Completes Nature’s Remedy Acquisition Negotiates Revised Transaction Terms Resulting in 4.3 million Fewer Shares Issued
Adds Vertically Integrated Operator with Two Retail Dispensaries and a Cultivation and Manufacturing Facility
Officially Enters Its Seventh State and Expands Retail Footprint to 24 Dispensaries Nationwide
BOCA RATON, Fla., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator announced it has closed its previously announced acquisition of Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates (collectively, “Nature’s Remedy”), a vertically integrated, single-state operator in Massachusetts, for total upfront consideration of US$91.2 million (the “Acquisition”). Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, (collectively, the “Retail Dispensaries'') and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA, with approximately 22,000 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities (the “Lakeville Facility”). The Company expects to execute on the significant opportunity to expand Nature’s Remedy’s wholesale revenue in the fourth quarter, driven by additional cultivation capacity as well as the planned resale of excess inventory at the Lakeville Facility. By way of the net working capital adjustment contained in the Merger and Membership Interest Purchase Agreement, the Company paid an additional US$2.9 million in cash to acquire excess inventory worth US$17.5 to US$22.5 million at prevailing wholesale prices.
“We are excited to officially enter the Massachusetts market, adding Nature’s Remedy, a vertically integrated business operating high-quality, well-managed assets” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “With its strong, defensible retail position and a scalable cultivation footprint, Nature’s Remedy offers significant opportunities for us to expand and grow our presence in this rapidly maturing adult-use market. I look forward to working with our new colleagues to introduce our complete line of industry-leading brands and products into the wholesale market and at Nature’s Remedy’s retail stores.”
https://www.globenewswire.com/news-release/2021/09/13/2295615/0/en/Jushi-Holdings-Inc-Completes-Nature-s-Remedy-Acquisition-and-Officially-Enters-Massachusetts-Market.html