Jushi Holdings Inc. (“Jushi” or the “Company”) (NEO: JUSH.B), a globally- focused, multi-state cannabis and hemp operator, has signed a definitive agreement to acquire 80% of the economic and voting interests in Agape Total Health Care Inc (“Agape”), pending applicable regulatory approvals. Through the acquisition, Jushi will acquire a majority ownership in Agape, a Pennsylvania Dispensary Permittee. Agape plans on opening three retail locations in the Philadelphia region, Reading and Pottsville.
“With the closing of the Agape transaction, Jushi will have completed its participation in the maximum number of permitted retail locations in Pennsylvania, a key limited license market on the East Coast,” stated Jim Cacioppo, CEO and Chairman of Jushi. “Upon closing of this transaction, we will operate five retail locations under the BEYOND/HELLO brand with a plan to open four more during the fourth quarter of 2019. All of these locations and the additional six to be opened are located in densely populated, high traffic communities. Quickly achieving a strong presence in a limited license medical market such as Pennsylvania continues to execute our broader retail strategy.”
Highlights of the Planned Agape Dispensary Locations:
Philadelphia is the largest city in Pennsylvania, and the sixth-most populous U.S. city according to the U.S. Census Bureau. The city has evolved into an educational and economic center with many top universities, medical schools, and colleges located in the area. This dispensary will be strategically located in a high traffic area in downtown center city close to patient healthcare centers.
Reading is one of the largest cities in Berks Country with a population of approximately 90,000 residents and located approximately 45 miles from downtown Philadelphia. This dispensary will be one of only four dispensaries located in Reading.
Pottsville is a historic city centrally located in Pennsylvania and home to America’s oldest operating brewery. This dispensary will be the first dispensary located in the Pottsville area.
Recently, Jushi announced the closing of the acquisition of 100% membership interests in Franklin Bioscience – Penn LLC and its subsidiaries (“FBS”), allowing for 12 medical marijuana dispensaries in the Commonwealth of Pennsylvania. Under the BEYOND/HELLO brand, Jushi will operate the Agape and FBS dispensaries (allowing for up to 15 dispensaries in the Commonwealth), which is the current maximum allowable number of permits that can be operated by one company or its affiliates in Pennsylvania, outside of the Clinical Registrant program.
Russell Kuchta, President of Agape, stated “my partner, Tom Huzela and I are pleased to begin working with the Jushi team, leveraging their core operational expertise to open our three dispensary locations quickly in one of the most attractive regions in the Commonwealth.”
Pennsylvania is the fifth largest state in the country with approximately 13 million residents, operating with a high barrier of entry from a limited number of medical marijuana permits. Pennsylvania’s medical cannabis market is expected to become one of the largest markets in the U.S. Recently, Pennsylvania updated its Qualifying Medical Conditions to include anxiety and Tourette Syndrome, which is expected to accelerate the increase in registered patients (currently 180,000 as of August 2019) in the Commonwealth.
Under the terms of the transaction, Jushi will pay an undisclosed amount of stock, notes and cash for the acquisition.
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 work-outs 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.
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 May 31, 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.
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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.
SOURCE Jushi Holdings Inc.
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For further information, please contact: Investor Relations, Lisa Forman, Vice President of Investor Relations Investors@jushico.com, (646) 859-8397, KCSA Strategic Communications Valter Pinto / Allison Soss Jushi@KCSA.com, (212) 896-1254 / (212) 896-1267, Media Contact: KCSA Strategic Communications Tim Gray / Danielle DeVoren Jushi@KCSA.com, (212) 896-1251 / (212) 896-1272, www.jushico.comCopyright CNW Group 2019
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