Jushi Holdings Inc. (CSE: JUSH) announced today that it has signed a definitive binding agreement to acquire OhiGrow LLC and Ohio Green Grow LLC. The acquisition price is reported at $5.0 million, to be paid in cash.
Jushi Holdings is set to acquire the Ohio-based licensed cannabis cultivator, including the latter’s approximately 10,000 sq. ft. facility and 1.35 acres of land. OhiGrow is also expected to supply biomass for processing manufactured medical marijuana products for Jushi’s managed processing facility that is set to open in the near term.
OhiGrow, which holds a Level II cultivation license, will expand Jushi Holdings’ operations in Ohio. The company says the acquisition is part of its strategy to vertically integrate in Ohio. The seventh-largest state in the United States, Ohio reportedly generated approximately $344 million in total medical cannabis product sales for the year ending March 20, 2020.
Within April, Jushi Holdings also signed agreements to acquire Massachusetts-based vertically-integrated operator Nature’s Remedy and to purchase the 93,000 sq. ft. facility of Virginia-based pharmaceutical processor Dalitso. Earlier this month, the company has also completed the acquisition of Nevada-based operator Franklin Bioscience.
The acquisition, subject to regulatory approvals, is expected to close in Q3 2021.
Jushi Holdings last traded at $7.64 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. 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.
