Jushi Holdings Inc. Provides Shareholder Update on Operations
Month-to-date company-wide retail revenues in March have increased ~70% sequentially to ~$3 million
All stores remain open in Pennsylvania and Illinois
Jushi is prioritizing its medical patients and customers most susceptible to COVID-19
BOCA RATON, Fla., March 25, 2020 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a globally focused, multi-state cannabis and hemp operator, today is providing shareholders with an update on its operations during the month of March, and its company-wide response to COVID-19. Jushi maintains that the health and safety of its patients, customers and employees is the Company’s number one priority during this global crisis.
As of March 25th, Jushi’s dispensaries received the “life-sustaining” business designation in Pennsylvania and the “essential services” designation in Illinois. As a result, the Company’s six dispensaries in Pennsylvania, operating under the brand “BEYOND/HELLO,” and its two dispensaries in Illinois, operating under the brand “The Green Solution” (transitioning to BEYOND/HELLO branding later this year), will remain open. The Company acquired the two Illinois dispensaries on January 30th and has subsequently begun serving adult-use customers at its Sauget location as of March 2nd. Through the first three weeks of March, company-wide retail revenues were approximately $3 million, an increase of approximately 70% as compared to February 2020.
The Company is announcing several initiatives prioritizing its medical patients and customers most susceptible to COVID-19 during the pendency of the COVID-19 outbreak:
- Pennsylvania – Effective immediately, BEYOND/HELLO dispensaries will only serve patients 50 years or older in the first hour of operations. Curbside pick-up will begin to be offered at three PA dispensaries starting March 30th (1).
- Sauget, Illinois – Beginning March 30th, The Green Solution dispensary will only serve medical patients on Mondays. In addition, starting on March 31st, The Green Solution dispensary will serve only medical patients and customers 50 years or older during the first hour of operations. Curbside pick-up will also be offered to medical patients beginning March 26th.
- Normal, Illinois – Beginning March 31st, The Green Solution dispensary will only serve patients 50 years or older in the first hour of operations. Curbside pick-up will also be offered to medical patients beginning March 26th.
(1) Curbside pick-up available at Bristol, West Chester and Scranton PA locations.
In accordance with the guidance of the Centers for Disease Control and Prevention (CDC), Jushi made essential changes to promote a healthy and safe operating environment for all of its patients, customers and employees, including:
- Frequently sanitizing high-touch surfaces
- Deep cleaning and sanitizing workstations
- Sanitizing or washing hands after each transaction
- Ensuring hand sanitizer is easily accessible
- Suspending all use of paper menus, demo products, and demo samples
- Positioning staff at every other register when possible
- Taking the temperature of store employees before they begin their shift
“I am proud of all of our team members for responding quickly and appropriately during this rapidly evolving and uncertain time globally. Thus far in March, we have seen a significant increase in traffic and demand, which is a reflection of the loyalty of our customer base. Going forward, we will continue to closely monitor the status of our operations and make adjustments as needed to ensure the health and safety of our patients, customers and employees,” said Jim Cacioppo, Chairman and Chief Executive Officer of Jushi.
Jushi will be providing an update regarding its financial results for the 2019 full year and fourth quarter as well as more detail relating to the 2020 first quarter during its earnings conference call to be scheduled at the end of April.
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
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. Revenue and month-over-month sales increases amounts in this press release are preliminary in nature and are subject to change.
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 December 5, 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.
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.
For further information, please contact:
Executive Vice President of Investor Relations and Treasury
KCSA Strategic Communications
Released March 25, 2020