Jushi Holdings Inc. (CSE: JUSH) announced that Jushi Inc, a wholly owned subsidary of Jushi Holdings, has been granted 75 percent interest in TGS Illinois LLC’s two medical cannabis dispensaries located in Normal, Illinois, and Sauget, Illinois currently operating under the banner The Green Solution.
The two retail stores have previously been operating as medical cannabis dispensaries, but since Illinois changed its cannabis legalization to include adult-use retailers on January 1, 2020, both are eligible for approval. The cannabis dispensary in Sauget has already gained approval from the Illinois Department of Financial and Professional Regulation. In addition, each of the dispensaries can also seek permission to open up a secondary retail store, which Jushi intends to pursue.
This transaction is part of a larger settlement agreement between Jushi and TGS. As per the settlement, Jushi will be cancelling a purchase agreement between TGS, and is returning the 51 percent stake it had in TGS National Holdings. Jushi will be receiving a payment of US$480,000 from TGS, as well as Jushi assuming debt and interest of US$12 million. In addition, Jushi will see 4,750,000 common shares and 2,375,000 common share purchase warrants returned and subsequently cancelled, and Jushi Inc will be transferring 200,000 common shares and 200,000 purchase warrants to a third party designee. Finally, 416,060 common shares of Organigram Holdings will also be transferred to Jushi.
Branding at the two locations is anticipated to change to the BEYOND/HELLO banner later this year.
Jushi Holdings Inc is a hemp and cannabis company operating in the United States, and is currently trading at $1.70 on the CSE.
Information for this briefing was found via Sedar and Jushi Holdings Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.