Jushi Holdings Inc. Increases Equity Ownership Interest in Dalitso LLC, the Company’s Majority-Owned, Virginia-Based Pharma...
November 20 2020 - 7:55AM
Jushi Holdings Inc. (“Jushi” or the
“Company”) (CSE: JUSH)
(OTCMKTS: JUSHF), a
vertically integrated, multi-state cannabis operator, announced it
has purchased an additional 17.235% of the issued and outstanding
equity of Dalitso LLC (Dalitso), a Virginia-based pharmaceutical
processor. The Company now owns 79% of the issued and outstanding
equity of Dalitso.
Dalitso is one of only five applicants to have
received conditional approval for a pharmaceutical processor permit
issued by the Virginia Board of Pharmacy, and one of only four to
have received final approval and permit issuance in the
Commonwealth. Dalitso’s permit allows the Dalitso to cultivate,
process, dispense and deliver medical cannabis to registered
patients in Virginia. The designated area for Dalitso to operate is
Health Service Area II, in Northern Virginia. Dalitso has completed
the initial build out of its cultivation, manufacturing, and
processing footprint while also prefabricating the remaining 90,000
square foot facility in Prince William County, Virginia to allow
for efficient scaling as patient demand increases.
Jim Cacioppo, Chief Executive Officer, Chairman
and Founder of Jushi said: “The Dalitso seed-to-sale facility will
seamlessly integrate our cultivation, manufacturing, processing,
and retail capabilities in Virginia. Between the expansion of our
ownership stake in Dalitso and the enactment of new legislation
earlier this year, we will be in a strong early mover position to
drive value for our shareowners while serving patients in the most
densely populated part of the Commonwealth.”
According to the U.S. Census Bureau, Health
Service Area II has a population of approximately 2.5 million
people or nearly 30% of the state population. This area includes
two of Virginia’s most densely populated and highest-income
counties, Fairfax County and Prince William County.
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 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
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 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. Key expectations and
assumptions made by the Company include, but are not limited to:
the continued performance of existing operations in Pennsylvania,
Illinois and Nevada, the anticipated opening of additional
dispensaries in 2020 and 2021, the expansion and optimization of
the grower-processor in Pennsylvania and the facility in Nevada,
the opening of new facilities in Ohio and Virginia and two
dispensaries in California, which are subject to licensing
approval. 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 six
months ended June 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.
Not for distribution to United States
newswire services or for dissemination in the United
States.
For further information, please
contact:
Investor Relations
Contact:Michael PerlmanExecutive Vice President of
Investor Relations and
Treasury561-453-1308Investors@jushico.com
Media Contact:Ellen
MellodyMATTIO Communications570-209-2947Ellen@Mattio.com
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