Jushi Holdings Inc. Purchases Assets and Acquires Expert Team to Enhance its Operational Strategy
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BOCA RATON, FL, June 9, 2019 /CNW/ - Jushi Holdings Inc. ("Jushi" or the "Company"), a multi-state cannabis and hemp operator, is pleased to announce the completion of its previously announced reverse takeover of Tanzania Minerals Corp. by the security holders of Jushi Inc.
The Company is also pleased to announce the closing of an acquisition of intellectual property from The Clinic Consulting ServicesTM, The BankTM and The LabTM and its award-winning operations team for a combination of US$4,115,000 in cash and US$5,885,000 worth of shares in relation to this asset purchase. The Clinic's™ expertise as an integrated operator and cannabis industry pioneer with sophisticated IP, KPI's and SOP's will complement Jushi's expanding platform.
The Clinic Consulting ServicesTM owns trademarks, trade secrets and other proprietary intellectual information related to cannabis brands, while The BankTM owns intellectual property to cultivation and genetics of over 150 different strains. The Lab'sTM intellectual property consists of proprietary concentrates and extraction techniques. As part of this transaction, the founder of the target company, Max Cohen, also joined Jushi as a board director and Chief Operating Officer as well as several key high-profile members of his team who have significant operational experience in the Colorado marketplace. A few key strategic hires include Emily Cohen, VP of New Market Development, who will be leading Jushi's license application efforts, Ryan Cook, EVP of Operations, who will be overseeing Jushi's day-to-day operations and Kim Eastman VP of Manufacturing Operations, who will oversee Jushi's extraction and manufacturing processes.
"This intellectual property acquisition is a crucial part of our company's growth. Additionally, we acquired a team of expert operators who will build our best-in-class cultivation, processing and retail processes and facilities. This team is also experienced in acquiring competitive licenses; and will drive our entry into new markets. Max and his team have built extraordinary capabilities in cannabis and we are thrilled to welcome them to Jushi."
- Jim Cacioppo, CEO and Chairman of Jushi
Mr. Cohen is a cannabis industry leader and C-Suite executive who has successfully grown a leading cannabis retail company. Max brings comprehensive operational excellence and execution experience in the cannabis industry to his role as COO and board director at Jushi. Max is the Founder and CEO of The Clinic™, a large-scale cannabis retailer. Max is a founding member of the Marijuana Industry Group and current board treasurer, and former member of the board of directors for the National Cannabis Industry Organization, a national marijuana lobbying and policy organization. Max earned his BS in Business Administration from the University of Montana.
"The Clinic™ is excited to take its operational expertise and deploy it on a nationwide platform with Jushi. I am confident and look forward to Jushi becoming the premiere vertically integrated cannabis company."
- Max Cohen, COO and Board Director of Jushi
About Jushi Holdings Inc.
Jushi and its industry leading management team is building an integrated multi-state owner and operator of cannabis and hemp licenses across the United States. Jushi is focused on continuing to build a diverse multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic investments and by internally pursuing licenses in attractive jurisdictions. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis and hemp ecosystem.
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. 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.
SOURCE Jushi Holdings Inc.
Released June 9, 2019