Vertically integrated cannabis company Jushi Holdings (OTCMKTS: JUSHF) on July 29, 2021 announced American Arbitration Association awarded $14,364,920.10 to Jushi FL SPV, the subsidiary of Jushi Holdings Inc in dispute against San Felasco Nurseries. The award comprises of $10,637,012 in damages as well as $3,727,908.14 in pre-award interest besides post-award interest at a rate of 12% per annum.
The award is based on breach of contract and implied covenant. In the order, the Panel found that San Felascoinappropriately terminated the franchise agreements with Jushi FL without any reasons. The company sold its Florida cannabis business to Harvest after that.
Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi, said that the ruling of the arbitration panel is the correct outcome and accentuates strength of the firm from a legal and business development perspective. While Jushi is represented by Wheeler Trigg O’Donnell LLP, San Felasco is represented by Kasowitz Benson Torres LLP.
Jushi is focusing on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts and competitive applications
The company also announced partnerships with the movement by Current Initiatives, Laundry Project, committed to educating communities. Jushi-Laundry Project collaboration has till date hosted seven events, facilitating 161 families and an average of 570 individuals with more than 2,300 loads of laundry.
Jim Cacioppo, CEO, Chairman and Founder of Jushi, feels tremendous impact of the events on neighbours and looks forward to expand the work for bolstering health and wellness of families.
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