Jushi Holdings Inc. (OTCMKTS:JUSHF) has announced the signing of a definitive agreement to acquire a 93,000 sq. ft. facility run by its Virginian-based pharmaceutical processors subsidiary Dalitso LLC plus another nine acres surrounding Prince William County for $22 million.
Jushi acquires space for Dalitso expansion
The acquisition and Dalitso’s planned buildout of the facility will enhance efficient production and consistent supply of medical cannabis products to improve patient access as the medical cannabis program continues to expand and mature. This acquisition is subject to closing conditions and will close in Q2 2021.
Jushi CEO and founder Jim Cacioppo said that the Virginia cannabis market is a strategic focus area because of Dalitso’s position in the densely populated area in the commonwealth. He said that the acquisition competition will allow Dalitso to have the required expansion capacity to increase cultivation and processing to meet growing patient demand in the medical cannabis program. Jim said that Jushi is committed to offering the best-in-class dispensing experience and products beyond expectations. He said they are looking forward to continuing building the facility to serve registered patients.
Jushi announces the first phase of the expansion project
Recently, Jushi announced the first phase of the previously announced expansion project at the Pennsylvania facility in Scranton. Pennsylvania Medical Solutions, the company’s wholly-owned subsidiary, entered an amendment of its least with Innovative Industrial Properties, Inc. (NYSE:IIPR) to avail an additional $30 million in funding for the first phase expansion of the facility. Funding will be used to complete the 89,000 square feet building and around 40,000 square feet expansion of the facility for 130,000 square feet in total. The expansion, which will cost around $40 million, will add 26,000 sq. ft. of cannabis canopy for 45,000 sq. ft. work will be finalized in Q4 subject to regulatory approvals.
Jim said that they are delighted to commence the expansion of the Pennsylvania grower-processor facility. He said strong growth in the Pennsylvania medical market and the expansion will allow the subsidiary to increase canopy space and production capacity.
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