint actors, currently own 114,000 Class A super voting shares of the Company and 1,656,092 Subordinate Voting Shares. Such shares give Mr. Cacioppo an approximately 41.62% voting interest in the Company (based on the number of votes attributable to all issued and outstanding shares of each class of shares of the Company) and represent approximately 25.37% of the issued and outstanding Subordinate Voting Shares, assuming conversion of all convertible securities of Jushi held by Mr. Cacioppo into Subordinate Voting Shares but otherwise on a non-diluted basis.
Jim Cacioppo commented, "This off-market purchase of Jushi shares via One East is reflective of my confidence in the Company's expansive vision of creating an integrated global cannabis and hemp operator. The Company's strong performance and strategic investments in limited license markets place us on the path of building long-term shareholder value. The Company's success is marked by investing in the future growth that we expect to achieve in the cannabis and hemp industry, underpinning our mission of returning excess capital to shareholders."
The Subordinate Voting Shares were acquired by One East and Mr. Cacioppo for investment purposes only. One East and Mr. Cacioppo's view of the Company and investment may change from time to time depending on market and other conditions, or as future circumstances may dictate from time to time. From time to time One East and Mr. Cacioppo may increase or dispose of some or all of their ownership in the Company (subject to contractual lock-up arrangements) or may continue to hold its current position.
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 work-outs 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 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 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 May 31, 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.
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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.
SOURCE Jushi Holdings Inc.
Released September 4, 2019