Jushi Announces Expanded California Footprint, Releases Few Details
Jushi Holdings (CSE: JUSH) has expanded its retail presence in California as of this morning, with the announcement of several developments within the state. The company has acquired a new retail operation located in Palm Springs, as well as a retail licensed holder located in Grover Beach, California.
In regards to the Palm Springs location, the company has acquired a 100% interest in Organic Solutions of the Desert, LLC. The price paid for the operation was not disclosed, with the company instead disclosing that the dispensary is located on one of the busiest streets in the city. Jushi also stated it intends to implement its standard operator procedure at the store upon closing, including its online reservation platform, while implementing pickup and delivery options to drive growth.
The Grover Beach license meanwhile had even fewer details released in relation to it. The company acquired a 78% stake in the license, while obtaining the rights to acquire the remainder of the equity in the future. Upon opening, the location will be the fourth and final retail dispensary in the city. A timeline for this however was not provided.
Finally, the company revealed that it is moving forward as one of three selected applicants for a storefront retail permit in Culver City, California. Last month, the company entered into a long-term lease for a ground-up build of the dispensary, which is still subject to state and local approvals. The facility is expected to be opened by the second quarter of 2022, in an area that has 100,000 people living in a 1.5 mile radius.
Jushi Holdings last traded at $7.88 on the CSE.
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