Jushi U.S. Subsidiary Closes Acquisition of Remaining 25% Interest in Two Cannabis Dispensaries in Illinois
Jushi Inc has become the 100% owner of two Illinois medical cannabis dispensaries, in Sauget and Normal, that are both eligible to open a second location
Jushi expects to open the Sauget dispensary for adult-use the first week of March
BOCA RATON, Fla., Feb. 21, 2020 /CNW/ -- Jushi Holdings Inc. ("Jushi" or the "Company") (CSE: JUSH) (OTCXQ: JUSHF), a globally-focused, multi-state cannabis and hemp operator, today announced that its wholly owned subsidiary, Jushi Inc, has closed on its previously announced acquisition of the remaining 25% interest in TGS Illinois Holdings, LLC ("TGSIH"). Jushi Inc now owns 100% of TGSIH, which through its operating subsidiary, TGS Illinois, LLC, owns and operates two cannabis dispensaries – one in Sauget, IL and one in Normal, IL. Each dispensary is eligible to seek approval from the Illinois Department of Financial & Professional Regulation ("IDFPR") to become an adult-use dispensary and to open a second retail location.
"We remain encouraged by the strength of demand in Illinois as evidenced by the State's announcement that total cannabis adult-use sales during its first month of legalization generated nearly $40 million in revenue. The recent adult-use legalization in Illinois has brought increased consumer demand to this previously medical only state. We believe that the Illinois market is at an inflection point, and that this acquisition positions Jushi for significant growth and market share gains," commented Jim Cacioppo, Chairman and Chief Executive Officer of Jushi. "Jushi remains focused on expanding and building out its footprint in limited license states such as Illinois and Pennsylvania, two states in which we have confidence in their sustained market growth opportunity."
The two existing dispensary locations currently operate as The Green Solution but will transition to BEYOND/HELLO branding during the year, and are located at 2021 Goose Lake Road, Sauget, IL 62206 and 501 West Northtown Road, Normal, IL 61761.
Since Illinois's adult-use legalization went into effect January 1, 2020, the Sauget, IL dispensary was approved by the IDFPR to conduct adult-use sales. The Normal, IL dispensary is eligible and will seek similar IDFPR approval for adult-use sales. The Company also plans to exercise its option to expand from two to four dispensaries, subject to regulatory approval. The Company plans to commence adult-use sales at both locations following pre-commencement preparations and completion of outstanding regulatory approvals.
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 Statements
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SOURCE Jushi Holdings Inc.
Released February 21, 2020